The Securities Exchanges (Licensing and Operations) Regulations, 2016

These regulations establish the licensing framework for securities exchanges in Pakistan, requiring an initial application fee of five million rupees and an annual renewal fee of one million five hundred thousand rupees. Applicants must maintain a minimum paid-up capital and net-worth of one billion rupees and comply with strict governance standards, including board composition rules mandating that independent directors constitute at least one-third of the board. The regulations further impose ongoing obligations regarding infrastructure, cybersecurity, fit-and-proper criteria for senior management, and specific approval processes for the appointment of the chief executive officer and independent directors.

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Government of Pakistan
Securities and Exchange Commission of Pakistan Islamabad, the 27th October, 2016 NOTIFICATION S.R.O. 1007(l)/20161 . • In exercise of powers conferred by sub-section (1) of section 169 read with sections 4, 5, 16,17,18 and 151 of the Securities Act, 2015, the Securities and Exchange Commission of Pakistan hereby makes the following regulations, the same having been previously published in the official Gazette vide S.R.0.414 (I) /2016 dated May 11, 2016 and also placed on its website as required under sub-section (4) of section 169 of the said Act, namely: -
CHAPTER I
PREUMINARY

Short title and commencement. - (1) These regulations shall be called the Securities
Exchanges (Licensing and Operations) Regulations, 2016.
(2) They shall come into force at once.
Definitions. - (1) In these regulations, unless there Is anything repugnant in the subject or
context, -
(a) "Act" means the Securities Act, 2015 (III of 2015); (b) "Demutualization Act" means the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012 (XV of 2012}; (c) "Ordinance" means the Companies Ordinance, 1984 (XLVIl of 1984); and (d) "senior management officer" for the purposes of these regulations, in addition to the persons mentioned In clause (IVIII) of section (2) of the Act, includes the following,

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Lineage: In force

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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works