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Securities and Exchange Commission of Pakistan
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Securities and Exchange Commission of Pakistan
Khalid BinWaleedGroup
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Securities and Exchange Commission of Pakistan
The Unbeaten Sword of ALLAH
and the name of courage
and proud for Muslim soldiers.
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Securities and Exchange Commission of Pakistan
Members of Khalid Bin Waleed Grou
Names Roll No.Majid Mehmood 23
Ammar Habib 79Waheed Afzal 65
Rafi Kashmiri 88
Asad Mehmood 27
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Securities and Exchange Commission of Pakistan
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Securities and Exchange Commission of Pakistan
HISTORY
Security and Exchange Commission ofPakistan is an institution that replace the old
fashioned Corporate Law Authority
The process of restructuring the corporatelaw authority initiated in 1997.
In 1997 Security and Exchange Commissionof Pakistan act was passed by the parliament.
In light of this act SECP start its working inJan 1-1999.
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Securities and Exchange Commission of Pakistan
Initial Role of SECP
Initially the act gave
org. the administrativeauthority and financial independence to carry
out the reform program of Pakistans capital
market.
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Securities and Exchange Commission of Pakistan
Amendments in Act of 1997
The amendments in act of 1997 are made under the following
acts:
Securities and Exchange Commission of Pakistan(Amendment) Ordinance, 2000 dated October 11, 2000.
Finance Act, 2003, dated 17 June, 2003.
Finance Act, 2007 dated June 30, 2007.
Finance Act, 2008 dated June 27, 2008.
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Securities and Exchange Commission of Pakistan
After Amendments In Act of 1997
The Securities and Exchange Commission of Pakistan(SECP) is an organization whose purpose is to develop amodern and efficient
corporate sector and a capital market
based on sound regulatory principles, in
order to foster
economic growth and prosperity inPakistan.
http://en.wikipedia.org/wiki/Corporationhttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Corporation -
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Securities and Exchange Commission of Pakistan
Divisions of SECP.
The SECP is divided into the following fourdivisions:
Company Law DivisionSecurities Market Division
Specialized Companies DivisionInsurance Division
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Securities and Exchange Commission of Pakistan
Company Law Division
Relevant laws & Accounting Standards
Review of accounts, Investigation,Prosecution
Enforce companies to work under proper
rules & regulations
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Securities and Exchange Commission of Pakistan
Securities Market Division
Responsible for monitoring, regulating anddeveloping the securities market.
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Securities and Exchange Commission of Pakistan
Specialized Companies Division
Responsibility for licensing, registering, andregulating Non Banking Finance Companies.
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Securities and Exchange Commission of Pakistan
SECP is the regulator of the insuranceindustry, has a strategic priority andcommitment to strengthen and maintain an
effective regulatory environment in which
insurance business can flourish and prosper.
Insurance Division
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Securities and Exchange Commission of Pakistan
PART III THE BOARD
12. The Securities and Exchange PolicyBoard.
(1)The Federal Government shall appoint a Securitiesand Exchange Policy Board consisting of nineMembers
.2) Of the Members-
(a) [five]9 shall be-
(i) ex officio the Secretary to the Government of Pakistan,Finance Division;
(ii) ex officio the Secretary to the Government of Pakistan,Law Division;
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Securities and Exchange Commission of Pakistan
PART III THE BOARD
12[(iia) ex officio Secretary to the Government ofPakistan, Commerce Division;]
iii) ex officio the Chairman of the Commission; and
(iv) a Deputy Governor of the State Bank of Pakistan
nominated by the Governor of the State Bank ofPakistan.
(b) Four appointed by the Federal Government from privatesector each of whom is well-known for his integrity, expertise andexperience in the spheres of commerce and industry (including in
particular the securities industry), corporate law, accountancy,financial services, investment banking, academia or other relatedrelevant fields of expertise.
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Securities and Exchange Commission of Pakistan
PART III THE BOARD
(3) A Member, not being anex-officio
Member,shall hold office for a term of four years and
shall be eligible for re-appointment for one
further four-year term but not more15[:Provided
that a Member shall cease to hold office on
attaining the age of sixty-five years.]
(4) An ex-officio Member shall hold office asMember till such time as he holds the office by
virtue of which he is a Member and upon histransfer there from or retirement, resignation or
removal from office, the person appointed in
such Members place shall be the Member.
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Securities and Exchange Commission of Pakistan
Procedure of the Board.-
(1) The Board shall meet as often as may be
necessary for the performance of its functions but
not less than four times in a calendar year.
(2) The quorum for a meeting of the Board shall be
four Members, including the Chairman.(3) Subject to the provisions of this Act, the
procedure and conduct of business of the Board
shall be regulated by the regulations made by the
Board.
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Securities and Exchange Commission of Pakistan
Board may invite others to meetings
The Board may invite any person to attendany of its meetings or deliberations (including
any of its committees) for the purpose of
advising it on any matter under discussion butany person so attending shall have no right to
participate in any decision or vote at the said
meeting or deliberation.
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Securities and Exchange Commission of Pakistan
Rafi Kashmiri
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Securities and Exchange Commission of Pakistan
POWERS AND FUNCTIONS OF The
Commission.
(1) The Commission shall have all such powers as may
be necessary to perform its duties and functions underthis Act.
(2) The Commission may, having regard to its functions
and to exercise its powers
efficiently, organize itself into divisions, wings or suchother sub-divisions as it may consider expedient.
(3) The Commission may, from time to time, identify the
matters requiring the Board to make policy decisions and
may also make recommendations regarding policy to the
Board for its consideration.
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Securities and Exchange Commission of Pakistan
POWERS AND FUNCTIONS OF The
Commission.
(4) The Commission shall be responsible for the performance of the following
functions:
(a) regulating the issue of securities;
(b) regulating the business in Stock Exchanges [Commodity Exchange]17 and
any other securities markets;
(c) supervising and monitoring the activities of any central depository and Stock
Exchange clearing house;
(d) registering and regulating the working of stock brokers, sub-brokers, share
transfer agents, bankers to an issue, trustees of trust deeds, registrars to an
issue, underwriters, portfolio managers, investment advisers and such other
intermediaries who may be associated with the securities markets in any
manner.
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Securities and Exchange Commission of Pakistan
POWERS AND FUNCTIONS OF The
Commission.
(e) proposing regulations for the registration and regulating the
working of collective investment schemes, including unit trustschemes;
(f) promoting and regulating self-regulatory organizations
including securities industry and related organizations such as
Stock Exchanges and associations of mutual funds, leasing
companies and other NBFIs;(m) encouraging the organized development of the capital
market and the corporate sector in Pakistan;
(n) conducting research in respect of any of the matters set out
in this subsection;
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Securities and Exchange Commission of Pakistan
Functions and powers of the Board
(1) Subject to the provisions of this Act, the
Board shall-
(a) when so asked to do and after consultation with the
Commission, advise the
Federal Government on all matters relating to-
(i) the securities industry 35[and insurance industry];
(ii) regulation of companies and corporate sector and protection
of the interests of investors;
36[(iia) regulation of the insurance sector and protection of the
interests of insurance policy holders;]
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Securities and Exchange Commission of Pakistan
Functions and powers of the Board
(iii) measures to encourage self-regulation by the Stock
Exchanges 37[insurers, insurance intermediaries, insurancesurveyors] and NBFIs by specifying the standards for such self
regulatory organizations;
(iv) measures to promote the development of and to regulate
the securities market 38[and the insurance market]; and
(v) other related matters;
39[(b) consider and approve (with or without modification) any
regulations with respect to implementation of policy decisions,
proposed to be made by the Commission under the Act;]
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Securities and Exchange Commission of Pakistan
Functions and powers of the Board
(c) consider and approve (with or without modification) the
budget for each financial year of the Commission preparedand submitted to it pursuant to the provisions of sub-
section (2) of section 24;
(d) express its opinion in writing on any policy matter
referred to it by the Federal Government or the
Commission;(e) oversee the performance of the Commission to the
extent that the purposes of this Act are achieved;