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Securities and Exchange Commission of Pakistan

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Khalid BinWaleedGroup

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The Unbeaten Sword of ALLAH

and the name of courage

and proud for Muslim soldiers.

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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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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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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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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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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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Divisions of SECP.

The SECP is divided into the following fourdivisions:

Company Law DivisionSecurities Market Division

Specialized Companies DivisionInsurance Division

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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 Market Division

Responsible for monitoring, regulating anddeveloping the securities market.

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Specialized Companies Division

Responsibility for licensing, registering, andregulating Non Banking Finance Companies.

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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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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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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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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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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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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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Rafi Kashmiri

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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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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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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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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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(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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(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;

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