The existing securities exchange (Pakistan Stock Exchange Limited) is registered under section 5 of the Securities and Exchange Ordinance, 1969 and upon commencement of the Act, is required to obtain license under section 5 of the Act within a period of one year of the same. Any new applicant may also apply for license of a securities exchange provided it meets the licensing requirements and other conditions as provided in Part II of the Act or any other conditions as may be prescribed through regulations made by the Commission under section 169 of the Act.