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The SECP Act 1997

PUBLISHED BY AUTHORITY
ISLAMABAD, FRIDAY, DECEMBER 26, 1997

Acts, Ordinance, President's Orders and Regulations
SENATE SECRETARIAT
Islamabad, the 26th December, 1997

No. F.9(51)/97-Legis.- The following Act of Majilis-e-Shoora (Parliament) received the assent of the Acting President on the 19th December, 1997, is hereby published for general information: Act No. XLII of 1997.

An Act to provide for the establishment of the Securities and Exchange Commission of Pakistan and to provide for matters connected therewith and incidental thereto.

WHERE AS it is expedient to provide for the establishment of the Securities and Exchange Commission of Pakistan for the beneficial regulation of the capital markets, superintendence and control of corporate entities and for matters connected therewith and incidental there to;

It is hereby enacted as follows.

CONTENTS
PRELIMINARY
  Short title and commencement
  Definitions
 
THE COMMISSION
  Establishment of the Commission
  Head Office
  The Commissioners
  The Chairman
  Term of office of the Commissioners
  Appointment of employees of the Commission
  Appointment of advisers and consultants
  Delegation of the Commission’s functions or powers
  The Commission to furnish information
 
THE BOARD
  The Securities and Exchange Policy Board
  Procedure of the Board
  Board may invite others to meetings
  Committees of the Board
 
CONFLICT OF INTEREST
  Disclosure of interest by Commissioners and Members
  Notification of interest by others
 
DISQUALIFICATION, REMOVAL, RESIGNATION AND VACANCIES
  Disqualification of Members and Commissioners
  Removal, resignation and vacancies
 
POWERS AND FUNCTIONS
  Powers and functions of the Commission
  Functions and powers of the Board
  Supplementary provisions
 
FINANCE
  The Fund
  Expenditure to be charged on the Fund
  Annual report and accounts
  Power to obtain finance, borrow money and receive grants
  Investment
  Bank Accounts
 
ENFORCEMENT AND INVESTIGATION
  Investigation and proceedings by the Commission
  Powers of the investigating officers of the Commission
  Forcible entry
  Power to call for examination
  Appeal to the Appellate Bench of the Commission
  Appeal to the Court
 
CONFIDENTIALITY OF INFORMATION
  Obligation of confidentiality
  Permitted disclosure
 
COGNIZANCE AND PROSECUTION OF OFFENCES
  Cognizance of offences
  Conduct of prosecution
 
RULES AND REGULATIONS
  Power to make rules
  Power to make regulations
 
GENERAL
  Common seal
  Public servants
  Dissolution of the Authority
  Abolition of Department of Insurance
  Savings
 
THE SCHEDULE
 
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