| 1. Short title and commencement |
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This Act may be called as the Securities and Exchange Commission of Pakistan Act, 1997.
- It extends to the whole of Pakistan.
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Save for section 43, the Act shall come into force at once and section 43 shall come into force on such date as the Federal Government may, by notification in the official Gazette, appoint.
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| 2. Definitions |
| In this Act, unless there is anything repugnant in the subject or context,- |
- “appointed day” means the day on which section 43 comes into force;
- “Authority” means the Corporate Law Authority constituted under the Companies Ordinance, 1984 (XLVII of 1984);
- “Board” means the Securities and Exchange Policy Board established under section 12;
- “Chairman” means the Chairman of the Commission;
- “civil servant” means a civil servant as defined in section 2 of the Civil Servants Act, 1973 (LXXI of 1973);
- “clearing house” means a clearing house by whatever name or designation established or arranged to be established by a Stock Exchange for the registration of dealing in securities or settlement of trading in futures contracts;
- “Commission” means the Securities and Exchange Commission of Pakistan established under section 3;
- “Commissioner” means a Commissioner of the Commission and shall include the Chairman thereof;
- “committee” means a committee of the Board constituted under section 15;
- “dealing in securities” means making or offering to make, whether as principal or agent, with any person or inducing or attempting to induce any person to enter into or to offer to enter into-
- any agreement for or with a view to acquiring, disposing of, subscribing for or underwriting securities, or
- any agreement the apparent or ostensible purpose of which is to secure a profit to any of the parties from the yield of securities or by reference to fluctuations in the value of securities;
- “employee” means any officer or servant of the Commission;
- “Fund” means the fund established under section 23;
(la)[1] "Law of Insurance" means the Insurance Ordinance, 2000 (XXXIX of 2000) or any other law in relation to insurance, the administration of which is vested in the Commission by the Federal Government by notification in the official Gazette."
- “Member” means a Member of the Board;
- “NBFI” means a non-banking financial institution and includes a development finance institution, a modaraba, a leasing company, a housing finance company and an investment bank but shall not include a banking company as defined in clause (c) of section 5 of the Banking Companies Ordinance, 1962 (LVII of 1962);
- “Ordinance” means the Companies Ordinance, 1984 (XLVII of 1984);
- “private sector person” means a person who is not in the service of Pakistan or of any statutory body or any body which is owned or controlled by the Federal Government or a Provincial Government not including a University or an educational institution;
- “regulations” means the regulations made by the Board or the Commission; and
- “rules” means the rules made by the Federal Government.
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| [1] Inserted by S & E Commission of Pakistan (Amend) Ord., 2000 |
