S. No. Exemption granted Exemption provision No. of exemtion provided Date of exemtion granted Description/ Rationale
1 Exemption from requirement to affix CNIC number on Dividend Warrants SRO No. 831(I)/2012 and SRO No. 19(I)/2014 1 26-Dec-14 SECP granted an exemption to Archroma Pakistan Limited from requirement of SRO No. 831(I)/2012 and SRO  19(I)/2014. The Company was exempted from the requirement to affix CNIC number on Dividend Warrants.
2 Exemption from requirement to affix CNIC number on Dividend Warrants SRO No. 831(I)/2012 and SRO No. 19(I)/2014 1 5-Jan-15 SECP granted an exemption to Habib Bank Limited from requirement of SRO No. 831(I)/2012 and SRO  19(I)/2014. The Company was exempted from the requirement to affix CNIC number on Dividend Warrants
3 Exemption from requirement to affix CNIC number on Dividend Warrants SRO No. 831(I)/2012 and SRO No. 19(I)/2014 1 6-Jan-15 SECP granted an exemption to Ghandhara Nissan Limited from requirement of SRO No. 831(I)/2012 and SRO  19(I)/2014. The Company was exempted from the requirement to affix CNIC number on Dividend Warrants
4 Exemption from requirement to affix CNIC number on Dividend Warrants SRO No. 831(I)/2012 and SRO No. 19(I)/2014 1 14-Jan-15 SECP granted an exemption to Habib Sugar Mills Limited from requirement of SRO No. 831(I)/2012 and SRO  19(I)/2014. The Company was exempted from the requirement to affix CNIC number on Dividend Warrants
5 Exemption from requirement to affix CNIC number on Dividend Warrants SRO No. 831(I)/2012 and SRO No. 19(I)/2014 1 23-Jan-15 SECP granted an exemption to Siemens Pakistan Engineering Company Ltd from requirement of SRO No. 831(I)/2012 and SRO  19(I)/2014. The Company was exempted from the requirement to affix CNIC number on Dividend Warrants
6 Exemption from requirement to affix CNIC number on Dividend Warrants SRO No. 831(I)/2012 and SRO No. 19(I)/2014 1 18-Mar-15 SECP granted an exemption to Al-Noor Sugar Mills Ltd from requirement of SRO No. 831(I)/2012 and SRO  19(I)/2014. The Company was exempted from the requirement to affix CNIC number on Dividend Warrants
7 Exemption from requirement of consolidation of Accounts 237 1 20-Jan-16 SECP granted an exemption to Allied Bank Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
8 Exemption from requirement of consolidation of Accounts 237 2 09-Sep-15                                                16-Sep-16 SECP granted an exemption to Arif Habib Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
9 Exemption from requirement of consolidation of Accounts 237 1 28-Jan-16 SECP granted an exemption to Askari Bank Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
10 Exemption from requirement of consolidation of Accounts 237 8 05-Oct-15                                     02-Nov-15                                                                                             01.Feb-16                                                                                                                                                  15-April-16                                                  18-Aug-16                                                                    20-Oct-16                                                                                                                                                28-Jan-17                                                                                                                                              17-April-17 SECP granted an exemption to Azgard Nine Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
11 Exemption from requirement of consolidation of Accounts 237 1 24-Jun-16 SECP granted an exemption to Exide Pakistan Limietd from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
12 Exemption from requirement of consolidation of Accounts 237 1 03-April-16                                                                                                   11-Aug-16 SECP granted an exemption to Ghandhara Industries Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
13 Exemption from requirement of consolidation of Accounts 237 1 8-Jun-16 SECP granted an exemption to KASB Corporation Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
14 Exemption from requirement of consolidation of Accounts 237 2 16-Mar-16                                                                                                                                                                                                                                                                                                       23-Jan-17 SECP granted an exemption to Linde Pakistan Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
15 Exemption from requirement of consolidation of Accounts 237 1 4-Aug-15 SECP granted an exemption to MCB Bank Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
16 Exemption from requirement of consolidation of Accounts 237 2 11-Nov-15                                                                                                                                                                                                                                                                                                   20-Dec-16 SECP granted an exemption to National Bank of Pakistan from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
17 Exemption from requirement of consolidation of Accounts 237 2 27-Nov-15                                                                                                                                                                                                                                                                                                                   19-Dec-16 SECP granted an exemption to NIB Bank Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
18 Exemption from requirement of consolidation of Accounts 237 2 04-May-16                                                                                                                                                                                                                                                                                                        10-Feb-17 SECP granted an exemption to Philips Morries (Pakistan) Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
19 Exemption from requirement of consolidation of Accounts 237 2 02-Jul-15                                                                     31-Mar-16 SECP granted an exemption to Summit Bank Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
20 Exemption from requirement of consolidation of Accounts 237 3 02-Nov-15                                                                                                                    28-April-16                                                                                                                                                                                                 20-Oct-16 SECP granted an exemption to TRG Pakistan Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
21 Relaxation from the requirements of rule 3(iv)(b) of the Employees Provident Fund (Investment in Listed Securities) Rules, 1996 Rule 4 of the Employees Provident Fund (Investment in Listed Securities) Rules, 1996 1 15-Sep-15 SECP granted relaxation to Askari Bank Limited Employees’ Provident Fund from the requirements of Rule-3(iv)(b) of The Employees Provident Fund (Investment in Listed Securities) Rules, 1996.
22 Exemption from requirement of consolidation of Accounts 237 1 20-Jul-16 SECP granted an exemption to Fauji Fertilizer Bin Qasim Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
23 Exemption from requirement of consolidation of Accounts 237 1 11-Jan-17 SECP granted an exemption to ICI Pakistan Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
24 Exemption from requirement of consolidation of Accounts 237 1 11-Aug-16 SECP granted an exemption to Nishat Power Limited from requirement of section 237 of the Companies Ordinance, 1984. The Company was exempted to prepare and present consolidated accounts.
S. No. Exemption granted Exemption Provision No of Exemptions provided Date of Exemption granted Description/Rationale
1. The total outstanding exposure by a modaraba to any single person shall not at any point in time exceed 30% of the Modaraba Equity as disclosed in the latest audited financial statements, subject to the condition that the maximum outstanding against fund based exposure does not exceed 20% of the modaraba’s equity Regulation I(I) of Part-II (A) of PRS

 

1 11.2.2016 Relaxation for per party fund based exposure was granted to Modaraba for a new facility and breach of the regulation.

 

2. Financial indicators of the borrowers; It is expected that at the time of allowing fresh exposure/enhancement /renewal, the current assets to current liabilities ratio of the borrowers shall not be lower than 1:1. However, in exceptional cases, Modarabas may relax this ratio up to 0.75:1 if they are satisfied that appropriate risk control measures have been put in place. PR No.4(1) of Part-II of the Prudential Regulations for Modarabas 1 10.2.2016 Relaxation granted to Modaraba to extend facilities to its clients having low current ratios due to cash flows.
3. Extension in time line to offer units of CIS to the public Regulation 54(5) of NBFC and Notified Entities Regulations 2008 2 01-04-16 SECP granted extension in timeline to offer units of CIS to the public due to non- conducive market conditions.
4. Extension granted in time to offload the property held by CIS Regulation 58(1)(d)  of NBFC and Notified Entities Regulations, 2008 2 01-04-16 Extension in timeline granted to offload the property held by CIS(as part of settlement agreement against defaulted financial asset) because the AMC was not able to sell it due to illiquid nature.
5. Extension in time to submit requisite documents  fill casual vacancy Regulation 10 of the NBFC and Notified Entities Regulations, 2008 1 29-01-16
05-04-16
25-04-16
SECP granted extension of one month to AMC to provide requisite documents as per fit nd proper criteria
6. Exemption granted to director of AMC to act as director on the Board of trustee of funds managed by that AMC Regulation 43 of the NBFC and Notified Entities Regulation, 2008. 2 22-01-16
06-04-16
SECP granted exemption to AMC from the requirement of Regulation 43 of the NBFC and Notified Entities Regulation, 2008. The director of an AMC (shareholder of trustee of funds managed by it) was granted exemption to act as director on the BoD of same trustee subject to the condition that he shall refrain from taking part in BoD proceedings if any objection is raised by other industry participants and concerning issues relating to trustee of CIS.
7. Extension in time to prepare first financial statements of a Fund launched few days before the close of financial period Regulation 38(2)(e) of the NBFC and Notified Entities Regulation, 2008. 2 18-01-16 Extension in time granted to AMC to prepare first financial statements of funds launched few days before the close of financial period
8. Extension in time period to convert a closed end fund to open-end fund Regulation 65 of the NBFC and Notified Entities Regulation, 2008. 22-04-16 Extension in time period granted to AMC to convert a closed end fund to open-end fund
9. Exemption regarding one month prior notice before resignation of CEO Regulation 10 of the NBFC and Notified Entities Regulation, 2008. 1 22-01-16 Exemption granted to AMC regarding one month prior notice before resignation of CEO
10. Extension in time period to seek ICM certification Circular 11 of 2015 1 11-02-16 Extension in time period granted to distributor of mutual funds to obtain ICM Certification
11. Extension in timeline to comply with provisions of offering document Offering Document Government Securities Fund 1 22-03-16 Extension of 10 days granted to a government securities fund to maintain 70% exposure to governments securities fund
12. Extension in timeline to regularize excess per party exposure of CIS Regulation 55(5) of the NBFC and Notified Entities Regulations, 2008 2 29-01-2015
13-02-2015
SECP granted relaxations to AMCs (on behalf of CIS) from the requirement of Regulation 55(5) of the NBFC and Notified Entities Regulations, 2008. The AMCs (on behalf of CIS) were granted extensions in timeline to regularize excess per party exposure
13. Extension in time line to offer units of CIS to the public Regulation 54(5) of NBFC and Notified Entities Regulations 2008 1 19-01-2015 SECP granted extension in timeline to offer units of CIS to the public due to non-conducive market conditions.
14. Extension in timeline to  CIS to hold certificates of other CIS Regulation 58(10)(p) of NBFC and Notified Entities Regulations 2008 1 23-01-2015 SECP granted exemption to AMC on behalf of CIS to hold investment in other CIS till the time these CIS converted into open end schemes as per prevalent regulatory framework.
15. Relaxation from the  requirement of  appointment of independent Auditor of CIS Relaxation of regulation 38(i) of the NBFC  and Notified Entities Regulations, 2008 1 30-01-2015 Relaxation granted to AMC to appoint  a audit firm as auditor of CIS who is also auditor of AMC till June 30, 2015 in order to comply with another directive of SBP and SECP and to  avoid the practical difficulties of changing the auditor of CIS in middle of the finanial year.
16. Extension granted in time to offload the property held by CIS Regulation 58(1)(d)  of NBFC and Notified Entities Regulations, 2008 1 03-02-2015 Extension in timeline granted to offload the property held by CIS(as part of settlement agreement against defaulted financial asset) because the AMC was not able to sell it due to illiquid nature.
17. Relaxation was granted to RMC to the extent that it shall hold minimum 15% units as against 20% prescribed in REIT Regulations 2008. Regulation 3(2)(a) of REIT Regulations, 2008 1 17-02-2015 The relaxation granted is in line with the proposed regulatory regime notified for public comments recently, as REIT Regulations 2015.
In the draft REIT Regulations 2015 the stake of RMC has been proposed to be brought down however simultaneously the stake of a strategic investor has been proposed to be locked in the REIT Scheme in addition to the minimum stake of an RMC.
18. Waiver of the requirement of approval of ‘binding purchase agreement’. Regulation 7(g)(ii) of the REIT Regulations, 2008 1 17-02-2015 The proposed REIT Regulations 2015 do not envision approval of the binding purchase agreement. Accordingly the requirement was waived off. The REIT Regulations 2015 have since been approved by the Commission for soliciting comments from public.
19. Relaxation to allow issue of units in physical form, instead of dematerialized form Regulation 4(bb) of the REIT Regulations, 2008 1 17-02-2015 The REIT Regulations mandate the issue of units of the REIT Scheme in dematerialized form only.  The regulation was viewed discriminatory as no such condition exists in the Companies (Issue of Capital) Rules, 1996’ for issue of shares by companies. Therefore, it was considered inappropriate to place a restriction on only one asset class in the same capital market.
20. Extension in timeline to regularize excess per party exposure of CIS Regulation 55(5) of the NBFC and Notified Entities Regulations, 2008 1 08-04-2015 SECP granted extension in timeline to regularize excess per party exposure of CIS.
21. A listed company may issue right shares subject to following conditions, namely:- (i) The company shall not make a right issue within one year of the first issue of capital to the public or further issue of capital through right issue. Rule 5(vi) of the Companies (Issue of Capital) Rules,1986 1 06-03-2015 A Modaraba was facilitated to raise funds through issuance of 2nd right modaraba certificates within one year to enhance its machinery and equipment fleet for rental purpose.
22. Financial indicators of the borrowers; It is expected that at the time of allowing fresh exposure/enhancement /renewal, the current assets to current liabilities ratio of the borrowers shall not be lower than 1:1. However, in exceptional cases, Modarabas may relax this ratio up to 0.75:1 if they are satisfied that appropriate risk control measures have been put in place. PR No.4(1) of Part-II of the Prudential Regulations for Modarabas 2 09-4-2015
29-4-2015
Two modarabas were facilitated to grant fund based facilities to their clients in relaxation of current ratios, subject to ensuring that the requisite risk mitigates are in place.
23. Relaxation granted from complying with the requirement of current ratio of the borrower. Regulation 24 of the NBFC and Notified Entities Regulations, 2008 3 03-03-2015
09-03-2015
09-04-2015
SECP granted relaxation to NBFCs  from the requirement of Regulation 24.The relaxation was granted to the leasing company  and Investment Bank for complying with the requirement of current ratio of the borrower, to enable the company to execute a agreement with  its client.
24. Extension in timeline to regularize excess per party exposure of CIS Regulation 55(5) of the NBFC and Notified Entities Regulations, 2008 1 14-05-2015 SECP granted extension in timeline to regularize excess per party exposure of CIS.
25. Extension in time line to offer units of CIS to the public Regulation 54(5) of NBFC and Notified Entities Regulations 2008 2 13-05-2015
21-05-2015
SECP granted extension in timeline to offer units of CIS to the public due to non- conducive market conditions.
26. Relaxation granted from complying with the requirement of current ratio of the borrower. Regulation 24 of the NBFC and Notified Entities Regulations, 2008 2 24-06-2015
03-07-2015
SECP granted relaxation to leasing companies from the requirement of Regulation 24.
27. Extension in time line to offer units of CIS to the public Regulation 54(5) of NBFC and Notified Entities Regulations 2008 1 17-05-2015 SECP granted extension in timeline to offer units of CIS to the public due to non- conducive market conditions.
28. Extension in timeline to regularize excess per party exposure of CIS Regulation 55(5) of the NBFC and Notified Entities Regulations, 2008 1 01-07-2015 SECP granted extension in timeline to regularize excess per party exposure of CIS.
29. Extension granted in time to offload the property held by CIS Regulation 58(1)(d)  of NBFC and Notified Entities Regulations, 2008 2 27-07-2015
27-07-2015
Extension in timeline granted to offload the property held by CIS(as part of settlement agreement against defaulted financial asset) because the AMC was not able to sell it due to illiquid nature.
30. Extension in timeline granted to hold equity portfolio Regulation 37(7)(k) of the NBFC and Notified Entities Regulations, 2008 1 30-07-2015 SECP granted extension to AMCs from the requirement of Regulation 37(7)(k) of the NBFC and Notified Entities Regulations, 2008. The AMC was granted extension in timeline to hold equity portfolio because it wasn’t able to sell the shares which are either suspended, delisted or unlisted.
31. Relaxation granted from complying with the requirement of current ratio of the borrower. Regulation 24 of the NBFC and Notified Entities Regulations, 2008 1 09-10-15 SECP granted relaxation to leasing company from the requirement of Regulation 24.
32. Extension in time line to offer units of CIS to the public Regulation 54(5) of NBFC and Notified Entities Regulations 2008 1 23-12-15
17-08-15
SECP granted extension in timeline to offer units of CIS to the public due to non- conducive market conditions.
33. Extension granted in time to offload the property held by CIS Regulation 58(1)(d) of NBFC and Notified Entities Regulations, 2008 2 19-10-15
09-10-15
Extension in timeline granted to offload the property held by CIS(as part of settlement agreement against defaulted financial asset) because the AMC was not able to sell it due to illiquid nature.
34. Extension of date of holding AGM Section 158 of the Companies Ordinance, 1984 3 15-10-15
14-10-15
06-10-15
SECP granted extension of one month to Leasing Companies and AMC to hold AGM and present the audited annual accounts.
35. Extension in time to appoint CEO Regulation 10 of the NBFC and Notified Entities Regulations, 2008 1 20-10-15 SECP granted extension of three months to AMC to appoint a CEO due to non-availability of suitable candidate compliant with fit and proper criteria.
36. Relaxation of per party exposure Regulation I(I) of Part-II (A) of PRS 1 20-8-2015 SECP granted relaxation for per party fund based exposure after breach of the regulation.
37. Relaxation granted to extend lease facility to related party Regulation 7(3) of Part-II (A) of PRS 1 20-8-2015 SECP granted relaxation to Modaraba because reduction in its equity resulted in over-exposure to related party and subsequent breach of the regulation.
38. Relaxation granted from complying with the requirement of current ratio of the borrower. PR No.4(1) of Part-II of the Prudential Regulations for Modarabas 2 06-10-2015 SECP granted relaxation to Modaraba to extend facilities to its clients having low current ratios due to inadequate cash inflows.
39. Exemption from complying with the requirement that the current assets to current liabilities ratio of the Borrower is not lower than 1:1 Regulation 24 of the NBFC and Notified Entities Regulations, 2008 6 03-07-2014
03-07-2014
11-07-2014
20-08-2014
30-10-2014
19-11-2014
SECP granted exemptions to NBFCs from the requirement of Regulation 24 of the NBFC and Notified Entities Regulations, 2008. The NBFCs were exempted from complying with the requirement that the current assets to current liabilities ratio of the Borrower is not lower than 1:1 because the borrower had strong financial position and satisfactory repayment track record.
40. Extension in timeline to regularize excess per party exposure of CIS Regulation 55(5) of the NBFC and Notified Entities Regulations, 2008 8 11-07-2014
19-08-2014
09-09-2014
18-09-2014
22-09-2014
05-11-2014
06-11-2014
10-12-2014
SECP granted relaxations to AMCs     (on behalf of CIS) from the requirement of Regulation 55(5) of the NBFC and Notified Entities Regulations, 2008. The NBFCs on behalf of CIS) were granted extensions in timeline to regularize excess per party exposure due to decrease in net assets and illiquid nature of securities held by the CIS.
41. Extension in timeline to offer  units  of CIS to the public Regulation 54(5) of the NBFC and Notified Entities Regulations, 2008 2 29-12-2014
18-11-2014
SECP granted relaxations to AMCs from the requirement of Regulation 54(5) of the NBFC and Notified Entities Regulations, 2008. The AMCs were granted extension in timeline to offer units of CIS to the public due to non- conducive market conditions.
42. Extension in timeline granted to hold equity portfolio Regulation 37(7)(k) of the NBFC and Notified Entities Regulations, 2008 2 01-09-2014
0-12-2014
SECP granted extension to AMCs from the requirement of Regulation 37(7)(k) of the NBFC and Notified Entities Regulations, 2008. The AMC was granted extension in timeline to hold equity portfolio because it wasn’t able to sell the shares which are either suspended, delisted or unlisted. Further, another extension was granted to an AMC to hold just one(1) share of associated company due to the legal requirements for companies in Tanzania
43. Exemption granted to director of AMC to act as director on the Board of trustee of funds managed by that AMC Regulation 43 of the NBFC and Notified Entities Regulation, 2008. 1 03-12-2014 SECP granted exemption to AMC from the requirement of Regulation 43 of the NBFC and Notified Entities Regulation, 2008. The director of an AMC (shareholder of trustee of funds managed by it) was granted exemption to act as director on the BoD of same trustee subject to the condition that he shall refrain from taking part in BoD proceedings relating to CIS.
44. Exemption granted from complying with the requirement that CNIC shall be mentioned on the dividend warrant issued in the name of registered shareholder SRO 831(1)/2012 2 31.12.2014
31.12.2014
SECP granted exemption to Modarabas from SRO 831(1)/2012. The exemption was granted to Modarabas from complying with the requirement that CNIC shall be mentioned on the dividend warrant issued in the name of registered shareholder due to the practical difficulties to obtain CNICs of all shareholders holders.
45. Exemption granted from complying with the requirement that current assets to current liabilities ratio of the borrower is not lower than 1:1 Regulation 4(1) of Part-II of the Prudential Regulations for Modaraba 1 03-07-2014 SECP granted relaxation to Modaraba from the requirement of Regulation 4(1) of Part-II of the Prudential Regulations for Modaraba. The Modaraba was exempted from complying with the requirement that current assets to current liabilities ratio of the borrower is not lower than 1:1 because the borrower had strong financial position and satisfactory repayment track record.
46. Exemption granted to extend lease facility to related party Regulation 7(3) and Regulation 1(1) of Part II of Prudential Regulations for Modaraba 1 07-07-2014 SECP granted relaxation to Modaraba from the requirement of Regulation 7(3) and Regulation 1(1) of Part II of Prudential Regulations for Modaraba. The Modaraba was exempted to extend lease facility to related party because of its strong financial position and it was owned by the government.
47. Extension in timeline to hold AGM and relaxation granted to hold AGM in the city other than the city where registered office of the company is situated Section 158 of the Companies Ordinance, 1984 3 29-09-2014
30-10-2014
19-12-2014
SECP granted relaxations to NBFCs from the requirements of Section 158 of the Companies Ordinance, 1984. The extension in timeline was granted to NBFCs to hold AGM because the auditors were unable to finalize audit of accounts within specified time frame. Further, another relaxation was granted for holding AGM in the city other than the city where registered office of the company is situated to facilitate majority shareholders.
48. Relaxation granted to Modaraba to issue second right within same financial year Rule 5 (i) of the Companies (Issue of Capital) Rules, 1996 1 12-11-2014 SECP granted relaxation to Modaraba from the requirement of Rule 5 (i) of the Companies (Issue of Capital) Rules, 1996. The relaxation was granted to issue second right within a same financial year owing to good performance, and regular payment of dividend.
49. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 30-Dec-14 SECP granted an exemption to Pakistan State Oil Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
50. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 26-Dec-14 SECP granted an exemption to Archroma Pakistan Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
51. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 15-Dec-14 SECP granted an exemption to Gadoon Textile Mills Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
52. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 8-Dec-14 SECP granted an exemption to Al-Ghazi Tractors Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
53. Exemption from the requirements of rule 5(v) of the Companies (Issue of Capital) Rules, 1996 Rule 10 of the Companies (Issue of Capital) Rules, 1996 1 2-Dec-14 SECP granted an exemption to Aisha Steel Mills Limited from the requirements of rule 5(v) of the Companies (Issue of Capital) Rules, 1996. The Company was exempted from full and firm underwritting based on the fact that Arif Habib Group in addition to subscribing for their portion of the right issue gave a firm undertaking to subscribe any unsubscribed portion of the right issue.
54. Relaxation of the requirements of Rule 5(i) of the Companies (Issue of Capital) Rules, 1996 (the “Rules”) Rule 10 of the Companies (Issue of Capital) Rules, 1996 1 2-Dec-14 SECP granted an exemption to BankIslami Pakistan Limited relaxation from the requirements of Rule 5(i) of the Companies (Issue of Capital) Rules, 1996 (the “Rules”) enablig the Bank to announce second right issue during the year.
55. Exemption From requirement of consolidation of Accounts 237 1 1-Dec-14 SECP granted an exemption to NIB Bank Limited from the requirements from requirement of Section 237 of the Companeis Ordinance 1984. The Company was exempted to prepare and present conslidated accounts.
56. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 1-Dec-14 SECP granted an exemption to MCB Bank Limited. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
57. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 28-Nov-14 SECP granted an exemption to Lucky Cement Limited from SRO No.831(1) 2012 and SRO 19(1)/2014 . The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
58. Exemption From requirement of consolidation of Accounts 237 1 27-Nov-14 SECP granted an exemption to Phillip Morris (Pakistan) Limitted from the requirements from requirement of Section 237 of the Companeis Ordinance 1984. The Company was exempted to prepare and present conslidated accounts.
59. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 26-Nov-14 SECP granted an exemption to Mahmood Textile Mills Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
60. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 19-Nov-14 SECP granted an exemption to Bestway Cement Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
61. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 17-Nov-14 SECP granted an exemption to Pakistan Tobacco Co. Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
62. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 17-Nov-14 SECP granted an exemption to Wah Nobel Chemicals Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
63. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 17-Nov-14 SECP granted an exemption to National Foods Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
64. Exemption from the requirement to disclose  remuneration of the chief executive to be kept confidential from general public to preserve his security and wellbeing. Fourth Schedule Part III (4) of the Companies Ordinance, 1984 (‘the Ordinance’), under Section 234 (5) of the Ordinance, and Clause (xvii) of Code of Corporate Governance (CCG), under Clause (xlii) of CCG 1 13-Nov-14 SECP granted exemption to Dawood Hercules Corporation Limited from compliance of the aforementioned under section 234(5) of the Ordinance and Clause  (xlii) of CCG in order to preserve security and wellbeing of the new appointed chief executive Mr. Abdul Samad Dawood.
65. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 13-Nov-14 SECP granted an exemption to Nagina Spinning Mills Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
66. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 12-Nov-14 SECP granted an exemption to Prosperity Weaving Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
67. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 12-Nov-14 SECP granted an exemption to Feroz 1888 Mills Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
68. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 12-Nov-14 SECP granted an exemption to Nagina Cotton Mills Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
69. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 12-Nov-14 SECP granted an exemption to Orix Leasing Pakistan Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
70. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 7-Nov-14 SECP granted an exemption to Pakistan Petroleum Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
71. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 7-Nov-14 SECP granted an exemption to Tariq Glass Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
72. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 7-Nov-14 SECP granted an exemption to Allied Bank Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
73. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 7-Nov-14 SECP granted an exemption to Standard Chartered Modaraba from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
74. Exemption From requirement of consolidation of Financial Statements 237 1 5-Nov-14 SECP granted an exemption to National Bank of pakistan from the requirements from requirement of Section 237 of the Companeis Ordinance 1984. The Company was exempted to prepare and present conslidated accounts.
75. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 30-Oct-14 SECP granted an exemption to Ismail Industries Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
76. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 29-Oct-14 SECP granted an exemption to Clover Pakistan Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
77. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 28-Oct-14 SECP granted an exemption to Pak Datacom Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
78. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 28-Oct-14 SECP granted an exemption to Gatron (Industries) Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
79. relaxation of the requirements of Rule 5(i) of the Companies (Issue of Capital) Rules, 1996 (the “Rules”) Rule 10 of the Companies (Issue of Capital) Rules, 1996 1 20-Oct-14 SECP granted an exemption to Apna Microfinance Bank Limited relaxation from the requirements of Rule 5(i) of the Companies (Issue of Capital) Rules, 1996 (the “Rules”) enablig the Bank to announce second right issue during the year.
80. Exemption From requirement of consolidation of Financial Statements 237 1 16-Oct-14 SECP granted an exemption to Fauji Fertilizer Company Limited from the requirements from requirement of Section 237 of the Companeis Ordinance 1984. The Company was exempted to prepare and present conslidated accounts.
81. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 15-Oct-14 SECP granted an exemption to Indus Motor Company Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
82. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 14-Oct-14 SECP granted an exemption to Standard Chartered Bank Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
83. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 10-Oct-14 SECP granted an exemption to Agriauto Industries Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
84. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 3-Oct-14 SECP granted an exemption to Engro Corporation Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
85. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 1-Oct-14 SECP granted an exemption to Habib Bank Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
86. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 30-Sep-14 SECP granted an exemption to Thal Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
87. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 29-Sep-14 SECP granted an exemption to Dynea Pakistan Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
88. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 22-Sep-14 SECP granted an exemption to Abbott Laboratories (Pakistan) Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
89. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 19-Sep-14 SECP granted an exemption to Colgate-Palmolive (Pakistan) Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
90. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 19-Sep-14 SECP granted an exemption to PICIC Asset Management Company Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
91. Exemption From requirement of consolidation of Financial Statements 237 1 17-Sep-14 SECP granted an exemption to Ghandhara Industries Limited from the requirements from requirement of Section 237 of the Companeis Ordinance 1984. The Company was exempted to prepare and present conslidated accounts.
92. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 17-Sep-14 SECP granted an exemption to First Habib Modaraba from SRO No.831(1)2012 and SRO 19(1)/2014 . The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
93. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 17-Sep-14 SECP granted an exemption to MCB Bank Limited from SRO No.831(1)2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
94. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 12-Sep-14 SECP granted an exemption to The Hub power Company Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
95. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 11-Sep-14 SECP granted an exemption to Linde Pakistan Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
96. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 1-Sep-14 SECP granted an exemption to Pakistan Telecommunication Company Limited. from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
97. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 and SRO 19(1)/2014 1 1-Sep-14 SECP granted an exemption to Rafhan Maiz prod. Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
98. Exemption From requirement of consolidation of Financial Statements 237 1 19-Aug-14 SECP granted an exemption to Bank Alfalah Limited from the requirements from requirement of Section 237 of the Companeis Ordinance 1984. The Company was exempted to prepare and present conslidated accounts.
99. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 read with SRO 19(I)/2014 1 19-Aug-14 SECP granted an exemption to Allied Bank Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
100. Exemption from the requirement to affix CNIC number on the Dividend Warrants SRO No.831(1) 2012 read with SRO 19(I)/2014 1 18-Jul-14 SECP granted an exemption to Hinopak Motors Limited from SRO No.831(1) 2012 and SRO 19(1)/2014. The Company was exempted from the requirement to affix CNIC number on the Dividend Warrants
101. Exemption from arranging underwriting of right issue through a Company sub-rule(i) of rule 4  of the Balloters, Transfer Agents and Underwriters Rules, 2001 1 August 12, 2014 SECP granted  exemption to Bank Islami Pakistan Limited (the Bank) from sub-rule (i) of Rule 4 of the Balloters, Transfer Agents and Underwriters Rules, 2001 (the Rules) under Rule 7 of the Rules.
The Bank was exempted from the from the requirement to arrange underwriting of its right issue through the Company as
(i) out of the four underwriters the two individuals i.e. Mr. Ahmed Goolam Mohamed Randeree and Mr. Shabir Ahmed Randeree were among the sponsoring shareholders of the Bank and they had subscribed initial capital of the Bank and subsequent three right issues of the Bank. Now for fourth right issue they were willing to subscribe their entitlement as well as unsubscribed portion from general public without any underwriting fee/Commission;
(ii) Dubai Bank PJSC and SAJ Capital Management Limited were foreign sponsoring shareholders of the Bank and they had subscribed initial capital of the Bank and subsequent three right issues of the Bank. Now for fourth right issue they were willing to subscribe their entitlement as well as unsubscribed portion from general public;
(iii)the underwriters would not charge any underwriting fee which will benefit the Bank and its shareholders.
102. Exemption from sub-rule (ii) of Rule 4 of the Companies (Issue of Capital ) Rules, 1996 Sub-rule (ii) of the Rule 4 of the Companies Issue of Capital Rules, 1996 1 September10, 2014 SECP granted exemption to Saif Power Limited (the Company) from sub-rule (ii) of Rule 4 of the Companies Issue of Capital Rules, 1996 (the Rules) under Rule 10 thereof.
The Company was exempted from the requirement to issue shares to the public on premium subject to the condition that the premium on public offering shall not exceed the amount of premium charged on placement with local or foreign institutions and names and addresses of the institutions shall be disclosed in the prospectus.
The said exemption was granted due to the fact that offer was made through book building and the strike price determined though book building may be higher from the price agreed with the pre-IPO investors.
103. Exemption from increase in the upper limit of the price band Clause (1) of SECP’s Book Building Criteria dated July 24, 2014 1 September 24, 2014 SECP granted relaxation to Systems Limited (the Company) for increase in the upper limit of price band from 30% to 40% of the lower limit by relaxing the requirement of clause (1) of the SECP’s book building criteria dated July 24, 2014.
104. Exemption to issue shares without meeting the underwriting requirements. Sub-rule (iii) & (iv) of Rule 9 of the Companies (Issue of Capital) Rules, 1996 1 September 26, 2014 SECP granted relaxation to Oil & Gas Development Company Limited (OGDCL) from sub-rule (iii) & (iv) of Rule 9 of the Companies Issue of Capital Rules 1996 under Rule 10 thereof  to enable it to offer its shares without meeting the underwriting requirements as the offer will help enhancing investor base, free float and liquidity, and reducing the cost of the offerer.
105. Exemption from the requirement of minimum initial subscribers of the debt instrument less than thirty. Sub-clause(vii) of clause 2 of the Schedule III of the Regulations Governing Over the Counter Market of the Lahore Stock Exchange Limited 1 October 3, 2014 SECP granted exemption to Jehangir Siddiqui & Company Limited from sub-clause (vii) of Clause 2 of the Schedule III of the Regulations governing Over the Counter Market of LSE to enable the Company to list its PPTFC of RS. 750 million with allocation of TFCs to seventeen institutional investors as arranging thirty institutional investors was unviable because of the small size of the issue.
106. Exemption from increase in the upper limit of the price band. Clause (1) of SECP’s Book Building criteria dated July 24, 2014. 1 October 22, 2014 SECP granted relaxation to Synthetic Products Enterprises Limited (the Company) for increase in the upper limit of price band from 30% to 50% of the lower limit by relaxing the requirement of clause (1) of the SECP’s book building criteria dated July 24, 2014.
107. Exemption to allocate 70% of its capital to the sponsors instead of 30% to the sponsors and 70% to the general public. Regulation 5.4.4 of the Listing of Companies and Securities Regulations of the KSE’s Rule Book. 1 October 28, 2014 SECP granted relaxation to Sindh Modaraba Management Limited (the Company) to float its Modaraba with allocation of 70% of the capital to the sponsors and balance 30% to the general public. The Company was granted relaxation as the proposed allocation of 70% was in line with the requirements of subsection (3) of Section 17 of the Modaraba Companies and Modaraba (Flotation and Control) Ordinance, 1980(the Modaraba Ordinance) which stipulates that the Modaraba Company shall subscribe in each Modaraba floated by it, not less than 10% of the total amount of the Modaraba Certificates offered for subscription; and the market conditions were not so conducive to raise substantial fund by the Modarabas from the market through public offer.
108. Exemption from increase in the upper limit of the price band. Clause (1) of SECP’s Book Building Criteria dated July 24, 2014 1 November 18, 2014 SECP granted relaxation to Mughal Iron & Steel Industries Limited (the Company) for increase in the upper limit of price band from 30% to 50% of the lower limit by relaxing the requirement of clause (1) of the SECP’s book building criteria dated July 24, 2014.
109. Exemption from increase in the upper limit of the price band. Clause (1) of SECP’s Book Building Criteria dated July 24, 2014. 1 November 18, 2014 SECP granted relaxation to Synthetic Products Enterprises Limited (the Company) to increase in the upper limit of price band from 40% to 80% of the lower limit by relaxing the requirement of clause (1) of the SECP’s book building criteria dated July 24, 2014.
110. Exemption from increase in the upper limit of the price band. Clause (1) of SECP’s Book Building Criteria dated July 24, 2014. 1 December 3, 2014 SECP granted relaxation to Systems Limited (the Company) to increase in the upper limit of price band from 40% to 60% of the lower limit by relaxing the requirement of clause (1) of the SECP’s book building criteria dated July 24, 2014.
111. Exemption to offer for sale shares at a floor price without any cap, to fix the bidding period for two days and to accept bids from investors other than associates for  more than 10% of the shares offered under the book building.

ii. Relaxation to Offerer to offer for sale shares without allocation to retail investors.

iii. Relaxation to offer shares for sale without underwriting arrangement.

(i) Clause (1), (3) & (8) of SECP’s Book Building Criteria dated July 24, 2014.

(ii) Regulation 5.4.1 (b) of Chapter 5 of the KSE Rule Book, regulation 6(1)(b) of the Listing Regulation of LSE and ISE under regulation 5.4.4 of KSE Rule Book and regulation 6(6) and 6(5) of the Listing Regulations of LSE and ISE.

(iii) Clause 5 of Appendix 2  to Chapter 5 of KSE’s Rule Book and clause 5 of the Appendix 4 of Listing Regulations of LSE and ISE under clause 11 of Appendix 2 of KSE’s Rule Book and Appendix 4 of LSE and ISE respectively.

1 December 4, 2014 SECP granted relaxation to Allied Bank Limited to offer its shares at floor price without any cap, to fix the bidding period for two days instead of one day and to accept the bid from investors other than associates of the Offerer for more than 10% of the shares offered under the book building.

ii. Exemption to offer the shares of Allied Bank without allocation of Capital to retail investors.

iii. Exemption to offer shares of Allied Bank Limited without underwriting arrangement.

112. Exemption to issue Commercial Papers with credit rating of more than six months older. Regulation 3(c) of the Issue of Commercial Papers Regulations, 2013 1 December 5, 2014 SECP granted exemption to Nishat Mills Limited (NML or the Company) from regulation 3(c) of the Issue of Commercial Paper Regulations, 2013 under regulation 18 thereof to issue it Commercial Papers of PKR 500 million with a Green Shoe Option of PKR 500 million with credit rating of more than six months older.
The company provided the following in support of its request
i. PACRA was reviewing the rating of NML and the review may take up to two months however, due to immediate working capital requirement, NML needed Commercial Paper proceeds urgently.
ii. NML is one of the strongest corporate entities in Pakistan with an unblemished credit history and NML enjoys a very active relationship with all major financial institutions of the country.
iii.  According to September 2014 quarterly accounts, NML’s current ratio stands at a healthy 1.27x substantiating it’s strong position to easily meet all short term debt obligations.
113. Exemption to offer for sale without having underwriting arrangement. Sub-rule (iii) & (iv) of Rule 9 of the Companies (Issue of Capital) Rules, 1996. 1 December 5, 2014 SECP granted exemption to Allied Bank Limited (the Bank) from sub-rule (iii) & (iv) of the Rule 9 of the Companies (Issue of Capital) Rules, 1996 under Rule 10 thereof to offer share to  institutional investors without having underwriting arrangement.
114. Exemption to issue shares at face value without having underwriting arrangement. Sub-rule (v) of Rule 5 of the Companies (Issue of Capital) Rules, 1996. 1 December 30, 2014 SECP granted exemption to Safe Mix Concrete Products Limited (the Company) from sub-rule (v)of Rule 5 of the Companies (Issue of Capital) Rules, 1996 under Rule 10 thereof to issue five million shares at face value of Rs. 10 without having underwriting arrangement. As the Company was facing working capital liquidity problem, sponsors of the Company had undertaken to subscribe the unsubscribed portion of right issue and that to save the Company from incurring cost of underwriting.
115. Exemption to enable the Company to arrange underwriting of its right issue through Company. Sub-rule (i) of Rule 4 of the Ballotters, Transfer Agents and Underwriters Rules, 2001. 1 January 22, 2015 SECP granted exemption to Shabbir Tiles & Ceramics Limited (STCL or the Company) from sub-rule (i) of Rule 4 of Balloters, Transfer Agents and Underwriters Rules, 2001 (the BTU Rules) under Rule 7 of the BTU Rules.
STCL was exempted from the requirement to arrange underwriting of its right issue though RFC i.e., other than the Company since it was suffering from losses and if the issue was underwritten through other institutions, the Company had to pay cost of the underwriting which would further exaggerate the Company’s losses. The proposed underwriting arrangements by RFC shall enable the Company to ensure raising the requisite amount of right issue without underwriting cost.
116. Exemption from arranging underwriting of right issue through a Company. Sub rule (i) of Rule 4 of the Balloters, Transfer Agents and Under writers Rules, 2001 under Rule 7 thereof. 1 January 28, 2015 SECP granted exemption to KASB Corporation Limited (the Company or KASB) from sub-rule (i) of Rule 4 of Balloters, Transfer Agents and Underwriters Rules, 2001 (the BTU Rules) under Rule 7 thereof.
The Company was exempted from the requirement to arrange underwriting of its right issue through an individual as the number of right shares offered to shareholders other than sponsors and associates was too small therefore it was not viable to appoint an underwriter just for 1542 shares and if one of the sponsors renounced the offer of new shares by the Company and underwriter is appointed which is third party to take up the unsubscribed shares it will violate the intent.
117. Exemption from arranging underwriting of right issue through a Company Sub rule (i) of Rule 4 of the Balloters, Transfer Agents and Under writers Rules, 2001 under Rule 7 thereof. 1 February 24, 2015 SECP granted exemption to Apna Microfinance Bank Limited (the Bank) from sub-rule (i) of Rule 4 of Balloters, Transfer Agents and Underwriters Rules, 2001 (the BTU Rules) under Rule 7 of the BTU Rules.
The Bank was exempted from the requirement to arrange underwriting of its right issue though the Company as

  1. it was generating insufficient profits since inception therefore other Banks, financial/non-financial institutions and investors were reluctant to underwrite the said right issue of the Bank;
  2. the sponsoring directors of the Bank hold 89.69% of the total share capital of the Bank and committed to subscribe the right shares to be offered as per their right entitlement; and

(iii) Since underwriting of the said right issue through other institutions would cost to the Bank, therefore, the issue would be underwritten through the sponsoring directors.

118. Exemption from disclosure of employee-wise details of options granted, in annual financial reports of the companies that have offered Employees Stock Option Schemes. sub-rule (i) of rule 12 of the Public Companies (Employees Stock Option Scheme) Rules, 2001 1 February 24, 2015 SECP granted exemption to Alfalah Bank Limited (the Bank) from sub-rule (i) of Rule 12 of the Public Companies (Employees Stock Option Scheme) Rules, 2001 (the Rules) under Rule 17 of the Rules.
The Bank was exempted from the requirement to disclose employee wise details of options granted in annual Reports of the Bank as the management of the Bank was of the view that considering the security situation in the country, particularly in Karachi, it would be extremely unsafe to publically disclose personal financial information of the employees in the public documents like the annual financial reports.
119. Exemption to a director from the requirement of holding maximum seven directorships under the Code Clause (ii) of the Code of Corporate Governance  forming part of Listing Regulations/Rule-Book of the stock exchanges ” ii.  No person shall be elected or nominated as a director of more than seven listed companies simultaneously” 1 7/9/2014 SECP granted exemption to a listed public setor entity from the Clause (ii) of the Code of Corporate Governance prescribing requirement of holding maximum seven directorships under the Code as a special case, considering that the company had a diversified portfolio of over Rs. 50 billion pursuant to its investments, and owing to which it had representation on boards of investee companies.
120. Exemption from the requirement of having minimum one director certified under Directors’ Training Program in one year Clause (xi) of the Code of Corporate Governance (xi) All listed companies shall make appropriate arrangements to carry out orientation courses for their directors ……..
Provided that from June 30, 2012 to June 30, 2016 every year, a minimum of one director on the board shall acquire the said certification under this program each year and thereafter all directors shall obtain it:…”
1 7/10/2014 SECP granted relaxation to a listed company from Clause (xi) of the Code of Corporate Governance  prescribing the requirement of having minimum one director certified under DTP for the year 2013-14, based on the reasons given by the company- one director scheduled to complete DTP was unable to complete the certification owing to urgent business matters.
121. Exemption from the requirement of having minimum one director on the Board uptil December 31, 2014 Clause (i)(b) of the Code of Corporate Governance (i)(b) “The board of directors of each listed company shall  have at least one and preferably one third of the total members of the board as independent directors….” 1 7/14/2014 SECP granted an exemption to a listed company from the requirement of Clause (i)(b) of the Code of Corporate Governance of having minimum one independent director on its board uptil December 31, 2014, based on the company’s representation that it was going through the due diligence process for selecting a suitable professional for the purposes of independent director which was taking time.
122. Exemption from the requirement of filling casual vacancy on board within 90 days Clause (iii) of the Code of Corporate Governance iii.  “Any casual vacancy on the board of directors of a listed company shall be filled up by the directors at the earliest but not later than 90 days thereof.” 1 8/18/2014 SECP granted exemption to a listed company from the requirement of Clause (iii) of the Code of Corporate Governance prescribing filling casual vacancy in 90 days uptil June 19, 2014, as one of the shareholders of the company which is a public sector entity, had not appointed a nominee on the company’s board to replace its earlier director. The company, however, later communicated that it had filled the casual vacancy and was compliant with the said provision of the Code.
123. Exemption from the requirement of having thefinancial statements endorsed by the CEO before presentation to the board Clause (xxi) of the Code of Corporate Governance  (xxi)  No listed company shall circulate its financial statements unless the CEO and the CFO present the financial statements, duly endorsed under their respective signatures, for consideration and approval of the Board of Directors.
It shall be mandatory for the CEO and CFO to have the second quarterly and annual accounts (both separate and consolidated where applicable) initialed by the external auditors before presenting it to the audit committee and the Board of Directors for approval.
2 8/19/2014
10/22/2014
SECP granted an exemption twice to a public sector listed entity, in respect of consideration and approval of the company’s financial statements for the half year ended June 30, 2014 and for the 3rd quarter ended September 30, 2014, due to vacant position of its CEO.
124. Exemption from the requirement of filling casual vacancy on board within 90 days Clause (iii) of the Code of Corporate Governance iii.  “Any casual vacancy on the board of directors of a listed company shall be filled up by the directors at the earliest but not later than 90 days thereof.” 2 8/26/2014
9/23/2014
SECP granted exemption to a listed bank twice,from the requirement of filling casual vacancy in 90 days uptil September 17, 2014 and later till October 17, 2014, considering that the company’s efforts to find a suitable candidate to act as independent director on its board could not materialize within the given and extended timeline.
125. Exemption from the requirement of having foreign directors certified under Directors’ Training Program Clause (xi) of the Code of Corporate Governance (xi) “All listed companies shall make appropriate arrangements to carry out orientation courses for their directors…. It shall be mandatory for all the directors of the listed companies to have certification under any directors’ training program offered by institutions—local or foreign—that meet the criteria specified by the SECP: …” 1 9/19/2014 SECP granted an exemption to a listed company having majority foreign ownership from clause (xi) of the Code of Corporate Governance, considering that the five foreign directors of the company already possessed vast experience and related certification in the areas of corporate governnace and related matters. However, the board of directors of the company was advised to ensure these directors’ familiarity with requisite Pakistani laws.
126. Exemption from the requirement of appointing an independent director who has completed three terms, after a lapse of one term Clause (i)(b) of the Code of Corporate Governance (i)(b) ” …no director shall be considered independent if one or more of the following circumstances exist: • He/she has served on the board for more than three consecutive terms from the date of his first appointment provided that such person shall be deemed “independent director” after a lapse of one term.” 1 10/14/2014 SECP granted an exemption to a listed bank from clause (i)(b) of the Code of Corporate Governance, and was allowed to reappoint an individual as independent director after a lapse of nine months instead of one full term, based on the reasons that the company was finding it difficult to find a suitably qualified person for the purposes of independent director – given the restriction by SBP on a director to serve on board of one financial institution at a time, among other limitations.
Exemption from the requirement of having minimum one director on the Board till the end of May, 2015 Clause (i)(b) of the Code of Corporate Governance (i)(b) “The board of directors of each listed company shall  have at least one and preferably one third of the total members of the board as independent directors….” 1 12/31/2014 SECP granted an exemption to a listed bank from Clause (i)(b) of the Code of Corporate Governance, for five months, i.e., till the end of May,2015, considering that the next elections of the company’s board were scheduled to be held by the end of May, 2015.