S.R.O. 87(I)/2001. dated 8th February, 2001

SROS: S.R.O. 87(I)/2001. dated 8th February, 2001 AMENDMENTS IN THE SECITRITIES AND EXCHANGE RULES, 1971 Notification No. S.R.O. 87(1)/2001. dated 8th February. 2001.-In exercise of the powers conferred by section 33 of the Securities and Exchange Ordinance, 1969(XVII of 1969) read with clause(b) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997(XLll of 1997), the Securities and Exchange Commission of Pakistan with the approval of the Federal Government is pleased to direct that the following further amendments shall be made in the Securities and Exchange Rules, 1971, namely:- In the aforesaid Rules. (1) for the word Authority, wherever occurring, the word Commission shall be substituted; (2) In rule 2,-- (a) for clause(d), the following shall be substituted, namely:- (d) Commission means the Securities and Exchange Commission of Pakistan established under the Securities and Exchange Commission of Pakistan Act, 1997(XLII of 1997);; and (b) for clause to) the following shall be substituted, namely:- (d) net capital means excess of current assets other current liabilities determined in accordance with the Third Schedule to these rules;; (3) In rule 3, for clause(b) the following shall be substituted namely: - (b) A member shall, at all times, maintain a net capital balance of an amount which is,-- (i) in the case of a stock exchange which in the previous calendar year had on the cash counter a turnover of securities exceeding fifteen billion, Rs. 2.5 million; (ii) in the case of a stock exchange which in the previous calendar year had on the cash counter a turnover of securities exceeding 7.5 billion rupees but not exceeding fifteen billion. Rs. 1.5 million; and (iii) in the case of a stock exchange which in the previous calendar year had on the cash counter a turnover of securities not exceeding 7.5 billion, Rs. 0 75 million: Provided that a member who is also the member of any other stock exchange shall maintain a net capital balance upto aggregate net capital balance requirement of all such exchanges put together: Provided further that, in the case of partnership firm, the amount of the net capital balance to be maintained shall be…