S.R.O. 814(I)/2011, Islamabad, September 5, 2011

SROS: S.R.O. 814(I)/2011, Islamabad, September 5, 2011 THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN(SECP) HAS NOTIFIED AMENDMENTS IN NON-BANKING FINANCE COMPANIES AND NOTIFIED ENTITIES REGULATIONS, 2008. SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN *** Islamabad, September 5, 2011 NOTIFICATION S.R.O. 814(I)/2011, Islamabad, September 5, 2011:- In exercise of the powers conferred by sub-section(2) of section 282B of the Companies Ordinance, 1984(XLVII of 1984) read with sub-section(4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997(XLII of 1997) the Securities and Exchange Commission of Pakistan hereby makes the following further amendments in Non-Banking Finance Companies and Notified Entities Regulations, 2008, namely,- In the aforesaid Regulations,- (1) in regulation 28, clause(c) shall be omitted; (2) in regulation 29, in clause(b),- (a) in sub-clause(v), the word and appearing for the fourth time at the end shall be omitted; (b) in sub-clause(vi), after the semi colon at the end the word and shall be inserted; and (c) after clause(vi), amended as aforesaid the following new sub-clause shall be inserted, namely:- (vii) undertake brokerage business subject to clause(n) of sub-rule(2) of Rule 7 of Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003: Provided that an Investment Finance Company shall not raise deposits in any form including certificate of deposits from any source.; (3) in regulation 37,- (a) in sub-regulation(1), the full stop at the end shall be substituted with a colon and thereafter the following proviso shall be inserted, namely:- Provided that the aforesaid limit of three or lesser number shall not apply to an Index Scheme or a Capital Protected Scheme or any other category as specified by the Commission.; (b) in sub-regulation(7),- (I) in clause(h),- (i) for the word thirty the word fifteen shall be substituted; and (ii) for the word paid the word payable shall be substituted; and (iii) the semi colon at the end shall be substituted with a colon and thereafter the following proviso shall be added, namely,- Provided that this restriction shall not apply to transactions relating to…