KARACHI: In line with its vision and mission, Pakistan Stock Exchange (PSX) regularly reviews and updates PSX regulations in tandem with changing regulatory landscape of Pakistan.
PSX also endeavors to align its regulations with international best practices to ensure that the same are at par with the developed regional and global stock exchanges.
In pursuit of the above, PSX has announced that it has re-introduced its Rule Book under the Securities Act, 2015 and the Futures Market Act, 2016, and has aligned it with the relevant sections of the Companies Act, 2017 with the approval of the Securities and Exchange Commission of Pakistan (SECP).
While carrying out the Rulebook harmonization exercise, it was ensured to eliminate redundancies and obsolete provisions, improve placement and add greater clarity for ease of understanding of rights and obligations of all concerned. The purpose being to regulate securities market functions in an enhanced and transparent manner while ensuring that the rights and interests of the investing public are duly protected.
The Rulebook is available in legal framework section of PSX website at www.psx.com.pk.
On the occasion of the re-introduction of the Rule Book, the Chairman PSX, Sulaiman Mehdi, said, "It is a matter of pride that the Rulebook of PSX has been harmonized with and reintroduced under the Securities Act, 2015 and Futures Market Act, 2016. The harmonization was necessary to maintain consistency of laws across the securities market while ensuring that the redundancies are removed and any overlapping and inconsistencies are addressed." The MD PSX, Farrukh Khan, said, "It gives me immense pleasure to re-introduce the Rulebook as framed under the Securities Act, 2015 and Futures Market Act, 2016. This will help everyone connected with the capital markets to access the regulations with ease in one place. This exercise has also helped us to remove any redundant, contradictory and overlapping regulations." PSX reiterates its commitment that in future, it shall continue to keep its regulatory framework robust, transparent and fully aligned with other applicable rules and regulations. Pakistan Stock Exchange continues to strive to maintain a functional and efficient Capital Market for all stakeholders, be it TREC holders, investors, issuers or other market participants.
Copyright Business Recorder, 2020
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