Share Registrars and Ballotters Regulations, 2017: SECP empowered to relax any requirement

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has been empowered to relax any requirement of the Share Registrars and Ballotters Regulations, 2017 for share registrars and balloters of listed companies.

Through issuance of the SRO 261 (I)/2021, the SECP has issued draft amendments to the Share Registrars and Ballotters Regulations, 2017.

The SECP has also issued Fit and Proper criteria for applicant, sponsors, directors and senior management officers of the share registrars and balloters.

Under the revised regulations, the Commission on the application of the company may, if satisfied that it is not practical to comply with any of the requirements of these regulation, after reasons to be recorded in writing, relax any requirement of this regulations subject to such conditions as it may deem fit.

A share registrar registered under these regulations shall only provide services to listed companies, SECP added.

The SECP had issued Share Registrars and Ballotters Regulations, 2017 which are applicable on share registrars and balloters. No person shall act or perform the functions of a share registrar and balloter unless such person is licensed as a share registrar and balloter by the Commission under these regulations.

The persons who are already licensed under these regulations, shall enhance, if required, their net worth to Rs 10 million by June 30, 2023. The net worth shall be calculated as total assets less total liabilities less surplus on revaluation, if any, created upon revaluation of fixed assets.

Provided further that the SECP may issue clarification in respect of treatment of any item of assets and/or liabilities for the purpose of calculating the net worth, revised regulations added.

Copyright Business Recorder, 2021