Securities broker: SECP decides to revise eligibility criteria for licensing

The Securities and Exchange Commission of Pakistan (SECP) has decided to revise eligibility criteria for licensing of a securities broker. According to the SRO No 102 (1)/2017 issued by the SECP here on Monday, the SECP has proposed amendment in Securities Brokers (Licensing and Operations) Regulations, 2016.
As per revised criteria, it has been proposed that a company may apply to the SECP for licence as a securities broker under the specified categories. But, it is not a single member company. Provided that a single member company already licensed as a securities broker under these regulations shall convert its status to a public company or a private company, within a period of sixty days from such date as may be notified by the Commission.
Following is the text of SRO102(I)/2017 issued here on Monday: In exercise of powers conferred by section 169 of the Securities Act, 2015, the following amendments in the Securities Brokers (Licensing and Operations) Regulations, 2016, proposed to be made by the Securities and Exchange Commission of Pakistan, are hereby published for the information of all persons likely to be affected thereby and, as required by sub-section (4) of the said section 169, notice is hereby given that objections or suggestions thereon, if any, may be sent to the Commission within fourteen days of placement of the draft amendments on the website of the Commission, namely:
In regulation (4) of the aforesaid Regulations,
(a) The following clause (aa) shall be inserted after clause (a):
"(aa) it is not a single member company:
Provided that a single member company already licensed as a securities broker under these regulations shall convert its status to a public company or a private company, within a period of sixty days from such date as may be notified by the Commission;"