Introduction
Securities and Exchange Commission of Pakistan issued S. R. O. 994 (I)/2018 dated August 10, 2018.
Commentary
The SRO issued bearing number 994(1)/2018 dated August 10, 2018 whereby following changes have been made in Central Depository (Licensing & Operations) Regulations 2016 in following manner:
Regulation 5:
- The first proviso has been amended to mean that a Central Depository or a subsidiary(ies) may carry out activity other than incidental to functions of a Central Depository, with approval of Commissioner and subject to conditions as may be imposed.
- Second proviso which included the scope of subsidiary and investment made by it, has been deleted as the said effect is incorporated in the first proviso above.
- Likewise the third proviso incorporating the effect of a subsidiary registered before commencement of these Regulations and requirement of transfer of such activity to its subsidiary(ies), is also deleted.
Regulation 6:
In the explanation, the words giving effect to reducing net worth from any revaluation surplus created on revaluation of fixed assets and restricting it to total assets less total liabilities.
Earlier the above mentioned amendments were proposed and objection or suggestion was sought vide SRO 489(1)/2018 dated July 2, 2018 and SRO 882(1)/2018 dated July 10, 2018.
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