Introduction
Securities and Exchange Commission of Pakistan (SECP) notified regulation wide S.R.O. 1318 (I)/2018 dated November 2, 2018, titled “Shariah Governance Regulations, 2018”.
Commentary
These regulations are notified in exercise of the powers conferred by sub-section (1) of section 512 read with section 451 of the Companies Act, 2017 (XIX of 2017) after having been previous published in the official Gazette vide notification S. R.O. 273 (I)/2018 dated March 01, 2018 as required by proviso to sub-section (1) of the said section 512.
Effective Date & Application
Immediately effective, these Regulations shall be applicable on Shariah compliant companies and Shariah compliant securities.
Penalty for non-compliance
Where a company, or any person contravenes or fails to comply with any provision of these regulations, or is not in compliance with any condition or directive, circular or order issued by the Commission, the Commission may, after providing a reasonable opportunity of representation, impose a penalty as provided in sub-section (4) of section 451 of the Act.
Detailed Commentary
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