ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified the draft Share Registrars and Balloters Regulations, 2016, to obtain public opinion.
The regulations shall be applicable to persons who provide services as share registrars and balloters, said a statement issued here Tuesday.
The share registrars and balloters play important role in handling securities’ issuance and transfer; preparation and maintaining members’ registers, distribution of right and bonus shares, cash dividend and notices on behalf of their clients. The draft regulations encompass eligibility for licensing, functions, responsibilities, procedure for grant and renewal of license, default and overdue position of loans payable to financial institutions by the share registrar and balloter its sponsors, chief executive, directors, associated companies and undertaking.
The draft also encompasses fit and proper criteria for appointment of chief executive and directors and onsite visits, if required, before grant and renewal of license. It is expected that enforcement of the regulations will help improve skill development of the share registrars and balloters, quality of services to the companies and shareholders, efficiency and transparency.
