ISLAMABAD: The Policy Board of Securities and Exchange Commission of Pakistan (SECP) has approved amendment in Rule 10(1)(s) of the Takaful Rules, 2012 on the recommendation of the Commission.
After the amendment, takaful operators are permitted to participate on co-takaful basis with conventional insurers under the lead of a conventional insurer.
The Policy Board was informed about various measures taken by the SECP for the development of capital markets and corporatisation in the country.
Among others, the Policy Board also approved change in fee structure to be charged for filing of statement of beneficial ownership and annual returns reporting and disclosure by Directors, Executive Officers and Substantial Shareholders in Listed Companies under the Securities Act, 2015. Board also approved amendment in rule 35(2) of SEC (Insurance) Rules, 2002 and allowed deferment on the implementation of the educational requirements of SRO 649(I)/2015 read with Rule 26(b) of the SEC (Insurance) Rules, 2001. The Policy Board also approved the SECP Annual Report and audited annual accounts for the financial year 2014-15 for its submission to the Federal Government. The SECP Policy Board, in pursuance of Section 12 of the SECP Act 1997, comprises a mix of members from the public and private sectors.
