SECP is­sues draft amend­ment for Modarabas

The Pak Banker - - NATIONAL -

The Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan no­ti­fied the draft of the amend­ments to mo­daraba Com­pa­nies and mo­daraba Rules, 1981 to ob­tain opin­ion of the stake­hold­ers and gen­eral pub­lic.

The pro­posed amend­ments are aimed at up­dat­ing the le­gal frame­work for reg­is­tra­tion and floata­tion of modarabas in the coun­try, said a state­ment is­sued here on Wed­nes­day. The amend­ments seek to pro­vide a com­pre­hen­sive frame­work for op­er­a­tion and con­duct of mo­daraba com­pa­nies and would en­hance su­per­vi­sion by the SECP.

The ma­jor amend­ments in­clude pro­vi­sions for em­pow­er­ment of the cer­tifi­cate hold­ers, who like share­hold­ers of com­pa­nies, con­vene an­nual and ex­tra­or­di­nary gen­eral meet­ings. The cer­tifi­cate hold­ers of modarabas have been em­pow­ered to take part in ma­jor de­ci­sion mak­ing of mo­daraba's busi­ness in­clud­ing ap­prov­ing the ac­counts and au­di­tors.

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