ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued draft Investors Education and Awareness Fund Rules, 2017 to be established under provisions of Companies Act, 2017.
According to the draft rules, the fund shall be managed and control by the commission in the following manner:
- The SECP shall maintain separate books of accounts and bank accounts of the Fund;
- The commission shall notify in official gazette any other amounts that needs to be credited to the Fund; and
- The commission shall prepare and approve the annual plan of investor awareness and education activities to be funded through the Fund.
An advisory committee will be established and commission shall notify the advisory committee consisting of seven members including the chairperson who will be employee of the commission
The SECP said that the tenure of the advisory committee shall be for a period of two years: provided that the commission may reconstitute the advisory committee or replace any member, as it deem appropriate.
The members of advisory committee may have representations from the following entities:
- Stock and Future Exchanges;
- Central Depository Company;
- Market Intermediaries Associations recognized by the Commission;
- Academia and Professional bodies; and/or
- Corporate sector.
The quorum for a meeting of the advisory committee shall not be less than three members including the chairperson.
The SECP shall nominate secretary to the advisory committee, who shall be an employee of the commission to perform secretarial and other duties including but not limited to recording minutes of the meeting, maintaining the record thereof and any other duty as may be required by the advisory committee.