SECP Act, 1997 (updated till 2016)
The process of restructuring the CLA was initiated in 1997 under the Capital Market Development Plan of the Asian Development Bank (ADB). A Securities and Exchange Commission of Pakistan Act was passed by the Parliament and promulgated in December 1997
The Securities and Exchange Commission of Pakistan Act, 1997 was enacted on December 26, 1998 and it established the institution of Securities and Exchange Commission (the “Commission”) of Pakistan for the beneficial regulation of the capital markets, superintendence, and control of corporate entities and for matters connected therewith and incidental thereto. The Commission established under the Securities and Exchange Commission of Pakistan Act, 1997, is administratively, financially, and functionally independent and the Federal Government uses its best efforts to promote, enhance and maintain independence of the Commission. Under this Act, Financial Services means all services provided by regulated persons under the Securities and Exchange Commission of Pakistan Act, 1997 or any administered legislation but does not include any service exclusively regulated by the State Bank of Pakistan (SBP).
