Securities Act, 2015
The Securities Act, 2015 was enacted by Majlis-e-Shoora (Parliament). It received the assent of the President on 13th May, 2015. This Act provides the law for the regulation of securities industry, protection of investors, and matters connected herewith, or ancillary thereto. It extends to the whole of the Pakistan. Except for PART V, this Act shall come into force at once, whereas PART V of this Act shall come into force on such date as the Federal Government may, by notification in the official Gazette, appoint. This Act provides rules and regulations regarding the Securities Exchange. The word “Securities” in case of listed instrument is described in the sub-clauses ‘a to i’, of clause “ii” of section “2”. Section 3 of this Act requires that no person shall establish or operate or assist in establishing or operating or hold himself out as operating a securities market except under and in accordance with a securities exchange license granted by the Securities and Exchange Commission of Pakistan under section 5. No regulation of a securities exchange or any amendment whether by way of rescission, substitution, alteration or addition to a regulation shall have effect unless it has the approval in writing of the Commission. Who has the discretion whether to approve or not those regulations and amendments in such regulations. Also seeks assistance from the Securities Exchange in certain matters.
