The Securities and Exchange Ordinance, 1969

( Ordinance NO. XVII Of 1969 )

♣An Ordinance to provide for the protection of investors, [regulations of capital markets and issue] and dealings in securities.

 
 
WHEREAS it is expedient to provide for the protection of investors, [regulations of capital markets and issue] and dealings in securities and for matters ancillary thereto;
 
 
 
 
[***]
 
 
 
 
NOW, THEREFORE, in pursuance of the Proclamation of the 25th day of March, 1969, read with the Provisional Constitution Order, and in exercise of all powers enabling him in that behalf, the President is pleased to make and promulgate the following Ordinance:-
 
 
 

CONTENTS

SECTIONS

1. Short title, extent and commencement

2. Definitions

2A. Control over issue of capital

2B. Control over prospectus and other documents .

2C. Purchase of securities

2CC. Power to impose conditions

2D. Power to exempt and to condone contraventions

2E. Power to call for information

2F. False information

2G. Continuity of orders

3. No Stock Exchange to operate without registration

4. Eligibility for registration

5. Registration

6. Accounts, annual reports, returns, etc.

7. Cancellation of registration, etc.

8. Restriction on dealings in securities

9. Listing of securities

10. Compulsory listing of securities

11. Submission of returns

12. Submission of statements of beneficial owners of listed equity securities

13. Prohibition of short-selling

14. Trading by directors, officers and principal share-holders

15. Regulation of proxies

16. Credit, hypothecation and lending of customers’ securities

17. Prohibition of fraudulent acts, etc.

18. Prohibition of false statements, etc.

19. Maintenance of secrecy

19A. Maintenance of secrecy by the the Commission, etc.

19B. Penalty for disclosure of information.

20. Prohibitory orders

20A. Power of commission to issue directions in certain cases.

21. Enquiry

22. Penalty for certain refusal or failure

22A. Restriction in respect of filing of suit.

23. Civil liabilities

24. Penalty

25. Cognizance of offence

25A. Burden of Proof

25B. Power to establish Special Tribunal.

26. Revision and review

27. Advisory Committee

28. Delegation of power

29. Exemption

30. Indemnity

31. Securities acquired in good faith

32. Regulation of business of investment advisers and investment companies

32A. Regulation of business of Commodity Futures Contract, etc.

33. Power to make rules

34. Power to make regulations

35. Savings