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[Section Index]

The Securities and Exchange Ordinance, 1969

( Ordinance NO. XVII OF 1969 )

[ 28th June, 1969 ]

Chapter II

REGISTRATION AND REGULATION OF STOCK EXCHANGES

Restriction on dealings in securities
8. (1) No person shall transact any business in securities on any Stock Exchange unless he is a member thereof.
 
 
 
 
(2) No business shall be transacted on a Stock Exchange in a security, other than a Government security or a bonus entitlement voucher, which is not listed on such Stock Exchange 1[:
 
Provided that business of security which is de-listed or not listed may be transacted in such manner as the Commission may direct.]
 
 
(3) No person shall act as a 2[jobber or dealer] in a security listed on a Stock Exchange outside such Stock Exchange:
 
 
 
 
3[* * *]
 
 
 
 
(4) No person other than a member shall act as a broker or a 4[jobber or dealer] for any security not listed on a Stock Exchange:
 
 
 
 
Provided that the prohibition in this sub-section shall not apply to discounting of any security evidencing a loan.
  • 1
    The colon (:) was substituted for the full-stop (.) and thereafter the proviso was inserted by section 5(a) of the Securities and Exchange (Amendment) Act, 2012 (Act No. XLVI of 2012).
  • 2
    The words “jobber or dealer” were substituted for the word “dealer” by section 5(b) of the Securities and Exchange (Amendment) Act, 2012 (Act No. XLVI of 2012).
  • 3
    The proviso was omitted by section 6 of the Securities and Exchange (Amendment) Act, 1993 (Act No. XVI of 1993)
  • 4
    The words “jobber or dealer” were substituted for the word “jobber” by section 5(c) of the Securities and Exchange (Amendment) Act, 2012 (Act No. XLVI of 2012).
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