August 17, 2019 (MLN): The board of directors of Pakistan Stock Exchange (PSX) on Friday has proposed certain amendments to PSX Regulations and invited all concerns to provide comments on the proposed amendments.
According to the notification, considering the charges of PKR 50,000 which are insufficient to cover the costs incurred by PSX in reviewing the documentation and approving the draft prospects of the company, PSX has proposed amendments to chapter 5 [ Listing of Companies and Security Regulations] of its Regulations to impose additional service fee, equivalent to initial listing fee or PKR 450,000 whichever is lower, on a company which withdraws its listing application filed with PSX or where PSX refuses its listing application.
The PSX board of directors has also proposed to charge flat annual listing fee of PKR 25,000 to all open-ended mutual funds irrespective of their fund size.
The board also proposed to provide regulatory coverage to the instructions of customer to their brokers for subscription of shares offered through IPO using the centralized e-IPO system (CES) of Central Depository Company of Pakistan Limited (CDC).
In view of prevailing market conditions, the board of directors of the PSX proposed amendments pertaining to Base Market Capital (BMC) requirement of brokers, as per which certain amendments are proposed to be carried out in Schedule-1 (BMC to be maintained by a broker) of Chapter 19 (Risk Management Regulations) of PSX Regulations.
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