SECP amends Companies Act 2017 to include securities brokers in new subclause
MG News | July 24, 2024 at 11:21 AM GMT+05:00
July 24, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has inserted a new subclause pertaining to securities brokers in the Third Schedule of the Companies Act 2017 under the subclause for Non-listed Companies.
"Securities brokers having a license in the Trading and Self Clearing or Trading and Clearing categories, and holding custody of customers' assets as well as being a Professional Clearing Member."
This is inserted after subclause (ii), titled 'Non-listed Company registered and/or licensed under the Administered Legislation or Rules, or regulations made thereunder.
The SECP took this action in exercise of the powers conferred by sub-section (2) of section 507 of the Companies Act 2017 (XIX of 2017).
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