SECP (Conduct of Business) Regulations 2000

Conduct of Business of Commission [Rule 3]

Decision as to Time and Place of Meeting o Commission may meet at such time and places as it may think fit. o In absence of a decision of Commission, the Chairman 1shall decide. Requisition & Call of Meeting o Signed requisition by the commissioners shall be deposited at Head office of Commission. o On request of not less than three Commissioners, the Chairman shall call a meeting within three days of receipt. o At least three clear days notice shall be given to all Commissioners and notice shall set forth the purposes o The Chairman may call meeting forthwith or within such reasonable period depending upon the urgency Frequency: As many times as possible. Preside: Chairman but if he is not present, the commissioners shall choose a Commissioner Decision Making o Opinion of Majority shall prevail. Any Commissioner dissenting may record his reasons separately. o If Commissioners are divided, casting vote by Chairman or Commissioner whoever is presiding. Minutes of Meeting o A fair and accurate summary of minutes of the meetings along with names of those participating shall be entered o Books containing the minutes shall have a Subject Index. o Minutes be finalized after taking into account the observations of the Commissioners. o Minuets Draft shall be circulated for confirmation to all Commissioners within three days of the conclusion of the proceedings. Placed before the next meeting for Confirmation. o After confirmation of Minutes, Proceedings shall signed and dated by the Chairman, or in his absence, the Commissioner presiding Resolution of Matters o Decision shall be circulated to the Commission and others concerned. o The Chairman may authorize an emergent matter to be disposed of through a resolution by Circulation, signed by all the Commissioners and in case of absence of any Commissioners by at least three Commissioners.

Powers of the Chairman [Rule 4]

1. Shall be the Chief Executive officer 2. May assign duties and responsibilities to any of the Commissioners, in his discretion and as he deems fit. 3. May frame such guidelines and procedures as he may consider appropriate for monitoring. 4. has suo motu powers and can direct (or on recommendation of Commissioners) all administrative matters to be processed in the Support Services Division

Function of the Chairman [Rule 4] 1. Deal with the day to day administration of affairs 2. Shall take all policy decisions of administrative nature in consultation 3. Monitoring the performance and activities of Commissions Divisions and other administration.
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Chairman: Means the Chairman of the Board i.e Securities and Exchange Policy Board

Power and duties of the Secretary [Rule 5]

Shall perform all the duties and responsibilities of secretariat nature Represent the Commission on any forum On behalf of the Chairman issue notices of the meetings of the Board2 and the Commission May accept service of all notices and other documents on behalf of the Commission May sign a decision made by the Commission as a result of hearing May certify a. a decision made by the Commission; or b. a document used in connection with hearing 7. shall communicate all decisions made to the relevant quarters 8. May exercise such other powers and perform all other duties as may be assigned to him by the Chairman. Note, If the secretary is absent for any reason, the Commission may designate any officer to act in the capacity of Secretary and designated individual will have all powers and duties of the Secretary. 1. 2. 3. 4. 5. 6.

Mode of Submission of Application [Rule 6]

An application made to the Commission shall be 1. Duly signed, dated & verified by an affidavit 2. In the case of a company, Signed and verified by its a. Chief executive or Director, b. Secretary or Liquidator 3. Neatly and legible 4. Serially numbered setting out the facts, grounds and claims or relief applied 5. Specifying the relevant provisions of law under which relief is sought 6. Accompanied by a. Documents b. In case of review petition or an appeal, a certified copy of such order or decision. c. Three duly signed, dated and verified spare copies d. Original receipt for the fee for an application specified in Sixth Schedule to the Ordinance.

Manner of disposal or application [Rule 7]

1. Reject in limine3; 2. Return for removal of defects; or 3. Dispose 4and institute enquiries or proceedings in respect of any matter as in the opinion of Commission may be necessary. May provide opportunity of being heard before.

Securities and Exchange Policy Board (Conduct of Business) Regulation, 2000

Procedure and Conduct [Rule 3] Time and Place o Board may meet at such times and places as it may think fit o In absence of decision of the Board to the contrary, the Chairman shall decide. Requisition & Call of Meeting o Requisition by at least 3 members, signed and deposited at the head office of the Commission
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Board: Means the Securities and Exchange Policy Board Limine: In the first hearing, act immediately 4 Dispose: To settle or decide a matter

o The Chairman shall call meeting within seven days of receipt o The Chairman shall also a meeting on the request of the Commission forthwith or within reasonable time. o At least seven days notice shall be given to all members. Provided, in case of urgency, meeting may be called at shorter notice. Preside: Chairman. If he is not present, Members shall choose a Member. Decision Making: o Opinion of Majority shall prevail. Dissenting statement by a Member may be recorded separately. o Chairman shall have a casting vote if members are divided. Minutes & Proceedings. o Fair and accurate summary shall be entered in properly maintained books along with name of participants. o Book containing minutes shall have Subject Index o Draft minutes shall be circulated to members for confirmation and their observations within seven days of conclusion of meeting. o Finalized minutes shall be placed before the next meeting for confirmation. o Proceedings shall be signed and dated by the Chairman or in his absence by the Member presiding. Resolution of Matters o Decision taken shall be circulated to the Commission and others concerned o The Chairman may authorize an emergent matter to be disposed of through a resolution by Circulation, signed by all the members and in case of absence of any member by at least five members

Committee of the Board [Rule 4]

Board may constitute committees where considered necessary. Board may delegate its powers to a committee and it shall conform to the terms of reference given Board may appoint a Member as convener of the Committee to chair. Committee may meet and adjourn as it thinks proper. Matters arising shall be determined by a majority of members present and in case of equality of votes, the convener of the Committee shall have a casting vote. Note: Members and any other persons invited to attend a meeting of the Board/Committee shall be entitled to travel by air in executive class and reimbursement of actual expenses including traveling, boarding, and lodging expenses and the Members other than ex-officio Members shall also be entitled to compensation for performing extra services as determined by the Board.

Authentication of the Decision of the Board [Rule 5]

All orders and decisions shall be authenticated by the signature of the Chairman or any Member authorized communicated under the signatures of authorized person Signatures shall bear Official Seal of the Board Authenticated orders, decision, or guidelines are Deemed fit for publication on such terms and conditions as the Chairman may specify.