Legal framework: SECP unveils investor education fund rules

Sets June 29 deadline for public opinion

APP June 20, 2017

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified the draft Investor Education and Awareness Fund Rules 2017 and the Unclaimed Shares, Modaraba Certificates, Dividend and Other Instrument Regulations 2017 to gauge public opinion.

These rules and regulations have also been placed on the SECP’s website, according to a statement issued on Monday.

The rules provide the legal framework for the management and control of investor education fund.

As per the rules, the investor education fund will be managed and controlled by the SECP through a separate bank account and necessary books of accounts will be maintained for proper management of the fund.

The SECP will prepare the annual plan of investor awareness activities to be funded through this fund.

An advisory committee consisting of members from the Pakistan Stock Exchange, Central Depository Company, market intermediaries, academia and representatives of the corporate sector will also be constituted.

The regulations provide the regulatory framework regarding the deposit of unclaimed shares, dividends and other instruments, their sale proceeds, refund claims and filing of annual returns.

The establishment of the Investor Education and Awareness Fund will ensure sustainability in the execution of SECP’s expanded investor advocacy, education and outreach activities.

The deadline for public comments on these rules and regulations has been set at June 29, 2017.

Published in The Express Tribune, June 20th, 2017.

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