Constitution: Zardari inks Modaraba Bill

ISLAMABAD: President Asif Ali Zardari Friday approved two bills on Friday that empowered the Securities and Exchange Commission of Pakistan (SECP) to make Modaraba regulations and establishment of NFC Institute of Engineering and Technology, Multan. The ‘Modaraba’ bill will also allow SECP to issue directives, circulars, codes and guidelines for the purposes of modaraba companies. The NFC Institute of Engineering and Technology Multan bill seeks to provide for the establishment of NFC Institute of Engineering and Technology Multan with degree awarding status to enhance the quality of higher education in the country. Both modaraba and NFC  bills were approved by the National Assembly on October 8, 2009 and later by Parliament under  clause (3) of the Article 70 of the Constitution under joint sittings held on March 30, 2012 and April 5,

2012 respectively.

Published in The Express Tribune, May 5^th, 2012.