Section 21: Permitted disclosures

21. Permitted disclosures.—Subject to the provisions of this Act, the provision of section 20 shall not entitle any person to refuse to disclose any information or documents— (a) which an account­holder or a sub­account holder has authorised in writing to disclose. (b) in a case where an account­holder or a sub­account holder is declared a bankrupt, or, if the account­holder or sub­account holder, as the case may be, is a company or body corporate and is being or, has been, wound up within or outside Pakistan; (c) in the case of any litigation or other legal proceedings ; (d) to any person duly authorised by a competent court, the Authority or the State Bank of Pakistan to investigate into any offence under any law for the time being in force ; (e) for the purpose of enabling or assisting the Authority to exercise any power conferred on it by this Ordinance or by any other law for the time being in force; (f) for the purpose of enabling or assisting the State Bank of Pakistan to exercise any power conferred on it by any other law for the time being in force; (g) for the purpose of enabling or assisting a stock exchange or clearing house of a stock exchange to discharge its functions; (h) for the purpose of enabling or assisting auditors of a central depository or participant to discharge their functions; or (i) to the Authority if the disclosure is required in the interest of investors or in the public interest.

Effective date: 1997-01-01

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