Section 9: Central depository to supply information

9. Central depository to supply information.—(1) Every issuer which is a company or other body corporate and whose securities are entered in the central depository system of a central depository shall request the central depository, at such times as may be prescribed in the regulations, for a list of the names and other relevant details of the account‑holders and sub‑account holders, holding the book‑entry securities of such issuer together with details of the book‑entry securities of such issuer entered in the accounts of such account­holders of sub‑account holders, as the case may be— (a) for sending notices to any account‑holders and sub‑account holders of general meetings of the holders of any securities of the issuer; (b) for sending any other notices to any account holders and sub­account holders which are required to be sent by the issuer to holders of any securities of the issuer; (c) for the purpose of allowing any account‑holders and sub‑account holders to attend general meetings of any holders of securities of the issuer or to appoint proxies for this purpose; (d) for despatching dividend or other warrants to any account‑holders and sub‑account holders; (e) for despatching to any account‑holders and sub‑account holders any other payments or benefits paid by the issuer; or (f) for despatching to any account‑holders and sub‑account holders formal offers for subscription of securities of the issuer. (2) A participant may, in respect of such book‑entry securities as are beneficially owned by his clients and entered in his account, supply to the central depository the names and other details of such clients together with instructions that such names and other details be forwarded to the issuer upon a request for information made by the issuer under sub­section (1): Provided that the persons whose names are supplied by a participant under this sub­section shall be deemed to be sub‑account holders holding the book‑entry securities to which they are stated by the participant to be entitled and shall be entitled to the rights of sub‑account holders set out in section 5. (3) Subject to sub­section (2), the central depository shall supply to an issuer the information requested by the issuer under sub­section (1) in such manner and within such time as may be prescribed in the regulations: Provided that in cases where the information requested by the issuer under sub­section (1) is for the determination of entitlement of any accoun­holders and sub‑account holders, in relation to the book‑entry securities of the issuer held by them, to attend any meetings called by the issuer or to receive payments of any dividends or other amounts payable by the issuer or to receive any offers for subscription of any shares in the issuer or for any other purpose as required by any law or the issuer's charter, statute or Memorandum or Articles of Association, the central depository shall supply such information to the issuer as is correct as at the close of business hours of the central depository on the day before the first day of the period of closure of register of members, debenture holders or any other securities of the issuer. (4) Subject to sub­sections (5) and (6), an issuer to whom sub­section (1) applies shall rely upon the information supplied by the central depository under sub­section (3). (5) An issuer who is liable to pay any dividend or other amount or issue any offer for subscription of any securities to any account‑holders or sub­account holders shall pay such dividend or other amount or issue such offer for subscription of securities in accordance with such information as central depository may give in accordance with the regulations and such payment or issue shall discharge the issuer from any liability in respect of that payment or issue to the relevant account‑holders or sub‑account holders. (6) All notices and other documents which an issuer is obliged or required to send to its members or holders of any of its securities, shall in cases where an account‑holder or a sub‑account holder is deemed to be a member or holder of any securities of the issuer, be sent directly to the account‑holder or the sub‑account holder, as the case may be, on the basis of information provided by the central depository under sub­section (3) and in such manner as notices and documents are required to be sent by the Companies Ordinance, 1984, (XLVII of 1984), or any other applicable law or Articles of Association.

Effective date: 1997-01-01

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