Section 7: Term of office of the Commissioners
The Securities and Exchange Commission of Pakistan Act, 1997 · Companies Laws · Legal status not independently verified
Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.
Discuss this provision with AI
7. Term of office of the Commissioners.—(1) Not less than three of the Commissioners (excluding the Chairman) first appointed under this Act, to be selected at random ballot in accordance with such procedure as may be approved by the Board (the “Term A Commissioner”) shall hold office for a term of two years, shall retire on the expiration of that term and may be reappointed for a further term of three years. The Commissioners, other than the Term A Commissioners (including the Chairman, the “Term B Commissioners”) shall hold office for a term of three years, shall retire on the expiration of that term and may be reappointed for a further term of three years. 2[(2) At the end of each term, initial or further, or at the end of the cumulative period of five years, in case of the Term A Commissioners, or six years, in case of Term B Commissioners, as provided for in subsection (1), the relevant number of Commissioners shall cease to hold office and any vacancy thus arising shall in each case be filled by appointment of the requisite number of qualified persons as Commissioners, each for a term of three years starting from the date of appointment: Provided that a Commissioner shall be deemed to have retired at the end of such threeyears unless, being eligible for reappointment, he is reappointed.] 3[(3) Notwithstanding anything contained in subsections (1) and (2), (a) a person who, on the date of his appointment is more than sixtytwo years of age, shall not be appointed as a Commissioner; and (b) a Commissioner shall cease to hold office attaining the age of sixtyfive years.]
Effective date: 1997-01-01
Related sections
Version securities-and-exchange-commission-of-pakistan-act-1997~PK-FED~base · Source-traceable official reference. LawHub does not modify the official record.