Section 12: The Securities and Exchange Policy Board

12. The Securities and Exchange Policy Board.—(1) The Federal Government shall appoint a Securities and Exchange Policy Board consisting of 2[eleven] Members. (2) Of the Members— (a) 3[five] shall be— 3[(i)] ex­officio the Secretary to the Government of Pakistan, Finance Division; (ii) ex­officio the Secretary to the Government of Pakistan, Law Division; 4[(iia) ex­officio Secretary to the Government of Pakistan, Commerce Division;] (iii) ex officio the Chairman of the Commission; and (iv) a Deputy Governor of the State Bank of Pakistan nominated by the Governor of the State Bank of Pakistan; and 1Ins by Act No. XXXVI of 2016, ss. 5 and 6. 2Subs. by Act No. XXXVI of 2016, s. 7. 3Subs., omitted and re-numbered by Finance Act 2008 (Act No. I of 2008), s.15 4Ins. by Ord. No. LV of 2000, s. 4. (b) 1[six] appointed by the Federal Government from private sector each of whom is well-known for his integrity, expertise and experience in the spheres of commerce and industry (including in particular the securities industry), corporate law, accountancy, financial services, investment 2[,insurance,] banking, academia or other related relevant fields of expertise [:]1 1[Provided that the Federal Government shall ensure the appointment of private sector member of the Board within hundred and twenty days from the date of such vacancy in the Board.] (3) A Member, not being an ex-officio Member, shall hold office for a term of four years and shall be eligible for re-appointment for one further four­year term but not more [.]1 1[* * *] (4) An ex­officio Member shall hold office as Member till such time as he holds the office by virtue of which he is a Member and upon his transfer therefrom or retirement, resignation or removal from office, the person appointed in such Member's place shall be the Member. (5) If an ex­officio Member is absent from Pakistan or is unable to attend a meeting of the Board he may authorize an officer, not below the rank of Additional Secretary, of his Division, to act as Member and such officer, if approved by the Board, may act as Member. (6) If an ex­officio Member is disqualified to be a Member or resigns his office, the Federal Government shall,— (a) in case he is a person referred to in sub-clause (i) or sub-clause (ii) of clause (a) of sub­section (2), appoint another Secretary as Member, so long such person holds the post; and (b) in case of a Deputy Governor appoint another Deputy Governor as Member. 3[(7) The Federal Government shall designate one of the Members to be the Chairman of the Board who shall, in the event of a tie, have a casting vote.];

Effective date: 1997-01-01

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