Listed Companies (Buyback of shares) Regulations, 2019 ( amended till January 28, 2020).pdf - Government of Pakistan Securities and Exchange Commission

Listed Companies (Buyback of shares) Regulations, 2019 ( amended till January 28, 2020).pdf

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1 Government of Pakistan Securities and Exchange Commission of Pakistan Islamabad, the 23 rd May, 2019 NOTIFICATION S.R.O 574 (I)/2019.- In exercise of powers conferred under section 512 read with section 88 of the Companies Act 2017 (XIX of 2017), the same having been previously published in the official Gazette vide Notification No. S.R.O. 486(I)/2019 dated April 23, 2019, as required under proviso to sub-section (1) of said section 512, the Securities and Exchange Commission is pleased to notify the following Regulations, namely:- CHAPTER I PRELIMINARY 1. Short title, commencement and applicability.- (1) These regulations shall be called the Listed Companies (Buy-Back of Shares) Regulations, 2019. (2) They shall come into force at once. (3) These regulations shall be applicable to buy-back of shares of companies listed on the securities exchange, in pursuance of section 88 of the Companies Act, 2017 (XIX of 2017). 2. Definitions.- (1) In these regulations, unless there is anything repugnant in the subject or context,- (a) “Act” means the Companies Act, 2017 (XIX of 2017); (b) “authorized officer” mean an officer of the company appointed by the board of directors to act as manager to the offer; (c) "inside information" has the same meaning as assigned to it under section 129 of the Securities Act; (d) “offer letter” means offer letter format prescribed under schedule I of these regulations; (e) "public announcement" means an announcement made by the purchasing company for purchase or sale of its shares as per the format prescribed in these regulations; (f) "purchase" means buy-back of its own shares by a purchasing company under section 88 of the Act and these regulations; (g) "purchasing company" means a listed company that buy-back its own shares under section 88 of the Act and these regulations;
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