SECP clears amendments to modaraba ordinance
The Policy Board of the Securities and Exchange Commission of Pakistan (SECP) on Saturday approved the proposed amendments to the Modaraba Companies and Modaraba (Floatation and Control) Ordinance 1980. The amendments were initially introduced in the National Assembly in July 2020 through the Modaraba Ordinance (Amendments) Bill 2020 and received approval from the Standing Committee on Finance and Revenue and were presented to the National Assembly for consideration. However, the proposal lapsed due to the expiration of the National Assembly’s term in August 2023. The SECP has completed a fresh proposal review by actively engaging the stakeholders for consultation. Consequently, the policy board has finalised and approved a revised proposal for submission to the Finance Division for further legislative action.