The Securities and Exchange Commission of Pakistan (SECP) has proposed establishment of Investor Education and Awareness Fund for carrying out investor awareness and education activities.Under SRO 474(1)12017 issued here on Friday, the SECP has issued draft Investor Education and Awareness Fund Rule, 2017.
Under the Investor Education and Awareness Fund Rules 2017, the Fund shall be managed and control by the Commission in the laid down manner. The commission shall maintain separate books of accounts and bank account of the Fund. The commission shall notify in official gazette any other amounts that needs to be credited to the Fund and the commission shall prepare and approve the annual plan of investor awareness and education activities to be funded through Fund. The Commission shall notify the Advisory Committee consisting of seven members including the Chairperson who will be employee of the Commission. The tenure of the Advisory Committee shall be for a period of two years. Provided that the Commission may reconstitute the Advisory Committee or replace any member, as it deem appropriate.
The members of advisory committee may have representations from entities including Stock and Future Exchanges; Central Depository Company; Market Intermediaries Associations recognized by the Commission; Academia and professional bodies; and/or corporate sector.The quorum for a meeting of the Advisory Committee shall not be less than three members including the chairperson. There shall be Secretary to the Advisory Committee, nominated by the Commission, who shall be an employee of the Commission to perform secretarial and other duties including but not limited to recording minutes of the meeting, maintaining the record thereof and any other duty as may be required by the advisory committee.