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SECP revised rules for Underwriters, Balloters and Transfer Agents


ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), has set new rules named ‘Underwriters Rules, 2015’ and ‘Balloters and Transfer Agents Rules, 2015’, statement released by Media and Corporate Communications Department of SECP.


The purpose of these two new rules is to enhance the development of a vibrant capital market in Pakistan. These new rules will safeguard the interest of investors and shareholders and will ultimately raise their confidence towards capital market. The work of Underwriter, the Balloters and Transfer Agents is imperative in nature and the demand of developed and emerging markets as well.

These new rules will cover the area regarding eligibility such as:

 1. licensing;

 2. duties; responsibilities, and functions of the Underwriters, Balloters, and Transfer Agents;

3. maintenance of the books of accounts and records;

4. appointment of compliance officer in case of Balloters and Transfer Agents; and

5. enforcement actions like restriction, suspension, or cancellation of license in case of violation.


In the world of stock market, the role of the Underwriters is inevitable as they ensure the availability of required funds to issuer for their projects and also conduct due diligence to provide comfort to these investors for making investment decisions.

On the other side, the roles of Balloters and Transfer Agents also needs important consideration as they are responsible for maintaining the share register on behalf of issuers and are involved in the issuance and transfer of securities as well. Moreover, they act as a bridge between listed companies and their grieved shareholders to resolve their complaints and grievances.

Important to note here that after the enforcement of the Underwriter Rules 2015, and the Balloters and Transfer Agent Rules, 2015, the past Balloters, Transfer Agents and Underwriters Rules, 2001 dates June 27, 2001 have been annulled.

Underwriter Rules, 2015

Balloters and Transfer Agent Rules, 2015

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