Securities and Exchange Rules, 1987

The Bangladesh Gazette

Extraordinary

Published by Authority
TUESDAY, SEPTEMBER 29, 1987

GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH

MINISTRY OF FINANCE
Finance Division
Investment Wing
Section-1
NOTIFICATION
Dhaka, the 28th September, 1987

No. S.R.O 237-L/87- In exercise of the powers conferred by section 33 of the Securities and Exchange Ordinance, 1969 (XVII of 1969), and in supersession of all rules and orders made in this behalf, the Government is pleased to make the following rules, namely:—
  1. Short title. — These rules may be called the Securities and Exchange Rules,1987.
  2. Definitions.— In these rules, unless the context otherwise requires,-
    1. "chartered accountant" means a person who is a chartered accountant within the meaning of the Bangladesh Chartered Accountants Order, 1973 (P.O. No. 2 of 1973);

    1[(aa) "designated liabilities" means-

  1. amount payable in the ordinary course of dealing in securities;
  2. overdrafts and loans from banks;
  3. accrued expenses;
  4. tax payable;
  5. all other liabilities that are regarded as liabilities under generally accepted accounting principles in Bangladesh which are payable within thirty days;]
  1. "Form" means a Form annexed to these rules;
    2[(bb) "liquid assets" means -
  1. cash in hand or in bank;
  2. long proprietary securities positions at market value;
  3. cash surrender value of life insurance policy;
  4. customers‘ debit balances receivable within thirty days;
  5. interest, dividend or commission receivable within thirty days;
  6. clearing house deposits;
  7. amounts receivable in the ordinary course of business, but excluding amounts which are due to be settled against delivery of security and remain outstanding for more than five banking days;
  8. treasury bills issued by the Government of Bangladesh;
  9. value of investment in Government bonds or certificates;
  10. market value of net investment in securities traded in a stock exchange;
  11. market value of net investment in an authorized collective scheme;]
    3[(c) "net capital" means liquid assets minus designated liabilities of a member in relation to his trading in the stock exchange;]
  1. "officer" in relation to an issuer includes managing agents, manager, secretary or accountant of the issuer and any other person who by virtue of his office may be in possession of any material information with regard to the affairs of the issuer;
  2. "Ordinance" means the Securities and Exchange Ordinance, 1969 (XVII of 1969);
  3. "section" means a section of the Ordinance ; and
    4[(g)].
  1. Qualification, etc., of members of stock exchange.-
    5[(1) No person shall be eligible to be a member of a stock exchange if he or, in the case of a firm or company, any partner or director thereof, as the case may                 be, -
  1. is less than twenty-one years of age;
  2. is a lunatic or of unsound mind;
  3. has been convicted of an offence involving moral turpitude by a competent court;
  4. has been adjudicated an insolvent by a competent court;
  5. has been found at any time by the Commission or any stock exchange or court involved in any misconduct in respect of transaction in any security or any matter relating to the stock market or any stock exchange;
  6. unless exempted for any special reason by any regulation of the stock exchange, he has not had experience in the business of securities for a period of not less than two years.]

    6[(1A) The membership of a member shall be liable to be cancelled if he has incurred any of the disqualification mentioned in sub-rule (1) (b), (c), (d) and (e):
               Provided that no action shall be taken under this sub-rule without giving the member concerned a reasonable opportunity of being heard:
              Provided further that where the membership of a member is cancelled under this sub-rule, he may transfer his share to any person within a period of six                   months from the date of such cancellation, and if he fails to make the transfer within the said period, his share shall stand returned to the stock exchange                   concerned which shall sell the same to any other person, and the sale proceeds thereof shall be paid to him.]
            7[Provided also that, if there remain any unsettled dues owed by that member either to his customer, or to the stock exchange, in that case, his membership               shall, simultaneously upon forfeiture, stand returned to the stock exchange which shall immediately sell the membership and apply the sale proceeds thereof             in settlement of the customer‘s dues, and thereafter, those of the stock exchange and the balance if any shall be paid to the said member, subject to                          deduction of incidental expenses if applicable.]

  1. A member of stock exchange shall at all times maintain a net capital balance in the capital account of an amount which is not less than one hundred thousand taka 8[***]
  2. The membership of a member shall stand suspended as soon as the net capital balance falls short of the amount specified in sub-rule (2) and shall remain so suspended until the net capital balance is increased so as not to fall short of that amount.
  3. Every member shall report to the stock exchange monthly 9[within three working days after the end of the month] that he or the firm of which he is a partner had, at all times during the month to which the report relates, a net capital balance of an amount not less than that specified in sub-rule (2) and shall forthwith inform the stock exchange if, at any time, such balance falls short of that amount.
    10[(5) The stock exchange shall submit to the Commission within seven working days after the end of each month a list of all reports received by it under sub-rule(4), together with a list of the members who failed to report to it under the said sub-rule (4) showing the action, if any, taken against them by it under sub-rule(3)].
  1. Manner of transaction of member’s business.-
       11[(1) All orders to buy or sell securities which a member may receive shall be in writing received in person or by Fax or E-mail which shall be numbered and                   time-stamped at the time of receipt thereof and entered in the chronological order in a register which states the name and address of the persons who                       placed the order, the name and number of the securities to be bought or sold, the nature of the transaction and the limit, if any, as to the price of the                           securities or the period for which the order is to be valid 12(***)]

13
[Provided that a telephonic order of buy or sell given by a customer, having an established account with a member, may also be accepted if the order is properly recorded and signed by the member or his authorized representative, and the written order of confirmation in this respect is obtained by the member within twenty four hours of receiving the telephonic order; and also that such telephonic order shall be effective from the time and date of recording the telephonic order in accordance with this sub-rule 14(***)]

15
[Provided, however, that the order of a customer of a member placed in the trading system of the exchange through internet, following the applicable rules and regulations, shall be treated as valid order which will be maintained electronically by the member.]
  1.  (2) A member who has an ―at best‖ order from a customer to buy or sell a security shall not, while such order remains unexecuted, buy or sell the same security on the stock exchange for his own account, or for the account, of the firm of which he is a partner or for the account of any of the partners therein or for any account in which he, such firm or partner directly or indirectly, has an interest.
  2. A member who has a ―limit order‖ from a customer to buy or sell a security shall not, while such order remains unexecuted, buy or sell the security at or below the limit price on the stock exchange for his own account or for the account of the firm of which he is a partner or for the account of any of the partners therein or for any account in which he, such firm or partner, directly or indirectly has an interest.
  3. A member who has an order to buy or to sell a security shall not fill such order by selling or buying for his own account or for the account of the firm of which he is a partner or for the account of any of the partners therein or for any account in which he, such firm or partner directly or indirectly has an interest except when-
    1. the order is a limit order ; or
    2. he sells the security at a price not exceeding the price at which the transaction immediately preceding the receipt of the order by him actually took place; or
    3. he buys the security at a price which is not less than the price at which the transaction immediately preceding the receipt of the order by him actually took place.

    16[(5) A member who has executed an order of a customer shall, within a day of the execution of the order, give in writing in person or by Fax or E-mail a confirmation note or bill numbered and time-stamped, alongwith a copy of the related Howla or Contract Note, which shows the date on which the order was executed, the name and number of securities bought or sold, the nature of the transaction, the price of the securities, brokerage and other expenses, if any, the order and the Howla or Contract Note number and date, and whether the order was executed from the member‘s own account or the market.]

17[4A. Regulation of certain trading in the stock exchange.-
    Notwithstanding anything contained in these rules or in any regulations the trading in any stock exchange shall not follow any system which may enable any member, in any way whatsoever, to do trading in any security on the basis on any counter party identification.]
 18[5. Maintenance of accounts and audit.-
  1. Every member shall prepare once in every year a balance sheet and a profit and loss account, or a statement of income and expenditure, as the case may be, on the basis of the books of account and other documents as prescribed by rule 8.
  2. Every member shall have his accounts audited by an auditor who is a chartered accountant and shall submit to the stock exchange concerned and the Commission the audited balance sheet and profit and loss account, or the statement of income and expenditure, as the case may be, along with the auditor‘s report within nine months after the end of the year concerned:
    Provided that the Commission may extend the said period up to such time as it may deem fit.
  3. Notwithstanding anything contained in this rule, a member shall also have his accounts audited by an auditor who is a chartered accountant appointed by the Commission, whenever such audit is required by the Commission in the public interest, and the auditor so appointed shall furnish his report to the Commission in such form and within such time as the Commission may specify:
    Provided that the fee for such audit and all other expenses in relation thereto shall be borne by the member concerned.]
  1. Application for registration.- An application for the registration of a stock exchange under section 5 shall be made to the 19[Commission] in Form-I.
  2. Maintenance of books of account and other documents by stock exchange.-
    1. Every stock exchange shall prepare and maintain, as required by sub-section (1) of section 6, such books of account and other documents as will accurately disclose a true and fair picture of the state of affairs of the stock exchange at any point of time.
    2. The books of account and other documents referred to in sub-rule (1) shall include-
      1. journals (or other comparable record), cash book and any other records of original entry forming the basis of entries into any ledger;
      2. ledgers (or other comparable record) reflecting assets, liability, reserve capital, income and expense;
      3. ledgers (or other comparable record) showing the position in respect of each member as on the settlement day of the securities which the member had bought or sold since the last preceding settlement day and which had been transferred through a clearing house maintained by the stock exchange ;
      4. daily record of quotations and transactions on the stock exchange showing the time at which each transaction took place;
      5. record of transactions with banks;
      6. record of security deposits;
      7. register of members;
      8. register of authorised clerks; and
      9. minute books of the meetings of members, governing body and any committee of the general body of members or of the governing body.
    3. The books of accounts and documents specified in this rule shall be preserved for a period not less than five years.
  3. Maintenance of books of account, etc. by members.-
    1. Every member shall prepare and maintain, as required by sub-section (1) of section 6, the following books of account and other documents in a manner that will disclose a true, accurate and up to date position of his business, namely :-
      1. journal (or other comparable record), cash books and any other books of original entry forming the basis of entries into any ledger, the books of record of all orders for purchase or sale of securities, all purchases and sales of securities, all receipts and deliveries of securities and all other debts and credits;
      2. ledgers (or other comparable records) reflecting asset, liability, reserve capital, income and expense accounts;
      3. ledgers (or other comparable records) reflecting securities in transfers, securities borrowed and securities loaned and securities bought or sold of which the delivery is delayed;
      20[(cc) 21[separate customer ledgers (or other comparable records)] reflecting the customers‘ assets and liabilities which shall include, among others, the following namely:-
  1. chronological and customer-wise record of money received and paid:
    [Provided that all receipts and payments in respect of all transactions, or series of transactions, for one customer in excess of taka five lac shall be carried out other than by cash (i.e., by account payee cheque, bank payment order or draft, or any other mode of banking system).]
  2. chronological and customer-wise record of securities received and delivered specifically mentioning the name, quantity and relevant reference number of the securities; and
  3. chronological record of transactions made in a consolidated customers‘ account;
      22[(ccc) record of Customer Account Information Form is Form IA.]
  1. record of all balance of all ledger accounts in the form of trial balances to be prepared at least once at the end of the six months of every year of account;
  2. record of transaction with the banks;
  3. contract books showing details of all contracts entered into by a member with other members of the exchange or counterfoils or duplicates or memos of confirmation issued to such other members; and
  4. duplicates or counterfoils of memos of confirmation issued to customers.
  1. The books of accounts and other documents referred to in sub-rule (1) shall be preserved for a period of not less than five years.
  2. 23[All persons authorized to deal in securities on own account in any stock exchange shall furnish a report of any personal transactions in securities on settlement of each accounting period in Form ―D‖ to the head of monitoring and surveillance department of the stock exchange.]

24[8A. Maintenance of consolidated customers’ account.-

  1. Every member shall maintain a consolidated customers‘ account in his name with any scheduled bank only for the deposit of the money received from and for, and payment of money to and for, the customers.
  2. All money received from and for the customers shall be deposited in the said account on the day of receipt thereof or on the following day if the deposit cannot be made on the same day because of closure of the bank concerned.

8B. Separate preservation of customers’ securities.-
        Every member shall keep all securities received on account of any customer separately from the securities received by the member on his own account.]

  1. Submission of periodical returns by stock exchange.- The periodical returns relating to the affairs of a stock exchange, as required by sub-section (2) of section 6, shall be submitted to the 25[Commission] monthly in Form II within fifteen days of the close of the month to which it relates.
  2. Submission of annual report by stock exchange.-
    1. The annual report relating to the affairs of a stock exchange, as required by sub-section (2) of section 6 shall be submitted to the 26[Commission] not less than fourteen days before the meeting of the shareholders of the stock exchange before which it is to be laid.
    2. Every such report shall be accompanied by a copy of the balance sheet and profit and loss account of such year audited by an auditor who is a chartered accountant.
  3. Listing of a security.- An application for listing a security on a stock exchange shall be made by the issuer to the stock exchange in Form III.
  4. Submission of annual report by issuers.-

        27[(1) The annual report required by section 11 to be furnished by an issuer of a listed security shall include a balance sheet, profit and loss account and cash flows statement, and notes to the accounts, collectively herein after referred to as the financial statements.
   
        (2) The financial statements of an issuer of a listed security shall be prepared in accordance with the requirements laid down in the 28[Schedule-1] and the International Accounting Standards as adopted by the Institute of Chartered Accountants of Bangladesh.
Explanation-In this sub-rule, International Accounting Standard refers to the accounting standards issued by the International Accounting Standards Committee.]

      29
[(3) The financial statements of an issuer of a listed security shall be audited by a partnership firm of chartered accountants within the meaning of Bangladesh Chartered Accountants Order,1973 (P. O. 2 of 1973) consisting of not less than two partners in practice for a minimum of seven years none of whom were associated in any way with the issuer during the auditing period (which includes holding of securities by themselves or through spouse or any other relatives and their employees), in accordance with the International Standards on Auditing applicable in Bangladesh and the report of the Auditors shall be in Form ―B‖ annexed to the 30[Schedule-1].
Provided that, notwithstanding anything contained in this sub-rule, such financial statements may also be audited 31[in accordance with Schedule-2] by an auditor appointed by the Commission, whenever such audit is deemed by the Commission necessary in the public interest and the auditor so appointed shall furnish his report to the Commission in such form and within such time as the Commission may specify:
Provided further that the fee for such audit and all other expenses in relation thereto shall be borne by the 32[Commission].]

        33[(3A)The financial statements referred to in sub-rule (1) shall be audited within one hundred and twenty days from the date on which the issuer‘s financial year ends and a copy of such audited financial statements shall be submitted to the Commission and the Stock Exchange within fourteen days thereof:
Provided that on the application filed by the issuer within the aforesaid specified time the Commission may on good cause shown and only under extreme circumstances extend the time for auditing the financial statements or submission of the financial statements to the Commission, as the case may be, as it deems fit:
Provided further that if an issuer fails to get its financial statement audited in the manner as specified in sub-rule (3) and fails to submit the same to the Commission and the stock exchange within the said specified time or extended time as the case may be, the Commission may appoint an auditor to audit the 34[financial statements of the issuer in accordance with Schedule-2 at the Commission‘s cost].]

        35[(3B) Where the Commission on examination of the audited financial statements of an issuer of a listed security, finds that the audit has not been conducted, or the audit report has not been prepared, in accordance with the provisions of these rules, or where, in the opinion of the Commission, the audited financial statements do not reflect the true state of affairs of the issuer and the financial statements are deficient in form or contents for which the concerned partnership firm of chartered accountants or its partners are jointly and severally liable, it may, by order in writing giving reasons therefor, declare the firm of chartered accountants which, or the auditor who, conducted the audit, ineligible for acting as an auditor of any issuer of a listed security for a period not exceeding five years:
Provided that before making any such order, the Commission shall refer the matter to the Institute of Chartered Accountants of Bangladesh constituted under the Bangladesh Chartered Accountants Order, 1973 (P.O. No. 2 of 1973), with a request to take appropriate disciplinary action against the firm of chartered accountants and the partners concerned within a period of sixty days from the date of such reference and the Commission may make the said order after the expiry of the said period, if no action is taken by the Institute or if, in its opinion, action taken by the Institute is not satisfactory:
Provided further that no such order shall be made without giving the firm of chartered accountants or auditor concerned a reasonable opportunity of being heard.]

    36[(3C) The Commission may take appropriate measures for conducting the special audit for banks, non-bank financial institutions and insurance companies in consultation with their respective primary regulators, as the case may be, if felt necessary.].

    37[“Explanation: Furthermore the special audit as mentioned in sub-rule (3C), the audit mentioned in the 1st and 2nd proviso of sub-rule (3) and in the 2nd proviso of sub-rule (3A) shall be considered as "special audit".".]

  1. Every issuer shall furnish the annual report, together with the balance sheet and the profit and loss account referred to in sub-rule (1) to the shareholders at least fourteen days before the general meeting of the shareholders of the issuer at which the report is to be laid before them and shall simultaneously furnish a copy of such report to the stock exchange or exchanges on which its securities are listed and to the 37[Commission].
  2. Notwithstanding anything contained in sub-rule (4), the first annual report to be furnished by an issuer shall be in respect of the year of account of the issuer ending after the commencement of these rules.
  3. An issuer shall, within three months of the general meeting referred to in sub-rule (4), submit to the 38[Commission] a list of the members of the issuer stating the facts as they stood on the date of that general meeting.
  4. The list required to be submitted under sub-rule (6) shall be the list required by 39[section 36 of the Companies Act, 1994 (XVIII of 1994)], to be submitted to the Registrar of Joint Stock Companies.
    40[8. An annual report referred to in sub-rule (1) shall, in addition to the matters required to be included therein by the Ordinance, these rules or any other law for            the time being in force, include such other statements, reports, documents, information or explanations relating to its affairs as the Commission may, by order            in writing, require from time to time.]
41[13. Submission of periodical report by issuer.-
          Every issuer shall, within one month of close of the first half-year, transmit to the stock exchange in which its securities are listed, to the security holders and to the                       Commission half-yearly financial statements which shall be prepared in the same manner and form as the annual financial statements.]

42[13A. Forms prescribed for the purpose of preparing the financial statements and the audit report may be adapted or amended, if deemed necessary, for compliance with the               International Accounting Standards (IAS) and International Standards of Auditing (ISA).]

  1. Mode of filing or submission of returns/reports, etc. – Any person required by the Ordinance or any of these rules to furnish any document, statement, return or report to the 43[Commission, Stock exchanges] and other agencies shall furnish it, either in person or through an agent, or send it by registered post.
44[15. Risk-based capital adequacy requirements.-
  1. A member shall at all times maintain a net capital balance as required under sub-rule (2) of rule 3 for the purpose of his business and the aggregate indebtedness ratio between his net capital and aggregate liabilities shall, at no time, exceed the ratio of 1:20.
  2. If a member fails to maintain the aggregate indebtedness ratio as specified in sub-rule (1), he shall forthwith cease to carry on his securities business, otherwise than for the purpose of giving effect to any agreement or arrangement entered into before such failure, and inform the Stock Exchange and the Commission about such failure.
  3. Where the Stock Exchange becomes aware of such failure, it shall suspend trading of its member till such time as the requirement of the rule is met under immediate intimation to the Commission.
  4. The member who has ceased to carry on his business under sub-rule (2) may resume his business if he becomes capable to meet the requirement, provided the Stock Exchange is satisfied about that and permits him to do so under immediate intimation to the commission.
  5. For the purpose of this rule, "aggregate liabilities" shall mean all liabilities, including the designated liabilities, as shown in the books of accounts of the member."]


Link to - FORM I:
FORM OF APPLICATION FOR REGISTRATION OF A STOCK EXCHANGE UNDER SECTION 5 OF THE SECURITIES AND EXCHANGE ORDINANCE, 1969.

Annex to Form I:

Link to - FORM IA:
CUSTOMER ACCOUNT INFORMATION FORM


Link to - FORM II:
PERIODICAL RETURN UNDER SECTION 6(2) OF THE SECURITIES AND EXCHANGE ORDINANCE, 1969 RELATING TO THE AFFAIRS OF M/S. ……… FOR THE MONTH OF ………………

Link to - FORM III:
FORM OF APPLICATION UNDER SECTION 9 OF THE SECURITES AND EXCHANGE ORDINANCE, 1969 FOR LISTING A SECURITY ON A STOCK EXCHANGE.


Link to - SCHEDULE-1

Link to - SCHEDULE-2:
Guidelines for conducting special audit of companies



1 Clause (aa) inserted by Notification No. SEC/SMED/98-551/1560 dated December 15, 1999 Published in the official gazette on February 16, 2000.

2 Clause (bb) inserted by Notification No. SEC/SMED/98-551/1560 dated December 15, 1999 Published in the official gazette on February 16, 2000.

3 Clause (c) substituted for original clause (c) by Notification No. SMED/98-551/1560 dated December 15, 1999 Published in the official gazette on February 16, 2000.

4 Clause (g) in rule 2 has been deleted by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, Published in the official gazette on 22 May 2014.

5 Sub-rule (1) substituted for original sub-rule (1) by Notification No. SEC/Section-7/SER-1987/143 dated May 19, 1999, published in the official gazette on June 7, 1999.

6 Sub-rule (1A) inserted vide Notification No. SEC/Section-7/SER-1987/143, dated, 19th May, 1999, Published in the official gazette on June 7, 1999.

7 Inserted vide Notification No. SEC/LSD 2003/122/Admin-03/11 dated 24th September 2004 published in the official gazette on November 20, 2003.

8 Substituted vide Notification No. SEC/SMED/98-551/1560 dated 16.2.2000, Published in the official gazette on February 16, 2000.

9 Replaced by Notification No. SEC/Section-7/SER-1987/143 dated May 19, 1999, Published in the official gazette on June 7, 1999

10 Sub-rule (5) added by Notification No. SEC/Section-7/SER-1987/143 dated May 19, 1999, Published in the official gazette on June 7, 1999.

11 Sub-rule (1) substituted for original sub-rule (1) by Notification No. SEC/Section-7/SER-1987/131, dated 30-09-1997, Published in the official gazette on November 13, 1997.

12 At the end of the sub-rule (1) of the rule 4, for the full-stop a colon is substituted by Notification NO. SEC/Section-7/SER-1987/98-138 dated June 27, 1998, Published in the official gazette on August 27, 1998.

13 Proviso added by Notification No. SEC/Section-7/SER-1987/98-138 dated June 27, 1998, Published in the official gazette on August 27, 1998.

14 Replaced by Notification No. SEC/CMRRCD/2001-86/152/03/08 dated 24th November 2002, published in the official gazette on 29 December 2002.

15 Inserted by Notification No. SEC/CMRRCD/2001-86/152/03/08 dated 24th November 2002 published in the official gazette on 29 December 2002.

16 Sub-rule (5) substituted for original sub-rule (5) by Notification No. SEC/Section-7/SER-1987-131, dated November 30, 1997, published in the official gazette on November 13, 1997.

17 Rule 4A inserted by Notification No. SEC/Section-7/SER-1987-142, dated May 6, 1999, published in the official gazette on May 10, 1999.

18 Rule 5 substituted for original rule 5 by Notification No. SEC/Section-7/SER-1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

19 The word [Government] substituted by the word [Commission] by Notification No. SEC/Section-7/SER-1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

20 Clause (cc) inserted by Notification No. SEC/Section-7/SER 1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

21 Substituted for the words ―Separate Ledgers (or other comparable records)‖ by Notification No. SEC/Section-7/SER-1987/144, dated 3 June, 1999, published in the official gazette on June 23, 1999.

22 Inserted vide Notification No. SEC/Section-7/SER-1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

23 Sub-rule (3) added by Notification No. SEC/Section-7/06/133, dated November 12, 1997 published in the official gazette on January 13, 1998.

24 Rules 8A and 8B inserted by Notification No. SEC/Section-7/SER-1987/143, May 19, 1999, published in the official gazette on June 7, 1999.

25 The word [Government] substituted by the word [Commission] by Notification No. SEC/Section-7/SER-1987/143, May 19, 1999, published in the official gazette on June 7, 1999.

26 The word [Government] substituted by the word [Commission] by Notification No. SEC/Section-7/SER-1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

27 Sub-rules (1), (2) and (3) substituted for the original sub-rules (1), (2) and (3) by Notification No. SEC/Section-7/SER/03/132, dated October 22, 1997 published in the official gazette on December 29, 1997.

28 Replaced by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, published in the official gazette on 22 May 2014.

29 Sub-rule (3) substituted for sub-rule (3) by Notification No. SEC/LSD/SER-1987/149 dated January 4, 2000 published in the official gazette on February 16, 2000.

30 Replaced by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, published in the official gazette on 22 May 2014.

31 Added by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, published in the official gazette on 22 May 2014.

32 Replaced by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, Published in the official gazette on 22 May 2014.

33 Sub-rule (3A) inserted by Notification No. SEC/LSD/SER-1987/149, dated January 4, 2000 published in the official gazette on February 16, 2000.

34 Replaced by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, published in the official gazette on 22 May 2014.

35 Sub-rule (3B) inserted by Notification No. SEC/CFD-71/2001/Admin/09 dated March 28, 2001, published in the official gazette on April 29, 2001.

36 Sub-rule (3C) of Rule 12 has been inserted by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, published in the official gazette on 22 May 2014.

37 Inserted by Notification No. SEC/CMRRCD/2001-80/158/Admin/54 dated April 10, 2014, published in the official gazette on 22 May 2014.

38 The word [Government] substituted by the word [Commission] by Notification No. SEC/Section-7/SER-1987/143, May 19, 1999, published in the official gazette on June 7, 1999.

39 Substituted for the words ―section 32 of the Companies Act, 1913 (VII of 1913) by Notification No. SEC/Section-7/SER-1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

40 Sub-rule (8) added by Notification No. SEC/Section-7/SER-1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

41 Rule 13 substituted for original rule 13 by Notification No. SEC/LSD/SER-1987/149 dated 04.2.2000 which was earlier substituted by Notification No. SEC/Section-7/SER/03/132, dated October 22, 1997 which was published in the official gazette on December 29, 1997.

42 Section 13A inserted by Notification No. SEC/Section-7/SER-1987/143, May 19, 1999, published in the official gazette on June 7, 1999.

43 Substituted for ―Government/stock exchange‖ by Notification No. SEC/Section-7/SER-1987/143, dated May 19, 1999, published in the official gazette on June 7, 1999.

44 Rule 15 added by Notification No. SEC/SMED/98-551/1560, dated December 15, 1999 published in the official gazette on February 16, 2000.