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SECP amends Companies Ordinance to Allow Listed firms to Buy Back Shares

ISLAMABAD (January 11 2009): The Securities and Exchange Commission of Pakistan (SECP) has allowed listed companies to buy back their own shares and hold them as treasury shares, which may be re-issued under the regulations being prescribed by the Commission. The SECP on Saturday amended section 95A of the Companies Ordinance 1984 through Companies (Amendment) Ordinance, 2009. Details showed that ...

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FBR considering set up of separate withholding tax functions in RTOs

ISLAMABAD (January 12 2009): The Federal Board of Revenue (FBR) is examining a proposal to set up a separate function of withholding tax in each Regional Tax Office (RTO) for proper enforcement of withholding provisions under the Income Tax Ordinance 2001. Sources told reporters on Saturday that the board is seriously considering two proposals for changes in the organisational structure ...

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SECP proposes changes in Modaraba Ordinance 1980

ISLAMABAD (January 10 2009): The Securities and Exchange Commission of Pakistan (SECP) has decided to amend Modaraba Ordinance 1980 to empower the registrars for issuing directives, circulars, codes and guidelines to the Modaraba management companies to safeguard the interests of the investors. The SECP is also planning to introduce the concept of appointment of 'Trustee' for Modarabas through an amendment ...

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SECP sets new criteria for valuation of debt securities

ISLAMABAD (January 10 2009): The Securities and Exchange Commission of Pakistan (SECP) has unveiled a fresh criteria for valuation of debt securities held by the Collective Investment Schemes (CIS) from January 10, 2009. The SECP has superseded Circular 6 of 2008 through a circular No 1 of 2009 issued on Thursday for mutual fund industry. Under the new procedure, the ...

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ACCA and SCCI Launch Booklet for Small Business Owners

(Karachi – Jan. 5, 2009) ACCA in conjunction with SCCI recently launched a booklet for small businesses and entrepreneurs entitled Putting Small Business First which provides practical guidance to small business owners on aspects of business management such as maintaining cash books, records of inventory, debtors and creditors, maintaining productive working relationship with banks, preparing records of financial position and ...

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SBP says that Islamic banking failed to penetrate rural areas

KARACHI (January 04 2009): Although the performance and pace of branch extension by Islamic banking institutions (IBIs) seems impressive, they have largely failed to penetrate the rural areas, and no real efforts have been made in this direction by them, said State Bank of Pakistan (SBP) in its report. According to SBP report on Islamic banking industry for June 2008, ...

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Workshop on Development of Bookkeeping Skills for Entrepreneurs Organized by ACCA and SMEDA

(Gawadar, January 4 2009) ACCA and SMEDA have jointly organised a workshop on bookkeeping in Gwadar. The workshop aimed at enabling the entrepreneurs understand the fundamentals of accounting and bookkeeping thus facilitating small business owners to maintain relevant and reliable records that would help in internal and external decision- making as well as improved access to finance. The workshop was ...

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Competition Commission asks SECP to withdraw Circular on Valuation of Securities by Mutual Funds

ISLAMABAD (January 03 2009): The Competition Commission of Pakistan (CCP) has asked the Securities and Exchange Commission of Pakistan (SECP) to withdraw a circular pertaining to valuation of debt securities by mutual funds. It is learnt here on Friday that the CCP has issued a policy advice to the SECP to withdraw circular 26/2008 of November 5, 2008. The circular ...

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SBP Issues Guidelines on Agreements of Exchange Companies with Foreign Entities

KARACHI (January 02 2009): State Bank of Pakistan has issued new guidelines for home remittances related agreements of Exchange Companies with Foreign Entities. SBP said that over a period of time, while reviewing agency arrangements of Exchange Companies, certain structural weaknesses have been identified which could impair Exchange Companies ability to effectively mobilise funds from overseas. Therefore, in order to ...

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