The Senate on Tuesday unanimously passed The Stock Exchange Corporatization, Demutualization and Integration Amendment Bill, 2015.
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi moved the Bill.
According to the statement of objects and reasons, the bill provided framework allowing segregation of ownership and trading rights to enable demutualization of the stock exchanges.
The Act was approved on March 27, 2012 in a joint session of the Parliament and it got assent of the President on May 7, 2012. The dates provided in the Section 16 (4), 10 (5) and 16 (6) of the Act ibid were drafted in 2009 on the supposition that the Bill would be enacted in normal course at an earlier date. Now with the passing of the Act in March 2012 the timeline provided in the amended sections have become ineffective.
In sub-section (4) for the expression June 30, 2010, the expression the December 31, 2017 shall be substituted. In sub-section (5) for the expression July 1, 2010 till December 31, 2026 shall be substituted.
In sub-section (6) for the figure 2019 the expression the December 31, 2026 shall be substituted.