Compendium of Corporate Laws
2026 EDITION
⚡ REVISED
32 LAWS · 1072 PGS
32
Laws / Acts / Regs
1072
Total Pages
8+
2026 Key Changes
7
Syllabus Areas
468
Companies Act Sections
📋 Book Structure — Syllabus Areas
Companies Act & Related Regs
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Act 2017 §1–473 Postal Ballot Regs Companies Regs 2024 Investment Regs Dividend Regs
9 laws · Pages 1–388 · Core company law, incorporation, shares, meetings, directors
Securities & Share Capital
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Securities Act 2015 PSX Rule Book Ch.5 Buy-Back Regs 2019 Takeover Regs 2017 Public Offering Regs
6 laws · Pages 389–618 · Capital markets, listings, takeovers, IPOs, buy-backs
Restructuring & Governance
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CRC Act 2016 CRC Rules 2019 Code of Corp Gov 2019 §276–292
4 laws · Pages 619–656 · Mediation, winding up, rehabilitation, CCG
Specialized Corporate Laws
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Companies Ord 1984 NBFC Regs 2008 Insurance Ord 2000 Banking Ord 1962 Competition Act
5 laws · Pages 657–760 · NBFC, insurance, banking, competition law
AML / CFT / CPF
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AML Act 2010 SECP AML Reg 2020 FE Manual SBP 2026 UPDATE
3 laws · Pages 809–860 · Anti-money laundering, foreign exchange, CFT/CPF
Public Sector & Ethics
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SOE Act 2023 PSC Gov Rules 2013 ICT Trust Act 2020 ICAP Ethics 2024
4 laws · Pages 861–958 · SOEs, public company governance, CA ethics
KEY CHANGES — REVISED EDITION 2026
Companies Regs
Companies Regulations 2024 — Replaced old Companies Regulations. Regulations 2, 8–14, 19, 35–56 now syllabus relevant. Covers digital forms, e-filing, and updated compliance procedures. Pg 323–346
SOE Act 2023
State Owned Enterprises (Governance and Operations) Act, 2023 — Newly added to syllabus. Sections 2, 3, 6–8, 10–14, 20–22, 25–28 in scope. Establishes board structures, performance evaluation, and accountability for federal SOEs. Pg 861–870
ICAP Ethics
ICAP Code of Ethics for Chartered Accountants — Revised 2024 — Updated code replaces previous version. Parts I and II now in syllabus. Key changes: enhanced independence rules, non-assurance services restrictions, and updated threats & safeguards framework. Pg 919–958
SECP AML Reg
SECP AML/CFT/CPF Regulations 2020 — Updated chapter coverage to include Combating Financing of Terrorism and Countering Proliferation Financing (CPF). Chapter I §1–3 and Chapter II §4–25 now syllabus items. Pg 847–860
Companies Act §83A
Employees' Stock Options (ESOP) — Section 83A inserted by Companies Amendment Act 2021, now consolidated in 2026 edition. Enables ESOP schemes for private and public companies with SECP approval framework. Pg 54
Companies Act §123A
Ultimate Beneficial Owner (UBO) Records — Section 123A (inserted 2020) now fully consolidated. Companies must maintain register of ultimate beneficial owners and file with SECP. Significant compliance obligation. Pg 71
Companies Act §60A
Prohibition on Bearer Shares — Section 60A (inserted 2020, amended 2021) prohibits issuance of bearer shares or bearer share warrants. Existing bearer shares required to be converted. Pg 40
Companies Regs 2024
Updated Form Filing & E-Governance — Companies Regulations 2024 introduced revised regulatory forms, electronic submission procedures, and updated timelines for filings replacing Companies Regulations 2017. Pg 323–346
Circulars 2023–24
New SECP Circulars — Important circulars include CSD/ED/Misc/1/2016-2 (Aug 2023) and LRD/CRD/PR(11)/2017-1089 (March 2024), LRD/CRD/PR(11)/2017-1109 (March 2024) covering listing, regulatory directions, and compliance updates. Pg 961–996
Companies Act 2021
Companies (Amendment) Act 2021 — Consolidated — Multiple amendments now fully embedded: §17(2) substituted, §23 omitted, §83(3) substituted, §88 word "listed" omitted, §137(10) updated timeline, §60A seal reference removed. All now baseline law in 2026 edition.
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PART I
Preliminary & Definitions
§1 Short Title §2 Definitions §3 Application §4 Override
§2 — Comprehensive definitions of: company, member, director, officer, holding/subsidiary, associate, listed/unlisted, securities, debentures, beneficial owner, ultra vires Pg 1–11
§2(67A) — "Ultimate Beneficial Owner" definition inserted 2021AMEND
§3 — Application to non-trading companies with provincial objects
Cross-ref: Securities Act 2015 §2, SECP Act 1997 §42
PART II-III
Court Jurisdiction & SECP Powers
§5 Jurisdiction §6 Procedure §7 SECP Powers §8 Reference
§5 — Jurisdiction of Court; creation of Benches (Lahore HC, Karachi HC etc.) Pg 12
§6 — Appeals; Benches constituted under Companies Ordinance 1984 continue Pg 12–16
§7 — SECP powers and functions under SECP Act 1997 cross-ref: SECP Act 1997 §42
PART IV
Incorporation of Companies
§9–13 Names §14–18 Registration §19–20 Business Start §27–41 Memo & Articles §42–45 Not-for-Profit §46–52 Conversion
§9 — Obligation to register associations/partnerships as companies
§10–13 — Prohibited names; rectification; change of name
§14 — Mode of forming: private (2+ persons), public (3+ persons), SMC (1 person)
§16–18 — Registration of Memo & Articles; effect of registration AMEND §17(2)
§27–35 — Memorandum: shares, guarantee, unlimited companies; alteration
§36–41 — Articles of Association: registration, alteration, copies to members §23 OMITTED
§42–45 — Not-for-profit companies (§42 licensing); effect of revocation
§46–52 — Conversion: public↔private, limited↔unlimited, guarantee↔shares
Cross-ref: Companies Regulations 2024 Reg 2, 8–14
PART V
Shares, Capital & Securities
§57–66 Prospectus §60A Bearer Shares §67–79 Allotment §81–89 Capital §83A ESOP §88 Buy-back
§57 — Prospectus requirements; cross-ref: Public Offering Regs 2017
§58–59 — Classes of share capital; variation of shareholders' rights
§60A — Prohibition on bearer shares/warrants INSERTED 2020
§63–66 — Debentures; floating charge; Islamic securities (non-interest based)
§67–79 — Allotment; return as to allotments; transfer of shares; refusal to transfer
§81–83 — Share premium; discount; further issue of capital (rights issue)
§83A — Employees' Stock Options (ESOP) scheme INSERTED 2021
§85 — Alteration of share capital (increase, consolidation, sub-division, cancellation)
§88–96 — Buy-back of own shares; reduction of capital; Court confirmation
Cross-ref: Further Issue of Shares Regs 2020 · Private Placement Rules 2017 · Securities Act 2015 §63–65
PART VI
Mortgages, Charges & Receivers
§100–112 Charges §113–117 Receivers
§100 — Requirement to register mortgage/charge with registrar within 30 days
§101–103 — Debenture series; register of charges kept by registrar; index
§106–112 — Modification; satisfaction of charge; company's internal register
§113–117 — Receivers/managers: registration, accounts, disqualification, Court powers
PART VII
Management & Administration
§118–123 Members §123A UBO §124–155 Meetings §158–179 Directors §183–187 Auditors
§118–122 — Register of members; index; trust not on register; register of debenture holders
§123A — Ultimate Beneficial Owner (UBO) register INSERTED 2020 — Companies must maintain UBO records and file with SECP
§130–131 — Annual General Meeting (AGM); extraordinary general meeting (EGM)
§133 — Resolutions: ordinary vs special; written resolutions
§135 — Minutes of meetings; inspection rights
§137 — Postal ballot voting timeline amended 2021 · cross-ref: Postal Ballot Regs 2018
§145–152 — Directors: appointment, disqualification, vacation of office, consent
§158–179 — Director duties, powers, loans, interested parties, board meetings
§183–187 — Auditors: appointment, rights, removal, report
Cross-ref: Related Party Regs 2018 §3–6 · Independent Directors Regs 2018 · Code of Corp Gov 2019
PART VIII–XIII
Accounts, Winding Up & Penalties
§233–252 Accounts §276–292 Winding Up §305 Arbitration §406–468 Penalties
§233–252 — Annual accounts; consolidated financial statements; IFRS compliance
§276–292 — Winding up by Court; voluntary winding up; liquidator duties Pg 153–167
§305 — Reference to arbitration · cross-ref: Arbitration Act 1940
§406–468 — Penalties: defaults, frauds, misrepresentation, liability of officers
Schedules I & II — Table A-F: model M&A; statement particulars; reports
REGULATION
Companies Regulations 2024
Reg 2 Definitions Reg 8–14 Reg 19 Reg 35–56
REPLACES Companies Regulations 2017 — major overhaul for 2024 NEW 2024
Reg 2 — Updated definitions aligned with Companies Act 2017
Reg 8–14 — Incorporation procedures; e-filing; digital signatures
Reg 19 — Registered office requirements
Reg 35–56 — Returns, filings, annual returns, compliance timelines
Cross-ref: Companies Act 2017 §53–56 (service/authentication)
REGULATION
Dividend & Related Regulations
Distribution of Dividends 2017 Related Party Regs 2018 Investment Regs 2017 ECF Investment Regs 2018
Distribution of Dividends Regs 2017 — Manner of declaring dividends; payment timelines; interim vs final dividends Pg 361–366
Related Party Regs 2018 (Reg 3–6) — RPT approval; board committee; disclosure requirements Pg 359–360
Investment Regs 2017 — Investment in associated companies/undertakings; approval thresholds Pg 347–352
ECF Investment Regs 2018 — Employee contributory fund investment in listed securities Pg 353–358
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Act III/2015
Securities Act 2015
§2 Definitions §63–65 Exchange §87–131 Enforcement
§2 — Definitions: securities, securities exchange, securities market, dealer, broker, insider
§63–65 — Recognition of securities exchanges (PSX); regulatory framework
§87–107 — Market manipulation, insider trading prohibitions; offences
§108–131 — Enforcement powers of SECP; penalties; prosecution
Cross-ref: Companies Act 2017 §2(liii) (securities definition) · PSX Rule Book Ch.5
PSX RULES
PSX Rule Book — Chapter 5
Listing Criteria Continuous Obligations Disclosure Delisting
Ch.5 — Listing requirements: minimum capital, free float, financial history, sponsors
Continuous listing obligations: timely disclosure, material events, financial statements
Trading regulations, circuit breakers, market making
Delisting procedure; appeal rights Pg 421–460
REGS 2017/2019
Buy-Back & Takeover Regulations
Buy-Back Regs 2019 Takeover Regs 2017 Trigger Thresholds Mandatory Bid
Buy-Back Regs 2019 — Conditions; price limits; maximum buyback amount (10%); reporting Pg 461–468
Takeover Regs 2017 — Triggering threshold (25%+); mandatory bid; offer price; timeline Pg 469–496
Substantial acquisition: disclosure at 5%, 10%, 15% thresholds
Cross-ref: Companies Act 2017 §88 (buy-back power) · Securities Act 2015 §87
REGS 2017/2020
Public Offering & Further Issue Regs
Public Offering Regs 2017 Further Issue Regs 2020 Private Placement Rules
Public Offering Regs 2017 — IPO process; prospectus requirements; book-building; allotment; lock-in periods Pg 497–614
Further Issue of Shares Regs 2020 — Rights issue; bonus issue; private placement procedure Pg 369–388
Private Placement Rules 2017 (R 4–6) — Eligibility; offer document; closing Pg 367–368
Cross-ref: Companies Act 2017 §57, 67–70, 83
REGS 2018
Independent Directors Regulations
Eligibility Criteria Selection Process Responsibilities
Independence criteria; disqualifying relationships with company/promoters
Nomination through panel; election by shareholders
Role in audit committee, HR committee Pg 615–618
Cross-ref: Code of Corporate Governance 2019 · Companies Act 2017 §166
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Act 2016
Corporate Restructuring Companies Act 2016
§1–6 Scope CRC Licensing Powers of CRC
§1–6 — Short title, definitions; establishment of CRCs; licensing by SECP Pg 619–624
CRC = licensed entity to acquire and restructure distressed companies
Cross-ref: Companies Act 2017 §276–292 (winding up provisions) · CRC Rules 2019
Rules 2019
CRC Rules & Code of Corp Gov
CRC Rules 2019 CCG Regs 2019 Board Composition Audit Committee
CRC Rules 2019 — Restructuring process; approval of restructuring plan; implementation Pg 625–634
CCG Regs 2019 — Board: minimum 1/3 independent directors; chairman ≠ CEO; board committees Pg 635–656
Audit Committee: 3+ members, majority independent; quarterly review
HR & Remuneration Committee; nomination; CEO performance evaluation
Cross-ref: Companies Act 2017 §160–183 · Independent Directors Regs 2018
§276–292
Winding Up & Mismanagement (Co Act)
§276 Winding Up §281 Petition §284 Mismanagement §292 Arbitration
§276–280 — Grounds for winding up by Court: inability to pay, just & equitable
§281 — Petition to wind up; who may petition (creditor, contributory, SECP)
§284 — Relief against mismanagement/oppression of minority
§292 — Reference to arbitration instead of Court proceeding Pg 153–167
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Ord XLVII/1984
Companies Ordinance 1984 §282A–282N
§282A–282N SME Provisions Modarabas
§282A–282N — Special provisions still applicable; Modaraba/Islamic finance entities Pg 657–666
These sections of old Ordinance saved/preserved under Companies Act 2017 §506
Cross-ref: Companies Act 2017 §498 (saving provisions)
NBFC Regs 2008
Non-Banking Finance Companies
Reg 2 Definitions Reg 3 Licensing Reg 9–10 Capital Reg 15B Reg 16–18
Reg 2 — NBFC definitions; categories: leasing, investment finance, housing finance, venture capital Pg 667–702
Reg 3 — SECP licensing requirements for NBFCs
Reg 9–10 — Minimum equity capital requirements; capital adequacy
Reg 15B — Fit and proper criteria for directors/CEOs of NBFCs
Reg 16–18 — Disclosure; investment limits; prohibited activities
Ord 2000
Insurance Ordinance 2000
Part I §1–4 Part II §5–13 Part III §14 Part IV §28 Part V §35–36 Part VII §45–48
Part I §1–4 — Definitions; life vs non-life insurance Pg 703–728
Part II §5–13 — Registration; minimum capital; SECP oversight
Part III §14 — Insurance Tribunal
Part IV §28 — Solvency requirements; actuarial valuation
Part V §35–36 — Policy terms; claims handling
Part VII §45–48 — Penalties; offences by insurers
Ord LVII/1962
Banking Companies Ordinance 1962
§1–2 Scope §5–6 Licensing §9–19 Operations §21–29 Management §34–38 SBP Powers
§5–6 — Definition of banking company; licensing by SBP Pg 729–748
§9 — Restrictions on business activities of banks
§11 — Paid-up capital and reserve requirements
§13–19 — Management; fit & proper criteria; Board composition
§34–38 — SBP powers: inspection, directions, moratorium
Cross-ref: Companies Act 2017 §2(5)(c) · FE Manual Ch.19–20
Act 2010
Competition Act 2010
Ch.I Definitions Ch.II Prohibitions Abuse of Dominance Mergers
Ch.I — Definitions: undertaking, dominant position, market, anti-competitive agreement Pg 749–756
Ch.II — Prohibited conduct: price-fixing, market sharing, bid-rigging, abuse of dominance
Merger control: pre-merger notification; CCP approval
Cross-ref: Companies Act 2017 §284 (mismanagement)
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SBP Manual
Foreign Exchange Manual — Ch. 19 & 20
Ch.19 Investment Ch.20 Borrowing FDI Rules Repatriation
Ch.19 — Foreign direct investment (FDI) in Pakistan; equity investment procedures; SBP approval thresholds Pg 757–808
Ch.20 — Foreign currency borrowings; external commercial borrowings (ECB); repayment
Repatriation of dividends, profits; SECP/SBP dual oversight
Cross-ref: Banking Companies Ord 1962 · AML Act 2010
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Act 2010
Anti-Money Laundering Act 2010
Money Laundering Proceeds of Crime FATF Compliance Penalties
Definition of money laundering; predicate offences; proceeds of crime Pg 809–846
Reporting obligations on regulated entities (banks, NBFCs, securities companies)
FMU (Financial Monitoring Unit) — suspicious transaction reports (STRs)
FATF compliance framework; designated non-financial businesses
Cross-ref: SECP AML Reg 2020 (implementing regulations)
SECP Reg 2020
SECP AML/CFT/CPF Regulations 2020
Ch.I §1–3 Scope Ch.II §4–25 Obligations KYC/CDD CPF NEW
Chapter I §1–3 — Short title; definitions; application to regulated persons (SECP regulated entities) 2026 SCOPE
Chapter II §4–25 — Customer Due Diligence (CDD/KYC); Enhanced Due Diligence (EDD); simplified DD
Beneficial ownership verification; politically exposed persons (PEPs)
CFT — Combating Financing of Terrorism: designated persons lists; asset freezing
CPF — Countering Proliferation Financing: UN Security Council sanctions compliance NEW IN SYLLABUS
Cross-ref: AML Act 2010 §9-25 · Companies Act 2017 §123A (UBO)
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Act 2023
State Owned Enterprises Act 2023
§2–3 Definitions §6–8 Board §10–14 Governance §20–22 Audit §25–28 Accountability
ENTIRELY NEW IN 2026 SYLLABUS — First time included NEW ACT
§2–3 — SOE definition; federal SOEs; subsidiaries; strategic entities Pg 861–870
§6–8 — Board of Directors: composition; independent directors; chairman appointment
§10–14 — CEO appointment; performance framework; KPIs; reporting to ministry
§20–22 — External/internal audit; audit committee; financial reporting standards
§25–28 — Accountability; Parliamentary oversight; penalty for non-compliance
Cross-ref: Public Sector Companies CGR 2013 · Companies Act 2017
Rules 2013
Public Sector Companies (CGR) 2013
Board Independence Audit Committee Disclosure CEO/Board
Applies to listed and unlisted public sector companies Pg 871–894
Board: majority independent; chairman/CEO separation
Audit committee: at least 2 independent directors
Cross-ref: CCG Regs 2019 · SOE Act 2023
Act 2020
ICT Trust Act 2020
Trust Formation Governance ICT Territory
Establishes framework for trusts in Islamabad Capital Territory Pg 895–918
Registration; management; beneficiary rights; dissolution
ICAP 2024
ICAP Code of Ethics — Revised 2024
Part I Principles Part II Threats Independence Non-Assurance
REVISED 2024 — Updated code for Chartered Accountants NEW VERSION Pg 919–958
Part I — Fundamental principles: integrity, objectivity, professional competence, confidentiality, professional behaviour
Part II — Threats & safeguards framework: self-interest, self-review, advocacy, familiarity, intimidation threats
Independence for audit/assurance engagements; conceptual framework approach
Non-assurance services restrictions; safeguards for public interest entities (PIEs)
Cross-ref: ICAP CA Ordinance 1961 · Companies Act 2017 §183–187 (auditor provisions)
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Aug 2023
CSD/ED/Misc/1/2016-2
Aug 11, 2023 CSD Circular
Central Securities Depository circular — August 2023 Pg 961–996
Cross-ref: Companies Act 2017 §72 (book-entry shares) · Central Depositories Act
Mar 2024
LRD Circulars — March 2024
Mar 7, 2024 Mar 22, 2024 LRD/CRD Circulars
LRD/CRD/PR(11)/2017-1089 — March 7, 2024
LRD/CRD/PR(11)/2017-1109 — March 22, 2024
Listing/regulatory direction circulars — update compliance requirements
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TOPIC: SHARE CAPITAL & SECURITIES
Co Act §57–89Securities Act 2015 §63–65PSX Rule Book Ch.5Public Offering Regs 2017
Co Act §83 (further issue) ↔ Further Issue Regs 2020
Co Act §88 (buy-back) ↔ Buy-Back Regs 2019
Co Act §83A (ESOP) ↔ Companies Regs 2024
TOPIC: CORPORATE GOVERNANCE
Co Act §145–183 (Directors/Audit) ↔ CCG Regs 2019Independent Directors Regs 2018
CCG Regs 2019PSC CG Rules 2013SOE Act 2023
Related Party Regs 2018Co Act §208
ICAP Ethics 2024Co Act §183–187 (auditors)
TOPIC: BENEFICIAL OWNERSHIP & AML
Co Act §2(67A) (UBO def) ↔ Co Act §123A (UBO register)
Co Act §123ASECP AML/CFT/CPF Reg 2020 §4–25 (KYC/CDD)
AML Act 2010FE Manual Ch.19–20
Co Act §60A (no bearer shares) → AML compliance
TOPIC: WINDING UP & RESTRUCTURING
Co Act §276–292CRC Act 2016CRC Rules 2019
Co Act §284 (oppression) ↔ Competition Act Ch.II
Co Ord 1984 §282A–N still operative for Modarabas
TOPIC: REGULATED FINANCIAL ENTITIES
Banking Ord 1962Co Act §2(5)(c) (banking co. excluded from certain provisions)
NBFC Regs 2008Securities Act 2015SECP Act 1997
Insurance Ord 2000Co Act §2 (insurance co. treatment)
FE ManualAML Act 2010Banking Ord §34–38
TOPIC: MEETINGS & RESOLUTIONS
Co Act §130–145Postal Ballot Regs 2018Companies Regs 2024
AGM/EGM ↔ Quorum, notice period, proxy rules all in Co Act §130–145
Postal ballot → alternative to physical EGM Postal Ballot Regs 2018
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Secretarial Practices
Companies Act 2017 §1–473, 498, 500, 505 · Companies Regulations 2024 · Postal Ballot Regs 2018 · Companies (Investment) Regs · Companies (ECF) Regs · Related Party Regs · Dividend Distribution Regs · Private Placement Rules 2017 · Further Issue of Shares Regs 2020 Pg 1–388
Share Capital & Securities
Securities Act 2015 §2, 63–65, 87–131 · PSX Rule Book Ch.5 · Buy-Back Regs 2019 · Takeover/Substantial Acquisition Regs 2017 · Public Offering Regs 2017 · Independent Directors Regs 2018 Pg 389–618
Restructuring & Governance
Companies Act §276–292 (winding up/mismanagement) · Corporate Restructuring Companies Act 2016 §1–6 · CRC Rules 2019 · Listed Companies Code of Corporate Governance 2019 Pg 619–656
Specialized Corp Laws
Companies Ordinance 1984 §282A–282N · NBFC Regulations 2008 (Reg 2, 3, 9, 10, 15B, 16–18) · Insurance Ordinance 2000 (Parts I–V, VII) · Banking Companies Ordinance 1962 §1, 2, 5, 6, 9, 11, 13–19, 21, 22, 24, 29, 34–38 · Competition Act 2010 Ch.I–II Pg 657–760
AML / CFT / CPF
Foreign Exchange Manual SBP Ch.19–20 · Anti-Money Laundering Act 2010 · SECP AML/CFT/CPF Regulations 2020 Ch.I §1–3, Ch.II §4–25 Pg 757–860
Public Sector Laws
SOE Act 2023 §2, 3, 6–8, 10–14, 20–22, 25–28 NEW · Public Sector Companies CG Rules 2013 · ICT Trust Act 2020 Pg 861–918
Professional Ethics
ICAP Code of Ethics — Revised 2024 Part I (Principles) & Part II (Threats & Safeguards) REVISED Pg 919–958
Circulars & Updates
Important SECP Circulars & Notifications: CSD circular Aug 2023; LRD/CRD circulars March 2024 Pg 961–996