Membership can be obtained in two different ways...
1. Fresh Membership
2. Through Nomination/transfer
The Exchange may award fresh membership to the applicant subject to approval of the Board and upon compliance of required formalities. However, a member of the Exchange may transfer his membership to any other nominee under Section 20(a)(b)(c) of the Articles of Association of the Exchange. The price of a fresh membership of Islamabad Stock Exchange is fixed at Rs.7.50 million. However, in case of nomination or transfer the fee is determined by the market forces which is currently ranging from Rs.4.50 million to Rs.5.00 million.
Any individual who complies with the following eligibility criteria as set forth in Article 7 of the Articles of Association can become member of Islamabad Stock Exchange.
Eligibility Criteria
The applicant is not less than twenty one years of age.
He is citizen of Pakistan.
He has not been adjudicated as insolvent or has suspended payment or has compounded with his creditors.
He has not been convicted of an offence involving fraud or breach of trust.
He has not been at any time expelled by this or any other stock exchange.
He has not been previously refused admission to membership, unless a period of one year has elapsed since the date of such rejection.
He is not a lunatic or a person of unsound mind.
He has had the experience in the business of securities for a period of not less than two years provided that the Board may waive this requirement relating to experience in the business of securities if such person, in respect of means, integrity and background, considered by the Board to be otherwise qualified for membership.
He is graduate.
If he is member of another stock exchange, he possesses a minimum experience of 10 years as a broker.
He has paid income tax during the last three years with minimum assessed income of Rs.100,000/.
A corporate body applicant for membership must fulfill the following requirements as laid down in Article 33 of the Articles of Association of Exchange.
Be a company or a statutory corporation or a body corporate.
Have a minimum issued, subscribed and paid up capital of Rs. 5.00 million which minimum limit may be increased by the Directors to be effective after being notified in the official gazette.
In the case of statutory corporation or body corporate to which Section 183 of the Companies Ordinance 1984 applies, the membership application shall be accompanied by a 'no objection' from the Federal or Provincial Government as the case may be.
A prescribed membership form is available from the office of the Exchange. Individual/Corporate Membership Forms are given on the last pages.
Any individual who complies with the following eligibility criteria as set forth in Article 7 of the Articles of Association can become member of Islamabad Stock Exchange.
Eligibility Criteria
The applicant is not less than twenty one years of age.
He is citizen of Pakistan.
He has not been adjudicated as insolvent or has suspended payment or has compounded with his creditors.
He has not been convicted of an offence involving fraud or breach of trust.
He has not been at any time expelled by this or any other stock exchange.
He has not been previously refused admission to membership, unless a period of one year has elapsed since the date of such rejection.
He is not a lunatic or a person of unsound mind.
He has had the experience in the business of securities for a period of not less than two years provided that the Board may waive this requirement relating to experience in the business of securities if such person, in respect of means, integrity and background, considered by the Board to be otherwise qualified for membership.
He is graduate.
If he is member of another stock exchange, he possesses a minimum experience of 10 years as a broker.
He has paid income tax during the last three years with minimum assessed income of Rs.100,000/.
A corporate body applicant for membership must fulfill the following requirements as laid down in Article 33 of the Articles of Association of Exchange.
Be a company or a statutory corporation or a body corporate.
Have a minimum issued, subscribed and paid up capital of Rs. 5.00 million which minimum limit may be increased by the Directors to be effective after being notified in the official gazette.
In the case of statutory corporation or body corporate to which Section 183 of the Companies Ordinance 1984 applies, the membership application shall be accompanied by a 'no objection' from the Federal or Provincial Government as the case may be.
A prescribed membership form is available from the office of the Exchange. Individual/Corporate Membership Forms are given on the last pages.
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