ZUL RAFIQUE & partners



The Capital Markets and Services (Amendment) Act 2012 has taken effect on 28 December 2012. The amendments include the definition of business trust, capital market products, and capital market services. New sections were also introduced which include section 76A which deals with registration of persons providing capital market services; sections 139ZN, 139ZO, 139ZP, 139ZQ, and 139ZR which deals with recommendations by licensed person, false or misleading declaration or furnishing false documents to provider and administrator, false or misleading statements etc., use of manipulative and deceptive devices and penalty for offences under sections 139ZP and 139ZQ; new divisions 3A, 3B and 3C of Part VI which deals with application for authorization and recognition, business trust and false or misleading statement or information under Divisions 3A and 3B.
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