Government of pakistan securities and exchange commission of pakistan notification

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that technical expertise have been transferred and retained by the domestic credit 
rating company;
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[ ] 
  
5. 
Permission to form a credit rating company. - (1) A person desirous of forming 
a credit rating company shall make an application to the Commission as set out in Form I along 
with the documents specified in Annexure 
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[ ].
(2) 
The Commission, while considering the application for permission under sub-
regulation (1), may require the applicant to furnish such further information or clarification 
regarding its activities and businesses as it deems appropriate.
(3) 
The Commission, if it is satisfied that the person seeking permission to form the 
credit rating company has fulfilled the criteria in terms of these regulation may permit by an order 
in writing to establish a credit rating company.
(4) 
The permission granted under sub-regulation (3) shall be valid for a period of six 
months unless extended for a maximum period of further three months under special 
circumstances, on the application of the promoters made before the expiry of initial six months. 
During the validity of this permission, the promoters or sponsors shall get the credit rating 
company incorporated and submit an application to the Commission for grant of licence, after 
fulfilling all the conditions specified in these regulations
6. 
Conditions for grant of License.- (1) Subject to compliance with the provisions 
of the Act, the company shall apply to the Commission for grant of licence as a credit rating 
company in Form II along with documents specified in Annexure along with non-refundable fee 
as prescribed in Schedule I.
(2) The Commission shall, after making necessary inquiries and after obtaining such 
further information, as it may consider necessary, and if it is satisfied that each of its promoters or 
sponsors, directors, chief executive, [substantial shareholders]
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and chairman of the board of 
directors fulfills the terms and conditions mentioned in the Fit and Proper criteria given in