Banks asked To Furnish Details Of Shareholding Of Executives

The State Bank of Pakistan has asked all the locally incorporated banks to furnish to it (SBP) the details of shareholding of their Chairman, Managing Director or Chief Executive Officer on yearly basis.
‘In terms of powers conferred under Section 14(3) of the Banking Companies Ordinance,1962, it has been decided that every Chairman, Managing Director or Chief Executive Officer (by whatever name called) of a banking company shall furnish to the State Bank of Pakistan through the banking company returns on yearly basis containing full particulars of the extent and value of his holding of shares, whether directly or indirectly, in the banking company and of any change in the extent of such holding or any variation in the rights attaching thereto as per prescribed format within 15 days of the close of each calendar year’, says BPRD Circular No.4.
The first such return shall be furnished containing details of shareholding as on December 31, 2009 within 15 days, the circular said and added that misreporting or delay in submission of information shall attract penal action under the provisions of Banking Companies Ordinance, 1962.