Section 245

Establishment of Investor Education and Awareness Fund.—(1) There is hereby established a fund to be called Investor Education and Awareness Fund (hereinafter in this section referred to as “Fund”) to be managed and controlled by the Commission as may be prescribed through rules.

(2) The Fund shall be credited with—

(a) the interest/profit earned on the “Companies Unclaimed Instruments and Dividend and Insurance Benefits and Investors Education Account”;

(b) forfeited amounts under sub-section (7) of section 87 of the Securities Act, 2015;

(c) grants or donations given by the Federal Government, Provincial Governments, companies, or any other institution or person for the purposes of the Fund;

(d) the interest or other income received out of the investments made from the Fund;

(e) the amount realised in terms of fourth proviso of section 341 or fourth proviso of sub-section (4) of section 372; and

(f) such other amounts as may be prescribed.

(3) The Fund shall be utilized for—

(a) the promotion of investor education and awareness in such manner as may be prescribed;

(b) without prejudice to the generality of the object of sub-clause (a) of sub-section (3), the Fund may be used for the following purposes, namely—

(i) educational activities including seminars, training, research and publications aimed at investors;

(ii) awareness programs including through media – print, electronic, social media, aimed at investors;

(iii) funding investor education and awareness activities approved by the Commission; and

(iv) to meet the administrative expenses of the Fund.

Explanation.—”Investors” means investor in securities, insurance policyholders and customers of non-bank finance companies and Modarabas.

(4) The Commission shall, by notification in the official Gazette, constitute an advisory committee with such members as may be prescribed, for recommending investor education and awareness activities that may be undertaken directly by the Commission or through any other agency, for utilization of the Fund for the purposes referred to in sub-section (3).

(5) The accounts of the Fund shall be audited by auditors appointed by the Commission who shall be a firm of chartered accountants. The Commission shall ensure maintenance of proper and separate accounts and other relevant records in relation to the Fund giving therein the details of all receipts to, and, expenditure from, the Fund and other relevant particulars.

(6) The Commission may invest the moneys of the Fund in such manner as set out in section 20 of the Trusts Act, 1882 (II of 1882).