PK-Listed Companies

An exchange rule sets the clock

In Pakistan, routine reporting of insider trades comes from the rule book of the Pakistan Stock Exchange (PSX), which operates under the supervision of the Securities and Exchange Commission of Pakistan (SECP). Clause 5.6.4 of the PSX Regulations, in the Rule Book updated on 16 February 2024, applies to any director, chief executive, substantial shareholder or executive of a listed company, and to their spouses, who buys, sells or takes a beneficial position in the company's shares, directly or indirectly. Older filings, such as some from 2019, cite the same duty under its former number, 5.6.1(d).

The person must notify the company secretary in writing immediately, then deliver within seven days a written record of the price, the number of shares, the form of the certificates (physical or electronic in the Central Depository System) and the nature of the transaction. The company secretary forwards it at once to the exchange for dissemination; PSX guidance names the PUCARS system and Form 29 as the channel. The notice is also presented at the next board meeting, and a failure to notify is put before the board.

Who counts as an executive

The rule starts with a fixed list: chief executive, chief operating officer, chief financial officer, head of internal audit and company secretary. Each board then sets a threshold that brings other employees into scope, reviews it every year and discloses it in the annual report, so coverage differs from one issuer to the next. Separately, clause 5.6.5 requires the exchange to publish at once any notice it receives from an acquirer of more than 10% of voting shares under section 110 of the Securities Act 2015.

Closed periods fixed by each company

Every listed company other than an open-end mutual fund must set a closed period before interim or final results and before any business decision that may move its share price. It starts on the day the price sensitive documents are sent to the board and ends when the information is made public. Directors, the chief executive and executives may not deal during that time, and the company informs the exchange when it sends the board papers.

Why Pakistani records here carry no amounts

The Pakistan feed on this site is classed as role-only. Issuers usually upload the 5.6.4 notices as scanned images with no text layer, so names, direction, price and quantity cannot be extracted reliably. Each record keeps the filing date, the company, the role class of the filer and a link to the original document on the PSX data portal; amounts are left blank rather than estimated. The general method is on the methodology page.