Regulation 124 — Eligibility requirements for registration. – An individual or firm or a limited liability partnership or a company may apply to the Commission for registration as an intermediary for providing services in terms of section 455 of the Act, if the applicant

(i) in case of an individual—
(a) is holding valid certificate of practice from Institute of Chartered Accountants
of Pakistan (ICAP); or
(b) is holding valid certificate of practice from Institute of Cost and Management
Accountants of Pakistan (ICMAP); or
(c) is a practicing member of Association of Chartered Certified Accountants
(ACCA), Certified Public Accountant (CPA), Certified Management

Accountant (CMA) or recognized foreign accountancy organization as
notified by the Commission; or
(d) is holding LLB degree and duly licensed by the concerned Bar Council; or
(e) is holding Masters of Business Administration with specialization in Finance,
Masters of Commerce and Masters of Law with at least two years of
experience in handling corporate affairs; or
(f) possess any other qualification as notified by the Commission.
(ii) in case of a company or a firm or a limited liability partnership, it shall have at least
one year of experience in handling corporate affairs:
Provided that where at least one director of the company or partner of the firm
or limited liability partnership meet the qualification and experience mentioned in
clause (i) above, no prior experience shall be required for the company or firm or
limited liability partnership;
(iii) the individual, partners of the firm or limited liability partnership or employees (to
whom functions of intermediary are delegated) of the company who are members of
any professional institute; are compliant with the Continuous Learning requirements
outlined by the relevant institute/body;
(iv) has a National Tax Number;
(v) has an established office in Pakistan with adequate physical infrastructure including
telephone/mobile phone facility and a valid email address;
(vi) has information technology infrastructure complying with the following minimum
requirements, in case the authorized intermediary utilizes e -services facility of the
Commission:
(a) a minimum of two computers/laptops in case of an individual and three
computers/laptops in case of a firm or limited liability partnership or company
having compatibility with the e-services system of the Commission;
(b) broadband internet /IP connectivity;
(c) dependable power Supply arrangements;
(d) printers and scanners; and
(e) trained staff for operating the system;
(vii) the individual or the partners of the firm or limited liability partnership or the directors
of the company, have not been undischarged insolvents;

(viii) the individual or the partners of the firm or limited liability partnership or the directors
of the company have not been convicted by a court of law for an offence involving
moral turpitude; and
(ix) the individual or the partners of the firm or limited liability partnership or the directors
of the company have not been convicted of any offence under the Pakistan Penal Code.
Provided that a n individual or firm registered as an intermediary under these
regulations shall convert itself into a company or limited liability partnership within such time as may
be notified by the Commission.