SECP issues manual for complying with regulatory framework for Modarabas
The Securities and Exchange Commission of Pakistan (SECP) has released a comprehensive guide to facilitate Modaraba Companies and Modarabas in complying with requirements of the Modaraba Ordinance 1980, Modaraba Rules 1981, Modaraba Regulations 2021, and related directions and circulars.
Adil Aziz
SECP grants registration to first digital insurer
The Securities and Exchange Commission of Pakistan (SECP) has registered M/s Salaam Family Takaful Limited as the first ever digital family takaful operator.
SECP files criminal complaint against two individuals on charges of front-running
Based on an investigation conducted under the Securities Act, 2015, the SECP has filed a criminal complaint against two individuals who were found involved in front-running equity trading by a large institutional investor during the period from October 1, 2021, to December 31, 2021.
Mehfooz
PSX Issues the ESG Primer for Listed Companies
PSX has taken yet another major step in realising its vision of ESG readiness for listed companies by issuing the PSX Primer on Environmental, Social & Governance (ESG). The sector agnostic Primer on ESG is a detailed booklet and first of a series of publications meant for guiding listed companies on reporting on ESG. The PSX Primer enables listed companies to understand ESG opportunities and risks, and educates stakeholders on the usage of ESG data while providing guidance to listed companies on producing a Sustainability Report. This is in line with the roadmap and guidance framework of the SECP to promote and encourage ESG reporting among listed companies.
Editor
SECP’s report on Pakistan’s potential for micro and inclusive insurance
The Securities and Exchange Commission of Pakistan has issued a report titled “Unlocking the Potential of Micro and Inclusive Insurance in Pakistan,” which provides an overview of the current landscape and vast untapped potential market for inclusive insurance. The report’s draft version and synopsis were presented at the International InsureImpact Conference, 2023, held in Karachi.
Jazz Cash Becomes SECP’s Strategic Knowledge Partner to Propel Pakistan’s Fintech Ecosystem
The Securities and Exchange Commission of Pakistan (SECP) has signed a Memorandum of Understanding (MoU) with JazzCash, the country’s largest fintech operator. This MoU fortifies JazzCash’s role as SECP’s knowledge partner. The partnership underscores a concerted effort to bolster digitalization and promote financial literacy.
SECP holds industry meeting-cum-webinar on RBC regime for insurance sector
The Securities and Exchange Commission of Pakistan (SECP) held a session for the insurance industry participants to provide an overview of the Risk-Based Capital (RBC) regime and a walk-through of the recently disseminated RBC templates.
SECP issues advertisements, call centre management guidelines for digital lenders
The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines to NBFCs involved in digital lending to ensure best practices in advertisements and call centre management. The guidelines were designed to prioritize borrower protection and to prevent deceptive marketing and unethical call centre practices.
PSX lists Mahaana Islamic index exchange traded fund
Pakistan Stock Exchange has listed the Mahaana Islamic Index Exchange Traded Fund (MIIETF) managed by Mahaana Wealth Limited (MWL). The commencement of trading of units of MIIETF has taken place with effect from March 11, 2024. The ETF aims to track the performance of Mahaana Islamic Index (MII30) whereby the Index shall be periodically rebalanced and reconstituted in order to provide long term appreciation and dividend yield to investors. The Index is designed to measure the performance of top 30 Shariah compliant companies selected from KMI All share index constituents based on the free float market capitalization, having at least average daily value traded of PKR. 10 million in last 12 months.
SECP notifies amendments to Corporate Restructuring Companies Rules, 2019
The Securities and Exchange Commission of Pakistan (SECP), under the auspices of the federal government, has notified amendments to the Corporate Restructuring Companies Rules, 2019. The amendments made in light of promulgation of the Corporate Restructuring Companies Act, 2021, are aimed at fostering conducive environment for Corporate Restructuring Companies (CRCs). Corporate Restructuring companies specialize in acquiring nonperforming assets (NPA) from distressed financial institutions, leveraging their expertise to efficiently manage and recover these NPA assets.