SECP publishes diagnostic study on Motor third-party insurance
The Security and Exchange Commission of Pakistan (SECP) has released a diagnostic study providing a holistic synopsis of the existing landscape of Motor third-party insurance in the country. The objective of this study was to present an in-depth overview of the legal framework applicable to motor third-party insurance, the current state of motor insurance, impediments…
Adil Aziz
SECP Registers Life insurance Company as a Pension Fund Manager
Promoting healthy competition in the pension management field, the Securities and Exchange Commission of Pakistan (SECP) registered M/s IGI Life Insurance Limited as a Pension Fund Manager under the Voluntary Pension System Rules, 2005. The Pension Funds established under the VPS Rules are professionally managed savings-cum investment vehicles, that enable salaried and self-employed individuals to…
SECP takes Actuarial Advisor on board for Insurance Division
The Securities and Exchange Commission of Pakistan (SECP), in line with its focus on strengthening its insurance sector regulatory responsibilities, is pleased to announce appointment of Mr. Falak Sher Soomro as Advisor to the Commission on Insurance. Mr. Soomro is an Associate of Institute of Actuaries, UK. He is a risk and insurance professional with…
SECP registers 27,746 companies in FY-2023
he Securities and Exchange Commission of Pakistan (SECP) has registered 27,746 new companies during the fiscal year 2022-23. This shows an increase of around 5 per cent as compared to the previous fiscal year as the total number of registered companies now reached 196,805, said a Spokesman. As a result of end-to-end digitization of the…
SECP reaffirms its commitment to safeguarding public interests
Google has introduced additional requirements for digital lending Apps SECP regulates Non-Banking Finance Companies (NBFCs) which are authorized to undertake lending. Some of these NBFCs have also ventured into personal loans through digital Apps. A list of SECP approved Apps is available on the SECP’s website. Other than these, all Apps available on various play/app…
SECP amends regulations for election of independent directors and female directors
To address practical difficulties faced by the listed companies in election of directors, and to promote diversity in boards of the companies, the Securities and Exchange Commission of Pakistan (SECP) has introduced amendments in the Listed Companies (Code of Corporate Governance) Regulations, 2019 and the Companies (Postal Ballot) Regulations, 2018. The notified amendments aim to…
Govt launches crackdown against illegal loan application: Amin-ul-Haque
Federal Minister for Information Technology and Telecommunication, Amin-ul-Haque said in a decisive move to combat fraudulent loan applications, the government initiated a crackdown against illegal loan providers. In a statement, he said, that Chairman Pakistan Telecommunication Authority (PTA) Major General (r) Hafeezur Rehman directed immediately to take swift action on the illegal loan applications. Under the orders issued,…
SECP has proposed significant amendments in AML/CFT Regulations 2020
The Securities and Exchange Commission of Pakistan (SECP) has proposed significant amendments to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Regulations, 2020. These amendments aim to enhance the scope of regulations to effectively combat proliferation financing and strengthen the country’s financial integrity framework. SECP has invited the stakeholders to provide their comments and/…
SECP amends Securities, Futures Advisers Regulations to improve investor base
The Securities and Exchange Commission of Pakistan (SECP) notified amendments to the Securities and Futures Advisers (Licensing and Operations) Regulations, 2017. The amendments aim to develop a resilient market for Securities and Futures Advisers, facilitating ease of doing business, improving financial inclusion, and expanding the investor base. The introduced amendments align the existing regulations with…
Senate body recommends rationalizing Super tax, advance tax for non-filer
The Senate Standing Committee on Finance and Revenue recommended to reducing super tax besides rationalizing advance tax for non-filer. The committee met here under the chairmanship of Senator Saleem Mandviwalla discussed and approved several tax proposals under Finance Bill 2023. The body proposed to reduce the super tax to 7 percent from 10 percent on…