SECP approves Pakistan’s first P2P Lending Platform
Continuing with its commitment to facilitate innovation while prioritizing the protection of investors and consumers, the Securities and Exchange Commission of Pakistan (SECP) has approved the first Peer-to-Peer (P2P) Lending Service Provider in the country. The emergence of “Finja Invest” as Pakistan’s inaugural P2P service provider platform signifies a noteworthy achievement towards embracing digital transformation…
Adil Aziz
FPCCI has proposed to introduce agricultural REIT in budget
Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that the apex body has recommended to the Government of Pakistan for announcing REIT rules and regulations for the agriculture sector and this concept has been around in the world for quite a long time. Mr. Irfan Iqbal Sheikh added that his may be implemented within the…
SECP specifies rating requirements for investment in short-term instruments by CISs
The Securities and Exchange Commission of Pakistan (SECP) has specified rating requirements for investment in short-term debt instruments by open-ended collective investment schemes (CISs) aimed at protecting unitholders’ investment in various schemes launched by asset management companies (AMCs) and improving transparency and efficiency. “The new requirements have been notified through Circular No. 9 of 2023,…
TPL Insurance Limited to Acquire Assets and Liabilities of New Hampshire Insurance
TPL Insurance Limited, a leading non-life insurance provider in Pakistan, today announced its Board of Directors’ approval of a draft Scheme of Arrangement under Section 279 to Section 282 and Section 285 of the Companies Act, 2017. The scheme outlines the acquisition of the assets and liabilities of the Pakistani Branch of New Hampshire Insurance…
Beware of fraudulent financial activities
The Securities and Exchange Commission of Pakistan (SECP), from time to time, issues public warnings to raise awareness among the general public regarding typologies of potentially fraudulent activities perpetrated by companies or entities/individuals posing as legitimate incorporated persons that come to its attention. The objective is to educate public, enabling them to recognize and avoid…
SECP Chairman unveils commemorative stamp to mark Silver Jubilee of CDC Pakistan
To mark the Silver Jubilee celebrations of Central Depository Company of Pakistan Limited (CDC), Pakistan Post has issued a commemorative postage stamp. SECP Chairman Akif Saeed officiated the event and unveiled the stamp. Akif Saeed lauded CDC’s efforts and perseverance throughout the years and said that “CDC has served as the pride of Pakistan’s capital…
Around 21% banks become Shariah-compliant: Ishaq Dar
Minister for Finance and Revenue Senator Mohammad Ishaq Dar said almost 21 percent of the banks operating in the country had so far been aligned with Islamic laws due to concerted efforts of the policymakers. Addressing Pakistan’s first international conference on “Islamic Capital Markets,” jointly organized by the Security and Exchange Commission of Pakistan (SECP)…
SECP Issues Requirements for Grievance Handling Mechanisms for the Insurance Sector
The Securities and Exchange Commission of Pakistan (SECP) has issued requirements for Grievance Handling Mechanism for the Insurance Sector to ensure effectiveness, robustness, and uniformity in the grievance handling function with the objective of protecting policyholders. The Code of Corporate Governance for Insurers 2016 requires insurers to establish a grievance function. Giving due consideration to…
SECP issues alert for fraudulent investment schemes
The Securities and Exchange Commission of Pakistan (SECP) on Wednesday warned the general public against investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives The Commission has been constantly clarifying that mere registration of a company, does not authorize it to solicit deposits from the general public or offer investment schemes….
SECP registers 1,760 companies in April 2023
The Securities and Exchange Commission of Pakistan (SECP) registered 1,760 new companies in April 2023, bringing the total number of registered companies to 191,924. The total paid-up capital (capitalization) of the companies incorporated in April was Rs 2.9 billion. Approximately 57 percent of businesses were registered as private limited companies, 41 percent as single-member businesses,…