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…
Adil Aziz
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…
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…
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,…