SECP – AAOIFI to host First International Conference on Islamic Capital Markets
The Securities and Exchange Commission of Pakistan (SECP) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are hosting first international conference on Islamic capital markets. The one-day conference will be held on May 29, 2023, at a local hotel in Islamabad, and is being organized in cooperation with key industry players in…
Adil Aziz
CDC engages industry stakeholders on new e-Voting-related amendments in Companies (Postal Ballot) Regulations, 2018 by SECP
The Securities and Exchange Commission of Pakistan (SECP) has recently made amendments to the Companies (Postal Ballot) Regulations, 2018 whereby the right to vote through an electronic voting facility must be provided to members of every listed company for all businesses classified as a special business under the Companies Act 2017. These amendments have especially…
SECP publishes Digital Lending Applications Whitelist
Pursuant to Google’s updated policy for digital lending apps from Pakistan, the Securities and Exchange Commission of Pakistan (SECP) has published Whitelist of Digital Lending Applications on its website. The Whitelist will serve as reference point for Google to validate regulator’s approved apps before listing them on Play Store with effect from May 31, 2023….
SECP seeks to align Companies Act to promote business growth
In order to align the company law with international best practices and promote business growth and development in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) has initiated a comprehensive review of the Companies Act, 2017. To that end, Mr. Akif Saeed, Chairman of the SECP, has established a Special Com mittee tasked with…
SECP issued diagnostic report on Islamic finance
The Securities and Exchange Commission of Pakistan (SECP) has released a diagnostic report to document key issues and challenges for Islamic finance in the Non-bank financial sector. The report also takes stock of the current state of development of Islamic finance in the country and contains specific recommendations for its promotion. The diagnostic study was…
SECP registers 2,409 new companies in January 2023
The Securities and Exchange Commission of Pakistan (SECP) registered 2,409 new companies in January 2023. The total number of registered companies now stands at 185,173. During the month, a record-breaking 174 companies were registered in a single day. Total capitalization (paid-up capital) with regard to newly incorporated companies for the current month stood at Rs…
SECP for effective implementation of Motor Third Party Liability Insurance
The Securities and Exchange Commission of Pakistan (SECP) has formed a working group to explore the possibilities and mechanism for effective implementation of “Motor Third Party Liability (TPL) Insurance” in the country. The group, comprises industry experts, representatives of Insurance Association of Pakistan (IAP) and SECP officials, will formulate a detailed proposal for effective implementation…
SECP registers 2,374 new companies in December 2022
The Securities and Exchange Commission of Pakistan (SECP) registered 2,374 new companies in December 2022. The total number of registered companies now stands at 183,744. The total capitalization (paid-up-capital) of these companies for the current month stands at Rs 4.1 billion. Foreign investment has been reported in 85 new companies. These companies have foreign investors…
SECP issues Guidelines for Offering Islamic Financial Services, 2023
In a landmark development for the growth of Islamic finance in the non-bank financial sector, the Securities and Exchange Commission of Pakistan has issued Guidelines for Offering Islamic Financial Services, 2023, covering all its regulated sectors. The guidelines are framed to facilitate growth of Shariah-compliant financial products in the financial services market regulated by the…
SECP apprised digital lenders on new regulatory requirements
The Securities and Exchange Commission of Pakistan (SECP) briefed the non-banking finance companies (NBFCs) on improved regulatory requirements, recently imposed through Circular No 15 to address the complaints of mis-selling, inflated charges and undue access to customers data. Senior management of all the licensed NBFCs, engaged in digital lending participated in the online session. Giving…