SECP ceases guarantees business of Crescent Star insurance Limited
The Securities and Exchange Commission of Pakistan (SECP) has halted Crescent Star Insurance Limited’s (Crescent Star) guarantee business under Section 60 of the Insurance Ordinance, 2000. Crescent Star issued guarantees worth Rs.229 billion without obtaining the necessary collateral or valid reinsurance arrangements. Despite multiple opportunities to comply with regulatory requirements, Crescent Star failed to demonstrate proper collateral and reinsurance cover. Consequently, SECP has directed Crescent Star to cease its guarantee business and fulfill its obligations without rolling over existing guarantees.
Mehfooz
SECP Hosts Second Conference on International Islamic Capital Market in Karachi
The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank Institute (IsDBI) on Wednesday organized the Second International Islamic Capital Market Conference. The event, held in Karachi, themed, “From Tech Transformation to Realizing Sustainability: Building an Islamic Capital Market….
SECP’s WEFP Initiative Aims to Capture 70% of New Clients
The Securities and Exchange Commission of Pakistan (SECP) has unveiled the Women Equality in Finance Policy Framework (WEFP) for Non-Bank Micro Finance Companies (NBMFCs), setting a transformative agenda to enhance women’s financial inclusion and strengthen their role in the economic ecosystem. The policy framework mandates that in next five years 70% of all new clients…
SECP approved Strategic Action Plan 2024-2026 for development of Islamic finance in non-bank financial sector
The Securities and Exchange Commission of Pakistan (SECP) has approved a Strategic Action Plan 2024-2026 to facilitate the growth and development of Islamic finance in non-bank financial sectors. The plan was prepared by the SECP’s apex committee chaired by Mujtaba Ahmed Lodhi, Commissioner-SCD, established in 2023 with representation from the Pakistan Stock Exchange (PSX), Central…
Finance Minister Introduces SECP’s ESG Portal to Enhance Corporate Sustainability
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, officially launched ESG Sustain, a centralized online sustainability portal developed by the Securities and Exchange Commission of Pakistan (SECP) in collaboration with UN Women Pakistan in Islamabad. The launch of ESG Sustain marks a significant milestone under SECP’s ESG Roadmap aimed towards advancing sustainable practices across…
Adil Aziz
Beware! SECP Issues Warning on ‘IGIL Securities’ Fraudulent Activities
The Securities and Exchange Commission of Pakistan (SECP) has identified another illegal trading platform operating under the name “IGIL Securities”.
Editor
SECP announces new regulations for Securities Managers
The Securities and Exchange Commission of Pakistan (SECP) has notified the Securities Managers (Licensing and Operations) Regulations, 2024 with the objective to facilitate investment advisory in the securities market.
SECP achieves milestone with 2,477 new Company Registrations in October 2024
The Securities and Exchange Commission of Pakistan (SECP) registered 2,477 new companies in October 2024. This brings the total number of companies registered in the country to 233,587, reflecting growing confidence in Pakistan’s corporate sector and its continued expansion.
SECP Inaugurates Pakistan’s Innovative Start-Up Summit
The Securities and Exchange Commission of Pakistan (SECP) inaugurated Pakistan’s first-ever start-up summit in Karachi to empower innovation and economic growth.
Muhammad Aurangzeb Inaugurates SECPs Electronic Mortgage Register for Banks and Financial Institutions
Federal Minister for Finance and Revenue, Muhammad Aurangzeb launched SECPs Electronic Mortgage Register of Companies, a landmark initiative designed to provide a centralized system for accessing and verifying mortgage information of companies.