ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) proposed to make it mandatory for securities brokers to file monthly statements of net capital balance and liquid capital.
The SECP issued draft amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016 issued on Monday. The regulator invited suggestions from the stakeholders within 14 days of draft amendments dated September 25, 2019.
The SECP proposed amendment in regulation 6, in place of sub-regulation (3), the following shall be substituted, namely:
“(3) A securities broker shall file monthly statements of net capital balance and liquid capital with the securities exchange and clearing house computed in a manner specified in Schedule II and III respectively, immediately after coming into force of these regulations, and shall also submit an audited statement of net capital balance as on close of second quarter of its year of accounts and shall also disclose the net capital balance in its annual audited financial statements in accordance with regulation 34.”
In sub-regulation (2) of regulation 34, the following new clause (h) shall be inserted namely:
“(h) amount of net capital balance and its computation in the manner specified in Schedule II.”