Islamabad, January 8, 2026 — The Securities and Exchange Commission of Pakistan (SECP) on Thursday notified amendments to the Research Analyst Regulations, 2015, reinforcing its commitment to stronger governance, enhanced transparency, and greater market integrity.
According to an SECP press release, the revised regulatory framework aims to help investors make more informed investment decisions while improving disclosure standards and strengthening confidence in Pakistan’s capital markets. The amendments represent a major upgrade to the previous framework, which largely served as a set of guidelines and lacked a formal mechanism for oversight.
Under the amended regulations, registration with the SECP has now been made mandatory for all research analysts. This move introduces a structured and systematic regulatory process, ensuring greater accountability and consistency in the dissemination of research and investment-related information.
The SECP has also addressed the growing influence of social media, where individuals increasingly perform roles similar to research analysts. To tackle this evolving landscape, the amendments introduce specific compliance requirements to ensure that such activities remain fully aligned with regulatory obligations and ethical standards.
In addition, the scope of research reports has been expanded, the blackout period has been extended, and disclosure requirements related to target prices and timelines have been strengthened. The revised regulations also provide greater clarity on white-labelling service providers and introduce a comprehensive code of conduct for research analysts.
The SECP said the amendments were finalized after extensive consultations with key stakeholders, including research analysts, brokerage firms, asset management companies, and relevant industry associations. The regulator published a consultation paper, held multiple stakeholder engagement sessions, and issued draft amendments for public feedback. Based on market input, several refinements were incorporated to improve clarity and practical implementation.
The notification detailing the amended Research Analyst Regulations is available on the SECP’s official website, the press release added.