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Tag: SECP

  • SECP directs life insurers to provide details of window Takaful operations

    SECP directs life insurers to provide details of window Takaful operations

    ISLAMABAD: Securities and Exchange Commission (SECP) has directed life insurers to provide details of their Family Takaful operations.

    The SECP issued Circular No. 15 dated November 18, 2019 and amended rules for financial reporting of family window Takaful operations by life insurers.

    The regulator amended the rules and directed to insurance companies having window Takaful operations to:

    — report its assets, liabilities, revenues and expenses separately for each segment of its conventional business and Takaful business;

    — to comply with the provisions of these rules or such other conditions as may be imposed by the Commission from time to time.

    The SECP under Takaful Rules 2012 also imposed following conditions on life insurers related to financial reporting of their window Takaful operations:

    1. Life insurers authorized to carry on window takaful operations shall include the Family Takaful results in their published financial statements as follow:

    a. The assets and liabilities of the window family takaful operations shall be consolidated with the assets and liabilities of the conventional operations in the statement of financial position of the life insurer.

    b. The incomes and expenses of the window family takaful operations shall be consolidated with the incomes and expenses of the conventional operations in the profit and loss account of the life insurer.

    c. Supporting notes where considered necessary for understanding of the users of financial statements shall be included as part of the notes to the financial statements; and

    d. The segment disclosure for Family Takaful Operations in accordance with the requirements of IFRS 8- Operating Segments shall be included in the financial statements.

    The SECP further directed that in the financial statements the retained earnings of the Participant Takaful Fund (PTF) shall be classified as insurance liability and included in the total liabilities of the Window Family Takaful Operations. Balance of the Operator Sub-Funds under the Window Family Takaful operations, shall be classified as part of shareholders’ equity of the life insurer presented separately into (i) retained earnings attributable to shareholders – ledger account D; and (ii) other components.

    The regulator further directed that life insurers shall separately prepare financial statements for Family Takaful operations as if these are carried out by a standalone Takaful Operator and shall be annexed with the insurer’s annual/interim report (as applicable). Supporting notes where considered necessary for understanding of the users of separate financial statements shall be included as part of the notes to the separate financial statements.

    “Accordingly, all life insurers undertaking Family Takaful business through window operations are directed to ensure that the financial statements for the periods commencing January 01, 2020 with the SECP under the provisions of applicable laws are in compliance with the conditions placed above.”

  • SECP warns public against investing in ponzi schemes

    SECP warns public against investing in ponzi schemes

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday warned general public not to invest in fraudulent investment and ponzi schemes that are promising hefty profits and unrealistic incentives to trap innocent people.

    The SECP said that it has come to the regulator knowledge that companies namely M/s. BH Online Jobs (SMCPrivate) Limited, Corporate Automobiles (Private) Limited and Best Day Innovative Solutions (Private) Limited are engaged in unauthorized and dubious business activities.

    The SECP received numerous complaints that these companies are offering investment plans such as leasing/financing of cars, motorcycles, houses etc. and involved in illegal banking business without lawful authority.

    These activities are prohibited and contrary to the object clause of their Memorandum of Association.

    These entities trap people by offering high rates of return with little risk to investors.

    They market their schemes through local newspapers, social media, websites and pamphlets etc.

    The SECP has already initiated legal proceedings for winding up these companies.

    Moreover, the SECP has also received a number of complaints and queries regarding an entity B4U.

    This entity is raising unauthorized deposits from the general public in the name of different investment plans.

    It is clarified that “B4U Trades” is not registered with the SECP.

    The general public is hereby cautioned in their own interest and advised not to be misled by such schemes.

    This warning is being issued to safeguard the interests of all stakeholders, who are presently dealing with these businesses.

    The SECP has time and again clarified that mere registration of a company with it, does not necessarily mean that these companies are allowed to take illegal deposits from general public.

  • Half of registered companies not complying with mandatory return filing

    Half of registered companies not complying with mandatory return filing

    ISLAMABAD: Almost half of the companies registered with Securities and Exchange Commission of Pakistan (SECP) have been found as non-compliant in mandatory income tax return filing.

    The Year Book 2018/2019 of Federal Board of Revenue (FBR) revealed that 43,246 corporate returns were filed for Tax Year 2018.

    However, the official details shared by SECP showed that it registered 87,622 companies by June 30, 2018.

    According to Section 114 of Income Tax Ordinance, 2001 it is mandatory for every company to file annual income tax return.

    The statistics of FBR’s Year Book 2018/2019, however, revealed that corporate return filing was gradually increasing.

    However, despite all efforts the corporate return filing was increased to 43,246 for Tax Year 2018, which was 38,417 in Tax Year 2017 and 35,504 in Tax Year 2016.

    The overall income tax return filing has witnessed sharp increase in tax year 2018. The FBR data showed that the total return filing increased to 2.66 million in tax year 2018 as compared with 1.89 million in tax year 2017, showing 41 percent increase.

    The significant growth was seen in return filing by individuals. The individuals including salary and business filed 2.56 million annual returns for tax year 2018 as compared with 1.79 million in tax year 2017, showing 42.4 percent increase.

    The FBR said that in past the trend for filing of income tax returns has not been satisfactory in Pakistan.

    Keeping in view very low compliance, FBR had initiated a Broadening of Tax Base (BTB) drive few years ago, which has not started paying dividends in shape of growth in the number of filers.

    The income tax returns which were just 1.5 million in tax year 2016 have crossed the two million mark first time in the history of FBR.

    During tax year 2017 the number of income tax filers reached to 1.9 million and in tax year 2018 increased to 2.2 million.

    During TY 2018 the number of return filers increased by 17.1 percent or 316,526 in absolute terms.

    This performance in terms of number of returns is satisfactory but payment with returns has a meager growth of 3.0 percent, which is the matter of concern.

  • SECP approves regulations for small companies to raise capital

    SECP approves regulations for small companies to raise capital

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has approved listing regulations for small companies to raise funds through capital markets.

    A statement on Tuesday said that the SECP had approved the Growth Enterprise Market Listing Regulations to enable Small and Medium Enterprises (SMEs), Green field projects, Not for Profit and other companies to raise capital through capital markets conveniently.

    SECP has advised Pakistan Stock Exchange (PSX) to arrange publication of new regulations in the official Gazette of Pakistan to replace PSX’s existing regulations governing listing and trading of equity securities of SMEs.

    The Growth Enterprise Market regulations designed especially to facilitate small enterprises, startups and green field companies that are aspiring to raise funds through capital markets but cannot fulfill the cumbersome conditions for listing on the Main Board of PSX.

    Hence, in addition to the main board of PSX, the Growth Enterprise Market (GEM) will be a second board at PSX for listing and trading of equity securities. However, the trading screen for both boards will be same.

    The new board provides a more conducive regulatory environment as compared to the main board.

    For listing on GEM board, any public limited company having audited accounts for the last two financial years and post issue paid up capital of at least Rs25 million is eligible.

    The minimal fee for listing on GEM board is Rs50,000, that is significantly low as compare to listing on PSX main Board, where minimum listing fee is Rs200,000.

    Moreover, to facilitate the issuers, any person licensed with the SECP as securities broker or consultant to the issue can act as Advisor.

    The issuer may offer, by way of information memorandum, only 10 percent of the post issue paid up capital to the eligible investors. The said board also allows green field project and non-profitable companies to raise funds.

    Moreover, the companies listed on GEM board may graduate to the main board subject to the fulfillment of prescribed criteria. However, reverse migration is not allowed.

    In order to create liquidity on the GEM board, the concept of eligible investor has been introduced and minimum lot size has been linked with the main board of the PSX, which is currently 500 shares.

    Eligible investor includes all institutional investors and eligible individual investors registered with NCCPL that have financial strength or expertise.

    The post listing requirements of GEM board are also relaxed as compared to the main board such as non-applicability of code of corporate governance, submission of half yearly progress report as compared to quarterly progress report.

  • SECP introduces concept of trading only brokers for expanding investor base

    SECP introduces concept of trading only brokers for expanding investor base

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has introduced a concept of trading only brokers for expanding investor base at the capital market.

    In the proposed regime, to provide maximum facilitation to small sized brokers, which would be categorized as trading only brokers and shall not retain custody of client assets, the minimum capital requirements for a brokerage license are being reduced to Rs15 million, said a statement issued by the SECP on Wednesday.

    Further, such brokers shall have the flexibility to have a satisfactory QCR rating auditor. These brokerage houses would be allowed to carry out transactions in all markets, including derivatives and leveraged products, with no restriction on number of branches, the SECP said.

    It said that the SECP had undertaken a reform agenda to revitalize the capital market and promote expansion of investor base. It is felt that small and medium sized brokerage houses, alongside large ones, have a critical role to play in this regard.

    Based on representations received from various stakeholders including small sized brokers and recommendations of the Stock Market Reform Committee, the SECP issued a concept paper to introduce categorization of brokers for addressing the issue of custody of client assets.

    This concept is in line with international best practices and tailored to local market requirements, it added.

    The SECP said that under the proposed concept the small sized brokers would be allowed to provide securities and futures advisory services by charging a fee and sell/distribute financial products and also act as consultants to the issue.

    Several compliance requirements relating to client asset segregation, clearing membership, depository participants etc. shall not be applicable on trading only brokers and they would also not be subject to multiple audits/inspections during a year.

    For promoting ease of doing business for small sized brokerage houses, the SECP had earlier removed the requirement to provide separate net capital balance certificates which is now required to be made part of audited accounts of brokers. Requirement for auditors to provide limited assurance report of brokers has also been abolished.

    Furthermore, two additional categories i.e. trading and clearing broker and trading and self clearing broker have been proposed which shall be subject to enhanced net worth, corporate governance, compliance and rating requirements as they would be retaining custody of clients assets.

  • SECP softens regulatory regime for rating companies

    SECP softens regulatory regime for rating companies

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has softened regulatory regime for credit rating companies through amendments in the Credit Rating Companies Regulations, 2016.

    A statement issued on Friday, the SEPC said that Credit Rating Agencies (CRAs) play vital role in development of financial markets and conduct independent, professional and impartial assessment of the credit risk associated with a particular instrument or a corporate entity.

    The Securities Exchange Commission of Pakistan, to provide more conducive regulatory environment to Credit Rating Companies (CRCs) has introduced amendments in the Credit Rating Companies Regulations, 2016.

    The amendments have been designed while considering the dynamics of local industry and international best practices. The changes in regulatory framework aim at providing ease of doing business and promoting rating business without compromising quality of ratings.

    To provide the ease of doing business and reduce cost of business, the SECP has abolished the requirements for disengagement period of two years for private ratings, submission of annual accounts of associated concerns and obtaining documents relating to default status of associated concern.

    In addition, the requirements for submission of industry specific studies, additional copies of application, submission of updated resume, and dissemination of the financial statements of CRCs on their website also removed. In order to reduce cost of doing business, the SECP has waived fee to be paid at the time of permission and renewal of license. Further, the fee at the time of grant of licnese has been reduced from Rs1,000,000 to Rs100,000 only.

    To encourage new professional entrants with extensive research experience, individuals have been allowed to hold 40% of shareholding of Credit Rating Company.

    To ensure that CRCs focus on their core function, CRCs have been allowed to outsource their internal audit and compliance functions to independent chartered accountants firms.

    The regulations would result in reducing regulatory burden on CRCs with special emphasis upon building structural strength leading to enhancing the credibility of processes and procedure associated with the credit rating.

  • SECP registration reaches to 105,407 companies

    SECP registration reaches to 105,407 companies

    ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) has topped at 105,407 with addition of 1,392 new companies in September 2019, according to a statement issued on Friday.

    The SECP registered a total 1,392 new companies in September 2019, raising the total number of incorporated companies to 105,407.

    The incorporation in September 2019 comprises 69 percent private limited, 27 percent single member companies.

    The remaining 4 percent companies include public unlisted companies, trade organizations, foreign companies, Limited Liability Partnership (LLP) and not for profit associations.

    During the month, 51 new companies have been incorporated with foreign shareholders mainly from China, Denmark, Germany, Hong Kong, Japan, Korea South, Malaysia, the Netherlands, Nigeria, Poland Singapore, South Africa, Switzerland, Turkey, the UAE, UK the US and Yemen.

    Digital solutions deployed by the regulator made companies registration and post incorporation compliance simple, faster and cost effective.

    In September 2019, 96 percent of companies registered online through SECP’s eService and 50 percent of companies incorporated the same day.

    Most importantly, 85 foreign applicants completed registration of companies from overseas using eService.

    In new registrations, trading sector took lead with 239 companies, construction and services with 173 each, information technology with 148, tourism with 79 and real estate development with 54 companies.

    Similarly, 52 companies were registered in food and beverages, 48 in education 38 each in engineering and textile, 37 in corporate agricultural farming, 32 in marketing, 24 in transport, 21 in healthcare, and pharmaceutical each, 20 in communication, 17 companies registered in logging.

    Moreover, 16 companies were each from chemical, auto and allied, cosmetics and toiletries, and steel and allied sector and 15 each, power generation with 13, broadcasting and telecasting with 12 and 92 companies were registered in other sectors.

    During the month, the highest numbers of companies i.e. 503 were registered in CRO Islamabad.

    The CROs in Lahore, Karachi, Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered, 413, 247, 78, 69, 40, 28, 12 and 2 companies respectively.

    The increasing trend in online registration of companies demonstrates success of reforms and digitalization recently undertaken by SECP. It is to emphasize that through SECP’s eService, registration of a company is now a simple one-step procedure that can be completed within four working hours.

    The steps of company name reservation, incorporation application, appointment of Chief Executive Officer are now merged. By providing additional information in online company incorporation form, a company can also get registration with FBR, EOBI and provincial social security, labor department and excise & taxations departments of Punjab and Sindh.

    Moreover, the browser compatibility of SECP’s eServcies portal has also been improved to match with all commonly used browsers.

  • Financial institutions report 219 suspicious transactions since AML/CFT regulatory framework launch: SECP

    Financial institutions report 219 suspicious transactions since AML/CFT regulatory framework launch: SECP

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has said around 219 Suspicious Transactions Reports (STRs) have been generated by financial institutions since launch of its Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) regulatory framework.

    The SECP in a statement on Thursday said that its risk based approach for effective implementation of AML/CFT regulatory framework ensued significant improvement in filing of Suspicious Transactions Reports (STR) with FMU.

    To align itself with FATF’s standards (40 recommendations), SECP developed a single set of regulations namely SECP AML/CFT Regulations in June 2018.

    SECP also developed a comprehensive guideline to help regulated persons in creating an effective AML/CFT risk assessment and compliance framework.

    Since the promulgation of consolidated AML/CFT regulations, the financial institutions have generated a total of 219 STRs, as compared to only 13 in the last eight years.

    The SECP conducted 167 inspections focusing on AML/CFT compliance in the cases of 72 Securities Brokers, 27 NBFCs, 13 Insurance Companies and 55 High Risk NPOs.

    Significant penalties have been imposed for non-compliances with the said Regulations.

    Financial Institutions have undertaken remedial measures to ensure effective compliance with the said Regulations. Automated screening software has been deployed by many Financial Institutions to screen the proscribed persons.

    The regulated entities now also have access to GoAML system of the FMU for online filing of STR.

    The SECP successfully made transition from one-size fits all to a risk based approach to implement a consolidated AML/CFT regulatory framework in its regulated financial sector comprising of stock and commodity brokers, NBFCs, Modarabas and the Insurers/Takaful operators.

    Further to effectively identify assess and understand the ML/TF risks that Pakistan faces, a National ML/ TF Risk Assessment was undertaken in 2019 to assess ML/TF vulnerabilities that are inherent within the financial sector including banking, NBFC, brokers and insurance.

    NRA aimed to put in place actions and control measures to mitigate those risks. FMU led the task in collaboration with stakeholders including ministries, law enforcement agencies, SBP and SECP.

    The risk assessment and understanding enabled SECP and the regulated entities to implement the much needed control mechanism to check potential abuse by money launderers and terrorist financiers.

    Subsequent to NRA, SECP embarked on a comprehensive awareness raising program to develop the risk understanding and AML Obligations of the regulated sectors and shared the NRA 2019 with its regulated sectors.

    SECP’s continuous efforts have resulted in improvement in compliance level of the regulated entities and effective control measures are now implemented to combat money laundering and terrorist financing.

    The SECP has also revamped its overall risk based supervisory mechanism and works closely with national stakeholder’s inter-alia FMU, SBP etc. for mutual peer review and evaluation of SECP’s regulated financial sector.

    Eversince the Commission has adopted a risk-based approach to supervision and monitoring in the area of AML/CFT, it has completed sector risk assessment and enhanced risk based supervisory activities encompassing all high-risk entities and is spreading the scope of supervision to next tier moderate risk entities.

    Remedial actions and dissuasive sanctions on non-compliance are now part of it’s enforcement regime.

    Recently, the Asia-Pacific Group of Money Laundering (APG) has adopted Pakistan’s Mutual Evaluation Report (MER) in its 22nd Annual Meeting held in Canberra, Australia from 18-23 August 2019, which has now been uploaded on APG’s website as per procedure.

    It is pertinent to mention that Pakistan’s Mutual Evaluation Report (MER) provides a summary of the AML/CFT measures in place in Pakistan as of October 2018.

    A large component of the above reforms were implemented after October 2018 and are not reflected in the MER published now by APG.

  • SECP revokes licenses of 22 not for profit companies; total cancellation tops 319

    SECP revokes licenses of 22 not for profit companies; total cancellation tops 319

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has cancelled licenses of 22 Not for Profit Companies during first quarter of the current fiscal year. The regulator so far revoked licenses of 319 charitable and non-profit organizations (NPOs).

    In a statement issued on Wednesday the SECP that the licenses were revoked for non-compliant of statutory requirements i.e. non-filing of financial statements and annual returns. Some of them were dormant since incorporation.

    These companies licensed under section 42 of the Companies Act. Upon revocation of license, these companies have to follow the procedure for their winding up voluntarily and in case of having no assets and liabilities they shall apply for striking their names off the register of the companies in terms of section 43 of the Companies Act, 2017 read with the Associations with Charitable and Not for Profit Objects Regulations, 2018.

    Sr.No.CRO NameCompany NameDate of Revocation of License
    1KarachiABDUL FOUNDATION9-Jul-15
    2LahoreAGRO-FORESTRY FOUNDATION FOR POVERTY ALLEVIATION1-Feb-16
    3IslamabadAKBAR ZUBAIDAH GHANI FOUNDATION9-Jul-15
    4LahoreAKHTAR A. AWAN FOUNDATION6-Apr-15
    5QuettaAL-KHALIQ FOUNDATION6-Apr-15
    6LahoreALL PAKISTAN KITE FLYING ASSOCIATION9-Jul-15
    7KarachiALLIED FOUNDATION9-Jul-15
    8IslamabadANSARI WELFARE FOUNDATION OF PAKISTAN9-Jul-15
    9IslamabadASIAN HUMAN RIGHTS DEVELOPMENT ORGANIZATION6-Apr-15
    10IslamabadASSOCIATION FOR FAIR TRADE IN PAKISTAN6-Apr-15
    11IslamabadASSOCIATION OF CHINESE ENTERPRISES IN PAKISTAN6-Apr-15
    12IslamabadAVERROES FOUNDATION6-Apr-15
    13IslamabadBILAWAL FOUNDATION9-Jul-15
    14IslamabadCENTRE FOR POLICY ALTERNATIVES9-Jul-15
    15IslamabadCHAUDHRI MOHAMMAD ALI FOUNDATION9-Jul-15
    16LahoreCINEMA OWNERS FOUNDATION6-Apr-15
    17PeshawarCITIZEN COMMUNITY COORDINATION FOR DEVELOPMENT9-Jul-15
    18LahoreCLAY PIGEON SHOOTING ASSOCIATION OF PAKISTAN9-Jul-15
    19LahoreCLIMAX FOUNDATION6-Apr-15
    20IslamabadCOMMUNITY LIFE NETWORK6-Apr-15
    21IslamabadCOMPREHENSIVE DISASTER RESPONSE SERVICES6-Apr-15
    22KarachiCUPOLA CARES FOUNDATION1-Feb-16
    23PeshawarDA RORR LASS6-Apr-15
    24LahoreDAR-UL-ISLAM AL-KHAIRYIA FOUNDATION6-Apr-15
    25IslamabadDEVELOPMENT ASSISTANCE NETWORK6-Apr-15
    26IslamabadDHAI EDUCATION FOUNDATION9-Jul-15
    27PeshawarDOSTI DEVELOPMENT FOUNDATION6-Apr-15
    28IslamabadDR. SHAUKAT HAROON FOUNDATION6-Apr-15
    29LahoreEARLSFIELD FOUNDATION6-Apr-15
    30IslamabadEDUCACY FOUNDATION9-Jul-15
    31IslamabadENGINEERS’ FOUNDATION9-Jul-15
    32IslamabadENVIRONMENT WATCH6-Apr-15
    33IslamabadFOCUS PAKISTAN FOUNDATION29-Jan-16
    34IslamabadFOUNDATION FOR INTELLECTUAL PROPERTY, AWARENESS & RESEARCH9-Jul-15
    35IslamabadFOUNDATION FOR SOCIOECONOMIC EMPOWERMENT AND DEVELOPMENT9-Jul-15
    36LahoreFRIENDS HUMANITY TRUST9-Jul-15
    37IslamabadFUNDS FOR INCLUSION OF PEOPLE WITH DISABILITIES9-Jul-15
    38PeshawarGADOON AMAZAI RURAL AREA SUPPORT PROGRAM6-Apr-15
    39MultanGLOBAL ORGANIZATION FOR HUMAN EMPOWERMENT AND RIGHTS9-Jul-15
    40IslamabadGLOBAL RESEARCH FOUNDATION6-Apr-15
    41PeshawarGLOBAL RESOURCES FOR SOCIAL DEVELOPMENT6-Apr-15
    42LahoreGOLF PLAYERS ASSOCIATION6-Apr-15
    43KarachiGREEN VIEW FOUNDATION9-Jul-15
    44KarachiHABIB FOUNDATION9-Jul-15
    45LahoreHAZRAT KHADIJAH SADIA EDUCATIONAL FOUNDATION6-Apr-15
    46LahoreHELMS FOUNDATION6-Apr-15
    47IslamabadHELPCOUNTS FOUNDATION6-Apr-15
    48IslamabadHINA AND NAYHA DISASTER SERVICES, PAKISTAN9-Jul-15
    49LahoreHOSPITAL WASTE MANAGEMENT9-Jul-15
    50LahoreHUM LOGE9-Jul-15
    51IslamabadHUMAN AID FOCUS6-Apr-15
    52IslamabadHUMAN INFRASTRUCTURE DEVELOPMENT PROGRAM6-Apr-15
    53IslamabadHUMAN RELIEF ORGANIZATION29-Jan-16
    54LahoreHUMAN RIGHTS FOUNDATION6-Apr-15
    55SukkurHUMAN SAFETY FOUNDATION9-Jul-15
    56LahoreHUMANITY CARE STIFTUNG6-Apr-15
    57IslamabadHUM-QADAM FOUNDATION6-Apr-15
    58LahoreIDARAH TAAMIR E MILLAT6-Apr-15
    59PeshawarIDRAK9-Jul-15
    60IslamabadIKI HUMAN WELFARE FOUNDATION9-Jul-15
    61KarachiINSTITUTE OF CHARTERED SECRETARIES & MANAGERS24-Aug-15
    62KarachiINSTITUTE OF MARKETING MANAGEMENT24-Aug-15
    63IslamabadINSTITUTE OF SOCIAL ANALYSIS AND RESEARCH9-Jul-15
    64KarachiINSTITUTE OF SURVEYORS AND LOSS ADJUSTORS OF PAKISTAN29-Jan-16
    65KarachiINSTITUTE OF TAXATION MANAGEMENT24-Aug-15
    66LahoreISLAMIC WELFARE FOUNDATION9-Jul-15
    67IslamabadJAMIL MALIK FOUNDATION7-Sep-15
    68IslamabadJAVED TARIQ MEMORIAL TRUST30-Dec-15
    69KarachiKARACHI CHAMBER HOSPITAL9-Jul-15
    70KarachiKARACHI CRICKET ASSOCIATION9-Jul-15
    71KarachiKASSIM DADA EDUCATION & WELFARE FOUNDATION9-Jul-15
    72PeshawarKURRAM RURAL SUPPORT ORGANISATION9-Jul-15
    73MultanLIVESTOCK BREEDERS & DAIRY FARMERS ASSOCIATION9-Jul-15
    74IslamabadMANZIL FOUNDATION6-Apr-15
    75IslamabadMASS DEVELOPMENT FOUNDATION6-Apr-15
    76FaisalabadMCMANUS NARU TRUST6-Apr-15
    77IslamabadMETUPAK FOUNDATION6-Apr-15
    78LahoreMIAN GHULAM NABI TRUST6-Apr-15
    79IslamabadMISSION UNTO LIGHT6-Apr-15
    80IslamabadMOHSIN FOUNDATION6-Apr-15
    81IslamabadMOHTARMA CHANNABAI OF CHAKORA MEMORIAL (CHARITABLE) TRUST6-Apr-15
    82IslamabadMULLACH FOREST AND COMMUNITY DEVELOPMENT ORGANIZATION9-Jul-15
    83IslamabadNASEEM HIJAZI SOCIAL DEVELOPMENT NETWORK9-Jul-15
    84IslamabadNATIONAL INSTITUTE OF WTO & INTERNATIONAL TRADE LAWS6-Apr-15
    85IslamabadNAWAB FARID KHAN DEVELOPMENT FOUNDATION6-Apr-15
    86IslamabadNAZARIYA PAKISTAN COUNCIL9-Jul-15
    87MultanNISHTAR MEDICAL FOUNDATION9-Jul-15
    88IslamabadNOOR-E-JAHAN6-Apr-15
    89LahoreORCO FOUNDATION6-Apr-15
    90IslamabadORGANIZATION FOR REHABILITATION OF DISABLED PERSONS6-Apr-15
    91PeshawarPAKISTAN AGRO CULTURE AND ENVIRONMENT FOUNDATION6-Apr-15
    92IslamabadPAKISTAN AIDS CONTROL FEDERATION6-Apr-15
    93IslamabadPAKISTAN ASSOCIATION FOR FREE FLYING6-Apr-15
    94IslamabadPAKISTAN COMPLIANCE INITIATIVE6-Apr-15
    95IslamabadPAKISTAN CRICKET COUNCIL FOR THE BLIND6-Apr-15
    96IslamabadPAKISTAN EDUCATION ALLIANCE6-Apr-15
    97LahorePAKISTAN HEART FOUNDATION9-Jul-15
    98LahorePAKISTAN HORSE BREEDERS ASSOCIATION9-Jul-15
    99IslamabadPAKISTAN HORSE BREEDERS, EQUESTRIAN AND RACING FOUNDATION29-Jan-16
    100LahorePAKISTAN INSTITUTE OF FASHION AND DESIGN9-Jul-15
    101LahorePAKISTAN MARKAZI ANJUMAN RAJPUTAN6-Apr-15
    102KarachiPAKISTAN POLAND BUSINESS FORUM9-Jul-15
    103IslamabadPAKISTAN RURAL SUPPORT PROJECT9-Jul-15
    104KarachiPAKISTAN SCRABBLERS ASSOCIATION9-Jul-15
    105LahorePARWAAZ FOUNDATION6-Apr-15
    106IslamabadPEACE AND DEVELOPMENT FOUNDATION9-Jul-15
    107IslamabadPEACE EDUCATION FOUNDATION9-Jul-15
    108LahorePEPSI FOUNDATION PAKISTAN9-Jul-15
    109IslamabadPMKS FOUNDATION9-Jul-15
    110LahorePRESBYTERIAN PROPERTY TRUST IN PAKISTAN6-Apr-15
    111IslamabadPSY FOUNDATION6-Apr-15
    112LahorePUNJTAN PAK WELFARE TRUST6-Apr-15
    113IslamabadQUOMI WELFARE FOUNDATION9-Jul-15
    114LahoreRAJPUT BHATTI ASSOCIATION OF PAKISTAN9-Jul-15
    115LahoreRANA MOHAMMAD SARWAR KHAN TRUST6-Apr-15
    116FaisalabadRASHIDA MUHAMMAD ALI FOUNDATION9-Jul-15
    117IslamabadRAWALPINDI-ISLAMABAD CUSTOMS AGENTS ASSOCIATION9-Jul-15
    118IslamabadRIFFAH FOUNDATION6-Apr-15
    119IslamabadROSHNI FOUNDATION6-Apr-15
    120IslamabadSAFE HANDS6-Apr-15
    121IslamabadSAFWAN FOUNDATION6-Apr-15
    122LahoreSAIBAN COMMUNITY FOUNDATION29-Jan-16
    123FaisalabadSARWAR FOUNDATION9-Jul-15
    124IslamabadSHAHEED ZULFIKAR ALI BHUTTO FOUNDATION9-Jul-15
    125IslamabadSOCIAL AND MORAL AWARENESS FOR YOUTH9-Jul-15
    126IslamabadSPORTS DEVELOPMENT FOUNDATION6-Apr-15
    127LahoreSUFNA FOUNDATION9-Jul-15
    128LahoreSULTAN-UL-ARFEEN DEVELOPMENT NETWORK6-Apr-15
    129IslamabadSUPPORT FOR HEALTH AND DEVELOPMENT ENDEAVOURS9-Jul-15
    130KarachiSURVEYORS & ADJUSTERS ASSOCIATION OF PAKISTAN9-Jul-15
    131IslamabadSYNERGY FOR HEALTH & EDUCATION9-Jul-15
    132KarachiTHE EDUCATION FOUNDATION9-Jul-15
    133IslamabadTHE GUL RANO FOUNDATION6-Apr-15
    134IslamabadTHE IQBAL INTERNATIONAL INSTITUTE FOR RESEARCH, EDUCATION AND DIALOGUE6-Apr-15
    135IslamabadTHE KARAM BAKHSH AWAN TRUST6-Apr-15
    136KarachiULTRASOUND SOCIETY OF PAKISTAN9-Jul-15
    137IslamabadUMEED FOUNDATION29-Jan-16
    138IslamabadWATAN FOUNDATION6-Apr-15
    139IslamabadWILDLIFE REHABILITATION FOUNDATION6-Apr-15
    140IslamabadWTR FOUNDATION9-Jul-15
    141KarachiZULFIQAR ALI BHUTTO SPORTS FOUNDATION9-Jul-15
    142LahoreA.N.K RANA FOUNDATION3-Sep-15
    143IslamabadAGRICULTURE & LIVESTOCK TRAINING FOUNDATION9-May-16
    144IslamabadAL AMANAH FOUNDATION10-May-16
    145KarachiAWAZ-E-DIL FOUNDATION24-Mar-16
    146IslamabadCENTER FOR CHANGE24-Mar-16
    147IslamabadCENTER FOR CULTURAL DIALOGUE & RESEARCH9-May-16
    148LahoreCONSERVATION AND HUNTING ASSOCIATION OF PAKISTAN9-May-16
    149IslamabadDARMAAN WELFARE FOUNDATION25-May-16
    150LahoreFARZ FOUNDATION25-May-16
    151IslamabadFIRST STEP FOUNDATION24-Mar-16
    152IslamabadFOUNDATION FOR BETTER TOMORROW1-Apr-16
    153IslamabadFOUNDATION FOR RESEARCH AND SOCIO – ECOLOGICAL HARMONY10-May-16
    154IslamabadFURQAN EDUCATION FOUNDATION14-Apr-16
    155IslamabadGerman Shepherd Dog Club Of Pakistan29-Apr-16
    156LahoreGLOBAL FOUNDATION FOR SME CLUSTER DEVELOPMENT24-Mar-16
    157MultanINSAN FOUNDATION24-Mar-16
    158IslamabadKOHSAR PROGRESSIVE FOUNDATION2-Jun-16
    159IslamabadLET’S SERVE HUMANITY8-Jun-16
    160KarachiMADAD FOUNDATION13-Jul-16
    161IslamabadNASRA SATTAR FOUNDATION25-May-16
    162LahorePAKISTAN INSTITUTE OF COST AND CONTRACTS14-Apr-16
    163IslamabadPASSENGER WELFARE FOUNDATION24-Mar-16
    164IslamabadPAVING PATHS FOUNDATION9-May-16
    165IslamabadPEHCHAN24-Mar-16
    166KarachiAL-RIAZ FOUNDATION6-Apr-15
    167KarachiANJUMAN-E-KAKEZAIAN KARACHI (PAK)6-Apr-15
    168IslamabadASIAN INSTITUTE OF TRADE AND DEVELOPMENT9-Jul-15
    169KarachiASSOCIATION OF ROAD USERS OF PAKISTAN6-Apr-15
    170KarachiBALOCH WELFARE ASSOCIATION OF PAKISTAN6-Apr-15
    171KarachiBSA FOUNDATION6-Apr-15
    172KarachiCHIRAGH TAJ ASSOCIATION6-Apr-15
    173KarachiCONSUMERS FOUNDATION6-Apr-15
    174KarachiFEDERATION OF CHINIOT COMMUNITY6-Apr-15
    175KarachiFRIENDS SANS FRONTIERS6-Apr-15
    176KarachiGREY GROUP FOUNDATION6-Apr-15
    177KarachiINTERNATIONAL CENTRE FOR SCIENCE TECHNOLOGY6-Apr-15
    178KarachiKARASONS FOUNDATION6-Apr-15
    179KarachiKASSIM FOUNDATION6-Apr-15
    180KarachiMEDICAID FOUNDATION6-Apr-15
    181KarachiMOHAMMED AHMED RANGOONWALA FOUNDATION6-Apr-15
    182KarachiMOTAMAR FOUNDATION6-Apr-15
    183KarachiMSJ RESEARCH INSTITUTE6-Apr-15
    184KarachiMUSLIM INSTITUTE6-Apr-15
    185KarachiNATIONAL LITERACY FOUNDATION6-Apr-15
    186KarachiPAKISTAN ASSOCIATION OF CREDIT MANAGEMENT6-Apr-15
    187KarachiPAKISTAN DEAF SPORTS COUNCIL6-Apr-15
    188KarachiPAKISTAN EYE FOUNDATION6-Apr-15
    189KarachiPAKISTAN GENERAL HAWKER’S UNION6-Apr-15
    190KarachiPAKISTAN HONG KONG BUSINESS FORUM9-Jul-15
    191KarachiPAKISTAN INSTITUTE OF CITY & REGIONAL PLANNING6-Apr-15
    192KarachiPAKISTAN JOCKEYS ASSOCIATIONS LIMITED6-Apr-15
    193KarachiPETROLEUM FOUNDATION6-Apr-15
    194KarachiPOLKA FOUNDATION6-Apr-15
    195KarachiPROFESSIONAL EDUCATION FOUNDATION6-Apr-15
    196KarachiSAFI QURESHEY FOUNDATION6-Apr-15
    197KarachiSHARF-E-HAYAT FOUNDATION6-Apr-15
    198KarachiSHIKARIS ASSOCIATION6-Apr-15
    199KarachiSULTAN MOHAMMAD SHAH FOUNDATION6-Apr-15
    200KarachiTHE HAVEN FOUNDATION6-Apr-15
    201KarachiTHE SOLAR ENERGY AWARENESS SOCIETY6-Apr-15
    202KarachiTRADE & TRANSPORT FACILITATION COUNCIL6-Apr-15
    203KarachiUNITED RELIEF AND DEVELOPMENT FOUNDATION6-Apr-15
    204KarachiVERA FOUNDATION6-Apr-15
    205KarachiYADGARE HUSAINI COUNCIL6-Apr-15
    206KarachiYAQEEN EDUCATION FOUNDATION6-Apr-15
    207KarachiYOUNG MEN’S CHRISTIAN ASSOCIATION6-Apr-15
    208KarachiZAIDI ABID FOUNDATION6-Apr-15
    209PeshawarPINE RURAL AREA DEVELOPMENT ORGANIZATION14-Apr-16
    210IslamabadRADIO LIVESTOCK PAKISTAN14-Apr-16
    211IslamabadROOTS EDUCATION FOUNDATION1-Apr-16
    212IslamabadSOHNI DHARTI FOUNDATION24-Mar-16
    213KarachiTEACH FOR PAKISTAN15-Jun-16
    214IslamabadUMEED-E-SAHER FOUNDATION24-Mar-16
    215IslamabadWHITE CRESCENT FOUNDATION8-Jun-16
    216KarachiZAKRIA FOUNDATION14-Apr-16
    217IslamabadMAIRAJ FOUNDATION22-Jul-16
    218IslamabadPRIME MINISTER’S EDUCATION ENDOWMENT FUND FOR BALOCHISTAN23-Aug-16
    219SukkurGENCO EMPLOYEES HOUSING FOUNDATION10-Nov-16
    220IslamabadFATA RURAL SUPPORT PROGRAMME9-Jul-15
    221IslamabadABDUL SATTAR FOUNDATION1-Nov-16
    222IslamabadRADIANCE WELFARE FOUNDATION1-Nov-16
    223PeshawarMalakand Welfare Foundation26-Dec-16
    224IslamabadNAFEES FOUNDATION26-Dec-16
    225LahoreRESEARCH INSTITUTE OF NATURAL RESOURCES OF PAKISTAN30-Jan-17
    226KarachiBENAZIRABAD INDUSTRIAL ESTATE DEVELOPMENT AND MANAGEMENT COMPANY30-Jan-17
    227LahoreAL-JEHAN WELFARE FOUNDATION13-Feb-17
    228LahoreASIAN SOCIETY OF NEUROLOGICAL SURGEONS13-Feb-17
    229IslamabadPAKISTAN YOUTH ALLIANCE13-Feb-17
    230LahoreTHE INSTITUTE OF INTERNAL AUDITORS-PAKISTAN4-Sep-15
    231IslamabadTHE COMPETITIVENESS SUPPORT FUND (CSF)25-Dec-13
    232IslamabadAASARA-E-ADAL O NOOR3-Sep-15
    233FaisalabadArshad Welfare Association6-Aug-17
    234IslamabadCNFA Pakistan Center for Enterprise and Development.12-May-17
    235KarachiVictim Assistance Foundation6-Feb-17
    236KarachiTHE MIND SPORTS ASSOCIATION OF PAKISTAN8-Jul-17
    237LahoreBUKSH FOUNDATION29-Jan-16
    238KarachiComputer Society of Pakistan13-Sep-17
    239IslamabadINTERFAITH HARMONY INTERNATIONAL12-Oct-17
    240LahoreHum Pakistani Foundation13-Oct-17
    241PeshawarASSOCIATION FOR SUSTAINABLE INTEGRATED DEVELOPMENT12-Oct-17
    242KarachiSind Industrial Trading Estate Limited12-Dec-17
    243IslamabadSocial Development Enterprise19-Mar-18
    244KarachiSLEEP RESEARCH FOUNDATION27-Mar-18
    245IslamabadDEVELOPYST27-Mar-18
    246IslamabadDEVELOPMENTAL INITIATIVE AND EMPOWERMENT AXIS27-Mar-18
    247IslamabadDHAKA AHSANIA MISSION PAKISTAN27-Mar-18
    248IslamabadSABA KHIDMAT FOUNDATION27-Mar-18
    249IslamabadGOVERNANCE SUPPORT INITIATIVE26-Mar-18
    250IslamabadSaba Orphanage Foundation11-Mar-16
    251IslamabadRelief Pakistan18-Apr-18
    252MultanALFAUZ WELFARE FOUNDATION10-May-16
    253IslamabadThe One Foundation8-May-18
    254IslamabadTVO SOCIAL LINK8-May-18
    255KarachiHalaal Foundation15-Jan-18
    256IslamabadPASHUMA HEALTH FOUNDATION7-Feb-18
    257IslamabadHKS Foundation15-Jan-18
    258IslamabadFEDERAL LIVER TRANSPLANT ENDOWMENT FUND15-Jan-18
    259IslamabadBelous Foundation15-Jan-18
    260IslamabadUROLOGY AND TRANSPLANTATION FOUNDATION26-Mar-18
    261IslamabadA BETTER LIFE29-Jun-18
    262PeshawarUMEED RURAL DEVELOPMENT ORGANISATION29-Jun-18
    263IslamabadMISSAL FOUNDATION29-Jun-18
    264IslamabadGUL-E-ARZU DEVELOPMENT ORGANIZATION2-Jun-16
    265IslamabadMy Biz Pakistan Foundation7-Aug-18
    266KarachiAGA KHAN UNIVERSITY HOSPITAL15-Sep-18
    267KarachiFOUNDATION FOR STRENGTHENING OF LOCAL PARTNERS10-Sep-18
    268IslamabadHIMALAYAN CONSERVATION AND RURAL SUPPORT PROGRAMME (HCRSP)10-Sep-18
    269IslamabadTHE CARING SOCIETY10-Sep-18
    270LahoreDASTAK FOUNDATION10-Sep-18
    271MultanEmperor Foundation10-Sep-18
    272MultanSATLUJ WELFARE FOUNDATION10-Sep-18
    273IslamabadWATER AND SANITATION SUPPORT PROGRAM10-Sep-18
    274LahoreINSTITUTE OF PROFESSIONAL LEARNING27-Sep-18
    275IslamabadAFZAL & AFZAL LAW REFORMS INSTITUTE5-Oct-18
    276IslamabadSilk Source19-Oct-18
    277IslamabadPAKTURK EDUCATION FOUNDATION1-Jan-19
    278IslamabadAkberia Foundation2-Jan-19
    279PeshawarKHYBER PAKHTUNKHWA PRIMARY HEALTHCARE INITIATIVE24-Jan-19
    280IslamabadZTBL Foundation20-Feb-19
    281IslamabadDONNA BOYD FOUNDATION15-Feb-19
    282LahoreHEALTHCARE VOLUNTEER PAKISTAN15-Feb-19
    283IslamabadZoya Science Schools Network20-Mar-19
    284FaisalabadGLOW FOUNDATION FOR HUMAN RIGHTS AND WOMEN LITERACY25-Mar-19
    285LahoreChildren’s Foundation of Pakistan25-Mar-19
    286IslamabadVICTIM SUPPORT AND DEVELOPMENT FOUNDATION4-Apr-19
    287IslamabadCARE WITHOUT BORDERS4-Apr-19
    288QuettaAlhamd Foundation4-Apr-19
    289MultanPIYAR FOUNDATION4-Apr-19
    290IslamabadBRAC PAKISTAN4-Apr-19
    291IslamabadSUPPORT WITH WORKING SOLUTIONS19-Apr-19
    292IslamabadAMANUT HANDS16-May-19
    293IslamabadALFURQAN HUMANITARIAN RELIEF FOUNDATION9-May-19
    294IslamabadCOMSATS Technologies28-May-19
    295IslamabadCOMSIANS foundation28-May-19
    296IslamabadCOMSATS EMPLOYEES HOUSING FOUNDATION28-May-19
    297IslamabadMaryam Foundation21-Jun-19
    298IslamabadBabar Foundation2-Jul-19
    299IslamabadAAP Ki Sehat1-Jul-19
    300IslamabadTAKBEER FOUNDATION22-Jul-19
    301IslamabadVISIONS AND ACTIONS22-Jul-19
    302LahorePolaris Leaders2-Aug-19
    303KarachiFOUNDATION FOR FAIZAN AULIA PAKISTAN5-Aug-19
    304IslamabadAl Mustafa Educational Network9-Aug-19
    305LahoreAgrihealth Association9-Aug-19
    306KarachiMalnutrition Care Foundation9-Aug-19
    307LahoreHopian Foundation9-Aug-19
    308IslamabadCenter for Sustainability and Governance9-Aug-19
    309IslamabadCare Plus Welfare Organization27-Aug-19
    310IslamabadA. Hakim Siddiqui Foundation29-Aug-19
    311IslamabadCome Foundation29-Aug-19
    312IslamabadRADIANT BUSINESSMEN FORUM30-Aug-19
    313IslamabadGUL JAN WELFARE30-Aug-19
    314LahoreNaymet Pakistan30-Aug-19
    315MultanAAS DEVELOPMENT FOUNDATION3-Sep-19
    316SukkurIndus Crafts Foundation12-Sep-12
    317IslamabadMOH18-Sep-19
    318IslamabadCHILDREN’S LITERATURE FESTIVAL16-Sep-19
    319IslamabadAKS FOUNDATION26-Sep-19
  • SECP proposes mandatory filing of monthly statements for securities brokers

    SECP proposes mandatory filing of monthly statements for securities brokers

    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.”