ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed every Development Financial Institution (DFI) engaged in the business of underwriting to submit an affidavit along with a fee of Rs100,000 to the commission.
The SECP has issued SRO 50(I)/2020 here on Thursday to amend the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017.
According to the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017, any development financial institution and scheduled bank shall become ineligible to act as underwriter and a banker to an issue, if it is non-compliant with any of the requirements of these regulations including non-submission of affidavit on annual basis.
Under the revised regulations, within one month of the end of each calendar year, every development financial institution engaged in the business of underwriting shall submit an affidavit along with a fee of Rs100,000 that it is compliant with all the requirements of these Public Offering (Regulated Securities Activities Licensing) Regulations, 2017.
A scheduled bank already licensed as an underwriter or a banker to an issue, one month prior to expiry of its existing license shall submit an affidavit that it is compliant with all the requirements of these regulations.
Provided further that within one month of the end of each calendar year, a scheduled bank engaged in the business of underwriter and banker to an issue under regulation 12(2) shall submit an affidavit that it is compliant with all the requirements of these regulations, the SECP added.
Copyright Business Recorder, 2021
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