ISLAMABAD: In order to facilitate and introduce ease of doing business for stock market brokers, the Securities and Exchange Commission of Pakistan (SECP) has developed a new financial information submission system which will enable the securities brokers to submit the required information online.
The SECP has issued a circular number 2 of 2021 here on Thursday for all Trading Right Entitlement Certificate (TREC) holders/securities brokers of the Pakistan Stock Exchange Limited (PSX) regarding online submission of financial information by securities brokers.
The SECP has also informed the chief executive officer/managing director PSX that the new circular will supersede Circular No 4/2013 issued by the Commission which requires submission of financial information to the Commission through online Financial Reporting System (FRS).
In view of this new circular, the PSX Rule Book will be amended accordingly.
According to the circular, now the securities brokers are directed to submit online financial information in a new standardised format on monthly basis as per the following details: First, all securities brokers shall develop a Standard Trial Balance Report (report) through mapping of secondary codes in their back-office system on the prescribed format.
The brokers shall take all necessary steps to implement the reporting as given in the said format.
Second, all securities brokers/TREC holders shall upload the report on their respective e-services portal through the link "PSX TREC Holder Financial Information Portal", within 10 calendar days after the end of each month. The first monthly Report of March 2021 shall be submitted through this system by April 10, 2021.
As per procedures and guidance for submission of financial information, all securities brokers are required to implement the Standard Trial Balance Report (the Report) by mapping/tagging the secondary codes in their existing Back Office system either through their software vendors or themselves, as the case may be.
The securities brokers are required to provide the values data corresponding to the nature of each account title and code prescribed in the report format.
All codes and account heads mentioned in bold in the report format should not contain any value (or sum of values) in the Report generated from the Back-Office System of securities brokers, the SECP maintained.
All securities brokers/PSX/TREC holders shall generate "Ms Excel based Standard Trial Balance Report" and upload that report for submission to the SECP through e-services portal using their existing credentials i.e. login ID, password and PIN.
Under e-services portal of the SECP, a separate link titled, "PSX TREC Holder Financial Information Portal" is provided for uploading of the report.
The SECP team will conduct training sessions to facilitate the securities brokers for submission of the Standard Trial Balance Report through e-services portal.
In addition, filing of quarterly returns under existing FRS will continue till the effective date of the circular and amendments in the PSX Rule Book.
Copyright Business Recorder, 2021
Comments
Comments are closed.