ANL 11.12 Increased By ▲ 0.02 (0.18%)
ASC 9.98 Decreased By ▼ -0.09 (-0.89%)
ASL 11.85 Increased By ▲ 0.90 (8.22%)
AVN 71.24 Decreased By ▼ -2.07 (-2.82%)
BOP 5.95 Decreased By ▼ -0.04 (-0.67%)
CNERGY 5.27 Increased By ▲ 0.04 (0.76%)
FFL 6.70 Decreased By ▼ -0.15 (-2.19%)
FNEL 6.10 Decreased By ▼ -0.10 (-1.61%)
GGGL 11.86 Decreased By ▼ -0.47 (-3.81%)
GGL 15.92 Decreased By ▼ -0.49 (-2.99%)
GTECH 9.35 Decreased By ▼ -0.46 (-4.69%)
HUMNL 6.56 Decreased By ▼ -0.06 (-0.91%)
KEL 2.58 Decreased By ▼ -0.01 (-0.39%)
KOSM 3.06 No Change ▼ 0.00 (0%)
MLCF 28.70 Decreased By ▼ -0.15 (-0.52%)
PACE 2.99 Decreased By ▼ -0.24 (-7.43%)
PIBTL 6.09 Decreased By ▼ -0.01 (-0.16%)
PRL 15.05 Decreased By ▼ -0.18 (-1.18%)
PTC 7.17 Decreased By ▼ -0.02 (-0.28%)
SILK 1.24 Increased By ▲ 0.14 (12.73%)
SNGP 26.15 Decreased By ▼ -0.05 (-0.19%)
TELE 10.95 Decreased By ▼ -0.11 (-0.99%)
TPL 9.05 Decreased By ▼ -0.35 (-3.72%)
TPLP 15.92 Decreased By ▼ -0.38 (-2.33%)
TREET 29.90 Decreased By ▼ -0.26 (-0.86%)
TRG 77.00 Increased By ▲ 0.23 (0.3%)
UNITY 22.45 Decreased By ▼ -0.76 (-3.27%)
WAVES 12.95 Decreased By ▼ -0.30 (-2.26%)
WTL 1.55 Increased By ▲ 0.01 (0.65%)
YOUW 5.04 Decreased By ▼ -0.01 (-0.2%)
BR100 4,273 Decreased By -3.8 (-0.09%)
BR30 14,897 Decreased By -58.5 (-0.39%)
KSE100 42,983 Decreased By -43.4 (-0.1%)
KSE30 16,350 Decreased By -10.3 (-0.06%)

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to revise eligibility criteria for issuance of licenses for securities brokers.

According to the draft amendments issued to the Securities Brokers (Licensing and Operations) Regulations, 2016, here on Tuesday, the SECP has decided to amend the eligibility criteria for licensing of securities brokers.

Any person licensed by the Commission under these regulations to act as securities broker shall be permitted to undertake futures contracts based on securities and financial instruments in terms of the Futures Market Act, 2016, the SECP stated.

Tarin to launch new brokers’ regime

Under the amended regulations, a company may apply to the Commission for license as a securities broker, if its sponsors have submitted verifiable documents including wealth statements submitted with the tax authorities or a certificate issued by an auditor enlisted within category “A” of the State Bank of Pakistan (SBP)’s panel of auditors to demonstrate that its net-worth is not less than twice the amount to be subscribed by him personally.

The applicant identifies names and details of its sponsors, which shall be required to collectively hold and retain not less than 51 percent of the share capital of the applicant, and in the case of a listed company, not less than 25 per cent of the share capital of applicant; provided that any change in sponsors shall not be affected without prior written approval of the Commission.

Provided that no prior approval of the Commission shall be required in case of reduction in the number of sponsors through transfer/sale of shares among existing identified sponsors under this clause, the SECP stated.

Copyright Business Recorder, 2022

Comments

Comments are closed.