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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed the Asset Management Companies (AMCs) to strictly comply with the conditions during sale of units of Collective Investment Scheme (CIS) to investors.

According to the guidelines issued by the SECP Tuesday, an AMC shall not be involved, directly or indirectly, in the misselling of units of CIS. In this regard, an AMC shall not sell units of a CIS under its management (directly or indirectly) by making a false or misleading statement, concealing or omitting material facts of the CIS and concealing the associated risk factors of the CIS.

Moreover, an AMC shall take reasonable care to ensure suitability of a CIS to an investor before sale of units of the CIS. An AMC shall ensure that any performance reporting/ presentation of a CIS is accompanied by all explanations, qualifications, limitations and other statements that are necessary to prevent such information from misleading investors.

An AMC shall ensure that promotional materials do not contain untrue statements or omit to state facts that are necessary in order to prevent the statements from being misleading, false or deceptive.

The AMCs shall also comply with the conditions in respect of open-end funds being managed by them. In case of receipt of complete application along with the online payment/payment instrument within cutoff timings, for investment in open end funds following historical pricing mechanism.

AMCs shall ensure that each payment instrument is deposited expeditiously by utilizing the appropriate banking facility, the SECP added.

Copyright Business Recorder, 2023

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