Foreign nationals, entities: SECP’s insistence on security clearance

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has refused to grant/ allow licences or regulated activities of foreign nationals, who are sponsors/ directors /shareholders of companies, without security clearance from the Ministry of Interior.

In this regard, the SECP issued circular 13 of 2023, here on Monday.

SECP notifies draft amendments to listed companies

According to the SECP’s circular, the SECP has directed that the licenses or regulated activities under the Securities Act, 2015 and the Futures Market Act, 2016, wherein, sponsors/ directors /shareholders are foreign nationals/ foreign entities and any subsequent change in sponsors/ directors/ shareholders shall only be granted /allowed upon receipt of requisite prior security clearance from the Ministry of Interior. The circular comes into force with immediate effect.

Copyright Business Recorder, 2023