SECP amends Third Schedule: Securities brokers classified as ‘PIC’

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has classified securities brokers having license as “Trading and Self Clearing or Trading and Clearing category” as Public Interest (non-listed) Company.

The SECP has issued S.R.O 921.(I)/2024 to amend Third Schedule of the Companies Act, 2017 here on Monday.

Under Third Schedule of the Companies Act, 2017, the companies may be classified in such categories as may be specified in the Third Schedule.

The SECP has issued classification of securities brokers having license as trading and self clearing or trading and clearing category and having custody of customers’ assets and professional clearing member.

According to the Third Schedule of the Companies Act, 2017, the SECP has given classification Criteria of Company. Within the category of Public Interest Company (PIC), the sub-categories of PIC included non-listed company which is a public sector company or registered and/or licensed under the Administered Legislation or Rules, or regulations made thereunder. These included non-banking Finance Companies which are Asset Management Companies, Pension Fund Managers, REIT Management Companies or Deposit Taking NBFCs.

Copyright Business Recorder, 2024