SECP to revise period of Certificate of Registration issued to RIs

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is planning to revise the period of Certificate of Registration issued to Registered Intermediaries (RIs).

The SECP, in terms of Section 455 of the Companies Act, 2017 (the “Act”), has prescribed the criteria for registration of intermediaries in Chapter X of the Companies Regulations, 2024 (the “Regulations”).

While the existing regulatory framework prescribes eligibility and conduct requirements, it lacks mechanisms for training, acquainting individuals with the knowledge necessary to facilitate corporate compliance with statutory requirements, evaluating the quality of services rendered, or tracking performance.

To address these gaps, the SECP proposes a robust Accreditation and Rating Framework designed to improve filing quality, ensure accountability, and align with international best practices.

The proposed framework introduces standardized accreditation through the Institute of Financial Markets of Pakistan (IFMP) and a tiered rating mechanism. Importantly, the ratings will serve as transparent indicators of reliability, timeliness, and professional conduct, without restricting access to filing systems.

A core objective of the initiative is to reduce erroneous or non-compliant filings — many of which stem from skill deficiencies among intermediaries. These reforms aim to establish a digitally enabled and accountable filing environment that promotes compliance and service excellence. This initiative reaffirms SECP’s commitment.

According to the SECP, under the existing framework, the Certificate of Registration issued to Registered Intermediaries (RIs) remains valid for a period of three years. In accordance with Regulation 127 of the Regulations, RIs are required to apply to the Commission for renewal at least one month before the expiry of their registration.

Copyright Business Recorder, 2025