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The Securities and Exchange Commission of Pakistan (SECP) has notified that Secured Transaction Registry (STR) has become operational from April 30, 2020.

According to an SRO 349 (I)/2020 issued here on Monday by the SECP, in exercise of the powers conferred by sub-section (2) of Section 19 of the Financial Institutions (Secured Transactions) Act, 2016 , the commission has notified that the registry established under sub-section (1) of Section 19 of the Act vide notification number FNo 3(29)-IF.II/2004-226 dated March 29, 2019 shall be operational w.e.f. April 30, 2020.

According to S.R.O. 350 (I)/2020, the SECP has appointed Mubasher Saeed Saddozai, Director SECP, as the Registrar of the Secured Transactions Registry with immediate effect and until further orders. He shall be head of the Registry and shall perform all functions, duties and exercise all powers of the Registrar as provided in the Financial Institutions (Secured Transactions) Act, 2016 (XXXI of 2016).

Copyright Business Recorder, 2020