KARACHI: The State Bank of Pakistan has invited applications from eligible institutions for appointment as Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers of Government Securities including Pakistan Investment Bonds and Market Treasury Bills for next fiscal year, ie, 2022-23.

Applicants must mention category of Primary Dealership applied, ie, Primary Dealer or Preliminary Primary Dealers or Special Purpose Primary Dealers.

Applicants required to submit, business plan approved by the Assets and Liabilities Committee (ALCO) in case of banks and DFIs, and by the Board of Directors (BOD) in case of all other eligible institutions. Business plans must include all relevant details as mentioned by the SBP in Primary Dealers guidelines. Existing Primary Dealers and Special Purpose Primary Dealers are also required to share updates on the development initiatives undertaken in the current fiscal year FY22, as per the Business Plan submitted last year.

Applicants other than banks and DFIs shall also share the details of the processes, mechanism and systems in place for the timely and seamless processing, clearing and settlement of transactions related to the Dealers activity including primary auctions.

Applicants must also furnish the latest Audited Annual Financial Report/Statement, latest Schedule of Business Charges relevant to Dealership activity and detail of Investor Portfolio of Securities (IPS) Accounts as of 20 May, 2022.

Applications, addressed to the Director ‘Domestic Markets & Monetary Management Department’, must reach State Bank of Pakistan, Karachi latest by 25 May, 2022.

Copyright Business Recorder, 2022