Modarabas professionals directed to obtain mandatory certification from IFMP

The Securities and Exchange Commission of Pakistan (SECP) has directed the professionals of Modarabas to obtain mandatory certification from the Institute of Financial Markets of Pakistan (IFMP). In this regard, the SECP has issued circular number 9 of 2018 here on Tuesday.
According to the SECP, the timeline for availing the certification through grandfathering option which expired on June 30, 2016 has been eliminated. Consequently, the desired candidates may avail the certification under grandfathering option from the Institute of Financial Markets of Pakistan (IFMP) required at any time, if they fulfill the criteria.
This is in continuation to Circular No 12 and 49 of 2015 dated April 17, 2015 and December 31, 2015, respectively. The Securities and Exchange Commission of Pakistan in exercise of its powers conferred under Section 40(B) of the Securities and Exchange Commission of Pakistan Act, 1997, read with section 41 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance 1980, hereby makes the following amendment to the above-referred circulars: "Timeline for availing the certification through grandfathering option which has expired on June 30, 2016 has been eliminated. Consequently, the desired candidates may avail the certification under grandfathering option from the Institute of Financial Markets of Pakistan (IFMP) required under these Circulars at any time, if they fulfill the criteria." All other requirements of circular No 12 and 49 of 2015 shall remain the same, the SECP added.