After detailed deliberations on feedback, PSX Stockbrokers Association (PSA) and Securities and Exchange Commission of Pakistan (SECP) agreed in relation to implementation of the new broker regime through some amendments in the Securities Brokers (Licensing and Operations) Regulations, 2016.

In a meeting between PSA and SECP representatives through video link on Tuesday, it was decided that minimum net worth requirement for Trading and Self-Clearing (TSC) category shall be increased to Rs 50 million on September 30, 2020, Rs 60 million on September 30, 2021 and Rs 75 million September 30, 2022.

It was also decided that condition of independent director and audit committee for TSC category brokers shall be removed. Assets under custody limit to be 15 times of net worth for TSC brokers, which do not have broker fiduciary rating (custody of proprietary book and directors and sponsors and their close relatives to be excluded from this limit). It was also decided that the regime to be effective only after one Professional Clearing Member is in place.

The PSA assured its support for implementation of the new broker regime subject to the above, and affirmed that there would be no other further comments on the matter.