The Securities and Exchange Commission of Pakistan (SECP), pursuing its agenda of developing vibrant and competitive capital markets, has specified the eligibility criteria and enabling framework to register as a trustee of open-end or close-end schemes.
Under the framework, notified through Circular No 4 of 2022, a public limited company having principal business of providing trustee services to Collective Investment Schemes (CIS), Pension Funds, REIT Schemes and Private Funds, is eligible for registration.
The minimum equity requirement for eligibility it set at Rs100 million or 0.10% of the net assets under its trusteeship, whichever is higher. The trustee registration will strengthen fund management sector, bring more transparency, increase digitalization.—INP
