Staff Reporter
Islamabad
The Securities and Exchange Commission of Pakistan has issued draft of amendments in the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 for public consultation.
In order to promote an enabling business environment and provide ease of doing business, the SECP, through these amendments, has proposed introduction of perpetual license for Non-banking finance companies by replacing the existing requirement of renewal of license after every three years, said a statement issued by SECP here on Tuesday.
The SECP has also proposed to allow a single Non-Banking Finance Company to undertake different licensed activities.
Moreover, the lending NBFCs will be required to obtain Private Equity and Venture Capital (PE&VC) license while, the Investment Advisors will be allowed to manage and launch exchange traded funds and listed collective investment schemes.
Moreover, to encourage formation of new NBFCs, a more rationalized procedure to seek Commission’s permission to form a NBFC and obtain relevant NBFC license has been proposed.
