The Securities and Exchange Commission of Pakistan (SECP), with the approval of the federal government, has notified amendments to the Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003.
The amendments, which have been introduced after a comprehensive stakeholder consultation process, aiming to revitalize growth in the non-banking finance sector and facilitate establishing a contemporary and conducive regulatory framework, said a press release issued here Friday. Ease of doing business has been provided by eliminating redundancies and requirements such as submission of certified copies of the memorandum, articles of association, and certificate of incorporation, providing reasons for selecting the proposed place of business, statistical data, additional facts in support of the application etc.—APP
