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MAP discusses Modarabas and NBFIs rules with SECP

KARACHI (December 25 2003): A delegation of Modaraba Association of Pakistan (MAP) met representatives of Securities and Exchange Commission of Pakistan (SECP) and gave deliberations pertaining to 'Prudential Regulations' for Modarabas and non-banking financial institutions (NBFIs).

A delegation of MAP, led by its chairman Adil A Ghaffar, met Etrat H Rizvi, Commissioner at SECP, on Wednesday to discuss the proposed amendments in 'Prudential Regulations' for Modarabas.

The other members who attended the meeting were Ayaz Dawood, vice-chariman, Saeeduddin Khan, member, Muhammad Shoaib, director, First Habib Modaraba, and Muhammad Samiullah, corporate secretary, MAP.

This meeting was held as a follow-up of an earlier meeting arranged by the SECP with the Associations of all NBFIs including MAP where various amendments were discussed extensively.

However, a need was felt to discuss the Prudential Regulations for Modarabas more separately as the Modarabas undertake a variety of activities, ie leasing, trading, equity market, money market operations etc.

The presentation made by MAP chairman Adil A. Ghaffar covered all aspects and suggested some changes in the regulations.

The proposed amendments will facilitate smooth operation and ensure growth of Modaraba sector, he said.

Rizvi assured the delegation that SECP would consider suggestions while finalising the Prudential Regulations for Modarabas.

He reiterated that SECP strongly believes in formulating the regulatory framework in full consultation with all players and did not want to introduce regulations unilaterally.

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