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SECP Issues Revised Draft of Real Estate Investment Trust Rules

ISLAMABAD (November 03 2006): The Securities and Exchange Commission of Pakistan (SECP) has issued revised draft of the Real Estate Investment Trusts (REITs) rules to put in place the legal framework for real estate transactions in Pakistan.

According to an SECP announcement on Thursday, the revised draft of the 'REIT rules' would be notified under part VIII-A of the Companies Ordinance, 1984.

The draft was, earlier, finalised by the SECP and forwarded to the federal government for legal vetting and subsequent notification in December 2005. But it has been withdrawn owing to certain reservations of the law ministry. To avoid further delay, the SECP, after three weeks of the draft rules withdrawal in October 2006, prepared a fresh compendium of the REIT rules.

New draft rules have already been forwarded to the federal government for vetting and subsequent notification in the official gazette. The revised draft has been placed on the SECP's web site. Comments and feedback on the draft rules may be forwarded to the SECP on the following address: Ms Ayesha Tanvir, Assistant Director, Non-banking Finance Companies Department, Securities and Exchange Commission of Pakistan, 5th Floor, NIC building, Blue Area, Jinnah Avenue, Islamabad.

Fax: 92-51-9208648 and e-mail: ayesha.tanvir@secp.gov.pk.

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