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Securities, Exchange Commission of Pakistan assumes NBFIs supervision

ISLAMABAD (December 03 2002) : The Securities and Exchange Commission of Pakistan (SECP) has started supervising all non-banking financial institutions, except development financial institutions, from December 2, 2002.

The SECP assumed this charge under the amendment in the Banking Companies Ordinance. Before the amendment the investment banks, housing finance companies, discount houses, venture capital companies, National Investment Trust (NIT) and Investment Corporation of Pakistan (ICP) were regulated by the State Bank of Pakistan.

The NBFIs now will be required to submit their respective information returns and statements to the SECP from December 2 in the same manner as previously prescribed by the SBP. The existing rules and regulations applicable to these NBFIs will remain intact till the issuance of further notification by the SECP.

Meanwhile, these NBFIs will continue to submit required information to the Credit Information Bureau and Statistics Department of SBP on the existing format.

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