KARACHI (April 29 2006): The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments in 'Non-Banking Finance Companies (Establishment and Regulation) Rules 2003'.
These amendments have been drafted after an extensive in-house exercise. The object is to update the legal framework for establishment, operation and conduct of NBFCs in accordance with the changing environment of the NBFC sector.
The NBFC sector as a whole has grown considerably over the last year. This change has largely necessitated due to introduction of regulatory reforms aimed at development of NBFCs and enhanced supervision by the SECP. Amendments in the Rules are targeted to bring the legal provisions at par with market development.
The new set of draft Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 (Rules) has been placed on SECP's website (www.secp.gov.pk.). Relevant comments and feedback must be sent to SECP by May 17, 2006.