- SECP has consolidated all statutory and regulatory requirements in one Circular.
- The consolidated circular SRO 2310 contains all prior circulars and notifications.
- A comprehensive exercise has been done to review all previously issued circulars.
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has consolidated all statutory and regulatory requirements in one Circular, to improve efficiency and compliance in the Modaraba sector, a statement said.
The step is taken as part of the SECP’s efforts for creating an enabling environment for the Islamic finance sector in the country, it added.
The consolidated circular SRO 2310 contains all prior circulars, notifications, clarifications, and directives that have been issued by the SECP since 1999 for the Modaraba sector while all the duplications, repealed, and redundant statutory requirements have been deleted.
All the up-to-date statutory and regulatory requirements have been compiled in a systematic order.
A comprehensive exercise has been done to review all previously issued circulars, clarifications, and notifications. The objective is to provide a comprehensive and prudent regulatory environment for the Modaraba sector while ensuring ease and efficiency in compliance.
A list of all repealed circulars and notifications issued since 1999 has also been provided at the end of the consolidated circular.
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