The Securities and Change Fee of Pakistan (SECP), with the approval of the federal authorities, has notified amendments to the Non-Banking Finance Corporations (Institution and Laws) Guidelines, 2003.
The amendments, which have been launched after a complete stakeholder session course of, aiming to revitalize progress within the non-banking finance sector and facilitate establishing a recent and conducive regulatory framework, stated a press launch issued right here Friday.
Ease of doing enterprise has been supplied by eliminating redundancies and necessities resembling submission of licensed copies of the memorandum, articles of affiliation, and certificates of incorporation, offering causes for choosing the proposed place of work, statistical information, further info in assist of the appliance and many others.
Moreover, administrators and chief govt officers are now not required to submit affidavits with respect to the correctness of data and as a substitute can solely submit a declaration to this impact. Furthermore, the time period “funding firm” has been deleted from the principles because the construction now not exists.
The SECP believes that introducing measures for ease of doing enterprise and streamlining licencing necessities is important to the long-term sustainability of the NBFC sector in Pakistan.