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030310
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD
Circular No. 10
Reference No. SC/NBFC-ED/338/2003
April 10, 2003
FRESH
LICENSE(S) TO BE OBTAINED IN TERMS OF SECTION 282 C OF THE COMPANIES ORDINANCE,
1984 FOR BUSINESS (ES) BEING CARRIED OUT BY EXISTING NON-BANKING FINANCE
COMPANIES
As you are
aware, through the Companies (Second Amendment) Ordinance 2002, a new Part
VIII-A (containing provisions of Sections 282A to 282M) has been inserted in the
Companies Ordinance, 1984 (“the Ordinance”) regarding matters pertaining to the
establishment and regulation of Non-Banking Finance Companies (NBFCs). In terms
of clause (a) of section 282 A, a NBFC would be able to partake any or all of
the following forms of business namely, -
i) Investment Finance Services
ii) Leasing
iii) Housing Finance Services
iv) Venture Capital Investment
v) Discounting Services
vi) Investment Advisory Services
vii) Asset Management Services
In addition to grant of license to the newly incorporated NBFCs, every company
in existence that is engaged in any one or more forms of business as specified
above, before the expiry of six months from coming into force of Section 282C of
Part VIII-A of the Ordinance, i.e. on or before May 15, 2003 is required to
apply in writing to Securities and Exchange Commission of Pakistan ( the
“Commission”) for grant of a fresh license in terms of the said section.
Further, in terms of the powers conferred by Section 282B of the Ordinance, the
Commission has recently notified rules for the Non-Banking Finance Companies
namely, Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003
(NBFC Rules) which prescribe criteria for grant of license to NBFCs.
Therefore, in terms of sub-rule (6) of rule 5 of these Rules read with sub
section (3) of section 282C of the Ordinance, you are advised to furnish an
application on the attached format along with non-refundable processing fee of
Rs.50,000/- (fifty thousand) for each form of business, and other necessary
documents including legible copy of the existing license/NOC, on or before May
15, 2003 to obtain a fresh license for carrying out any one or more of the
existing forms of business as mentioned in clause (a) of section 282A ibid.
Yours truly,
(Sadia Khan)
Executive Director
Distribution:
1. Chief Executives of all Non-Banking Finance Companies.
2. The Chairman, NIT and ICP
3. The Chairman, The Investment Banks Association of Pakistan
4. The Chairman, Leasing Association of Pakistan
5. The Chairman, Mutual Funds Association of Pakistan
6. Institute of Chartered Accountants of Pakistan
7. All Divisions of SEC
8. All CROs
APPLICATION FOR OBTAINING LICENSE TO CARRY OUT *_________________
AS NON – BANKING FINANCE COMPANY
Dated, the--------------
To,
The Securities and Exchange
Commission of Pakistan,
Islamabad.
Dear Sir,
We hereby apply for grant of license under rule 5 (6) of the Non-Banking Finance
Companies (Establishment and Regulation) Rules, 2003, to carry out __________*
as a Non-Banking Finance Company.
2. We hereby furnish the following information ,__
(a) date of incorporation as a limited company;
(b) authorized, subscribed and paid-up share capital of the company along with
total equity of the company as defined in sub-section (1) of Section 2 of NBFC
Rules, 2003 (sponsors' equity indicated separately);
(c) names and addresses of directors and number of shares held by each of them;
(d) directors' interest, direct or indirect, in any other company with details
of such interest;
(e) details of persons or group controlling the company including major
shareholders with number and value of shares held;
(f) names of holding, subsidiary and associated undertaking, if any;
3. Certified copies of the memorandum and articles of association, certificate
of incorporation and existing license/NOC are enclosed.
4. An affidavit as to the correctness of the above information by the chief
executive and two directors is also furnished herewith. We undertake to keep
this information up to date by communicating changes or modifications therein
within fourteen days of such change or modifications.
5. A receipt of rupees fifty thousand (Rs. 50,000/-) being the non-refundable
processing fee, deposited in __________ on ________ is enclosed.
Yours faithfully,
Signature-----------------
(To be signed by all the directors)
*Any one of the activities or functions as mentioned under section 282 (A) of
the Companies Ordinance, 1984.
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