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030731
SECURITIES AND
EXCHANGE COMMISSION OF PAKISTAN
Circular No. 18 Reference No. SC/NBFC-ED/462/2003
July 31, 2003
Rules of Business for Non-Bank Financial Institutions (NBFIs) and Submission of Periodic Returns/Statements.
As you are aware that pursuant to the
amendments in the Banking Companies Ordinance, 1962 and the Companies Ordinance,
1984, all the existing NBFIs with the exception of Modarabas and Development
Financial Institutions (DFIs) have been re-classified as Non-Banking Finance
Companies (NBFCs) and are being regulated by the Securities and Exchange
Commission of Pakistan with effect from November 15, 2002. Prior to the said
re-classification of NBFIs, operating activities of investment finance
companies, venture capital companies, housing finance companies, discount
houses, National Investment Trust (NIT) and Investment Corporation of Pakistan (ICP)
were being regulated by the State Bank of Pakistan (SBP).
As SEC is in the process of finalizing the Rules of business and periodic
statements for NBFCs to monitor their business activities, it is hereby
clarified that the Rules of business for NBFIs alongwith all
circulars/directions/clarifications pertaining to the said Rules, issued by SBP
for investment banks, housing finance companies, discount houses, venture
capital companies, NIT and ICP shall continue to apply to NIT, ICP and the NBFCs
engaged in any one or more of the following forms of business till the issuance
of further instructions by SEC:
(i) Investment finance services;
(ii) Housing finance services;
(iii) Venture capital investment; and
(iv) Discounting services.
Furthermore, it is clarified that the NBFCs carrying out leasing are required to
submit all the information, returns and statements etc. to SEC in the same
manner and format as previously prescribed by SEC vide its Circular No. 21/2000
dated 26th December, 2000, issued in terms of Rule 19 of Leasing Companies
(Establishment and Regulation) Rules, 2000.
(Najam Ali)
Executive Director
Distribution
1. Chief Executives of all NBFCs
2. The Chairman, Investment Banks Association of Pakistan
3. The Chairman, Leasing Association of Pakistan
4. The Chairman, Mutual Funds Association of Pakistan
5. The Chairman, NIT
6. The Chairman, ICP
7. Director, Banking Supervision Department, State Bank of Pakistan
8. The President, Institute of Chartered Accountants of Pakistan
9. All Divisions of SEC
10. All CROs
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