SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
SPECIALIZED COMPANIES DIVISION

No. SC/M/RS/CIB/2004-
April 6, 2004

CIRCULAR No. 18 OF 2004

SUBJECT:      SUBMISSION OF CIB DATA BY MODARABAS

In order to maintain discipline in data reporting by Modarabas to the Credit information Bureau of State Bank of Pakistan (SBP), all Modaraba Companies are hereby directed to provide factual and accurate data to SBP on the format prescribed by SBP from time to time. The said data/information shall be submitted to SBP on monthly basis but not later than 10^th of every month following the month to which CIB data relates.

Any violation in this regard shall be dealt with under the provisions of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.

The above referred directions are issued in terms of power conferred by section 11 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 read with rule 3(2)(e) of the Modaraba Companies and Modaraba Rules, 1981, which shall be deemed to be part of the conditions of the certificate granted to the Modaraba Company for authorization to float a Modaraba:

(Akbar Shah)

Registrar Modaraba Companies and Modarabas

Distribution:

1.  Chief Executives of all Modaraba Companies.

2.                 Chairman, Modaraba Association of Pakistan.

3.                 Joint Director, Banking Supervision Department, State Bank of Pakistan.

4.                 Director (IT), SEC.

5.                 Office copy.