The Securities and Exchange Commission of Pakistan (SECP) is taking a pioneering step in the world of sustainability with the establishment of an online dashboard, ‘ESG Sustain.’ This digital platform will serve as the nation’s primary repository for a wide range of sustainability-related content, including laws, regulations, capacity-building resources, reports, and data, covering all regulated […]
Taking a firm stance against exploitative practices and striving to ensure borrowers’ financial stability within the digital nano-lending sector, the Securities and Exchange Commission of Pakistan (SECP) has introduced comprehensive exposure limits for both loan apps and borrowers. Through Circular 10 of 2023, the SECP aims to provide a responsible lending environment and protect the […]
The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Telecommunication Authority (PTA) have joined forces to safeguard the public against illegal lending apps. In a bid to enhance collaboration and address mutual interests, the two regulatory bodies have decided to sign a Memorandum of Understanding (MoU), setting up a robust joint monitoring and […]
The Securities and Exchange Commission of Pakistan (SECP) has considerably increased the fees for the registration of small companies whose nominal share capital does not exceed Rs. 100,000. In this regard, The SECP has amended the Seventh Schedule (fee paid by companies) of the Companies Act, 2017 through an SRO 500 (I)/2023. SECP’s Process of […]
The Securities and Exchange Commission of Pakistan (SECP) has warned Non-Banking Finance Companies (NBFCs) of fines of up to Rs. 50 million or cancellation of licenses, in case of non-compliance, for providing integration services or collaborating with unapproved digital lending apps. SECP Warns NBFCs of Serious Consequences The SECP issued circular number 3 of 2023 […]
The Securities and Exchange Commission of Pakistan (SECP) is coordinating with Google and Apple to take down unauthorized digital lending apps. As per details, a total of 58 unauthorized digital lending apps have been reported to Google during January 2023; while, one app has been reported to Apple. Complaints Against Unauthorized Digital Lending Apps As […]
The Securities and Exchange Commission of Pakistan (SECP) has decided to issue licenses to the digital lending apps only if they receive the certificate of compliance from Pakistan Telecommunication Authority (PTA) approved cyber security audit firms; the commission has also made it mandatory to take its prior permission before launching the app. Conditions Set for […]
Several unregistered digital loan apps are operating in Pakistan hence making them illegal. In this regard, the Security and Exchange Commission of Pakistan (SECP) has issued a public notice requesting users to be aware of the unregistered and illegally run digital loan lending applications. SECP Warns Users Not to Fall for the Trap Set Up […]
The Securities and Exchange Commission of Pakistan (SECP) conducted an online session where it briefed non-banking finance companies (NBFCs) engaged in digital lending on improved regulatory requirements. The regulations were recently imposed on the digital lending firms to address the complaints of mis-selling, inflated charges, and undue customer data access. Circular’s Key Requirements Issued by […]
The Securities and Exchange Commission of Pakistan (SECP) has enabled the WeChat service to help Chinese investors. It has become the first-ever regulatory body to enable the service so that Chinese investors can make informed investment decisions and easily incorporate companies in Pakistan. WeChat Service to Promote Digitization Culture According to the regulatory body, enabling […]