The Securities and Exchange Commission of Pakistan (SECP) has reviewed the requirements for financial resources for new applicants for forward exchange licenses.
SECP has issued SRO 561(I)/2022 to amend the Futures Exchange (Licensing and Operation) Regulations 2017.
As per the revised rules, the minimum price for applicants for future exchange license is Rs. 500 million provided the existing futures exchange has three years to meet this requirement.
With the new amendment, SECP has withdrawn the condition of three years. SECP said it will now meet this requirement within the time frame set by the current Futures Exchange Commission.
Under the extant rules, the initial paid-up capital and net worth of a securities exchange applying for a futures exchange license under the rules should be in a progressive manner a higher paid-up capital and a net worth not less than Rs. Provided that such securities exchanges shall maintain such paid-up capital in addition to the paid-up capital as defined under the Securities-Exchange (Licensing and Operation) Regulations, 2016.
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