Regulatory Alerts2025-07-09 | DMMD Circular No. 06Appointment of Primary Dealers/Special Purpose Primary Dealers for Fiscal Year 2025-26
The Domestic Market & Monetary Management Department has appointed ten Primary Dealers and two Special Purpose Primary Dealers for the 2025-26 fiscal year following a competitive evaluation process. The selected institutions, including United Bank Limited, Bank Alfalah Limited, and National Bank of Pakistan, will execute designated market operations under the existing Primary Dealer framework. Additionally, the department highlighted the top three performers from the previous fiscal year and confirmed that remaining performance rankings will be distributed via individual correspondence.
Circulars/Notifications -
Domestic Market & Monetary Management Department
DMMD Circular No. 06 of 2025
Jul 09, 2025
All Banks/DFIs/Investment Banks and Listed Brokerage Houses/ Securities’ Depositories/ Clearing Institutions
Dear Sirs/Madams,
Appointment of Primary Dealers/Special Purpose Primary Dealers for Fiscal Year 2025-26
This refers to the rules governing Primary Dealer (PD) system issued vide DMMD Circular No. 07 dated April 12, 2021. Applications were invited for selection of PDs/PPDs/SPDs for the Fiscal Year (FY) 2025-26 vide DMMD Circular Letter No. 05 dated May 07, 2025 from all eligible institutions under said rules.
Upon evaluation of all applicants under the criteria laid down in the aforesaid rules, please be advised that the following institutions have been selected for roles as specified below:
Sr.#
Name
Primary Dealer
1
UNITED BANK LIMITED
2
BANK ALFALAH LIMITED
3
NATIONAL BANK OF PAKISTAN
4
HABIB BANK LIMITED
5
HABIB METROPOLITAN BANK LIMITED
6
MCB BANK LIMITED
7
THE BANK OF PUNJAB
8
PAK OMAN INVESTMENT COMPANY LIMITED
9
JS BANK LIMITED
10
CITI BANK N.A., PAKISTAN BRANCH
Special Purpose Primary Dealer
1
CENTRAL DEPOSITORY COMPANY LIMITED
2
National Clearing Company of Pakistan
Top three performing PDs during FY 2024-25 are as under:
UNITED BANK LIMITED
BANK ALFALAH LIMITED
NATIONAL BANK OF PAKISTAN
Performance ranking of all other PDs/SPDs during FY 2024-25 will be communicated individually through separate letters.
Yours truly,
Sd/-
(Iftikhar Ahmad Tari) Additional Director
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