Amendments in NBFC Regulations, 2008

GOVERNMENT OF PAKISTAN
Securities and Exchange Commission of Pakistan -.-.-.- NOTIFICATION Islamabad, the 31st March, 2023 S.R.O. 423(I)/2023.- The following draft amendments to the Non-Banking Finance Companies and Notified Entities Regulations, 2008, proposed to be made by the Securities and Exchange Commission of Pakistan in exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), is hereby published for information of all persons likely to be affected thereby and notice is hereby given that comments, if any, thereon may for consideration be sent within fourteen days of publication of the draft in the official Gazette, the comments received before expiry of the said period shall be taken into consideration, namely:- DRAFT AMENDMENTS In the aforesaid Regulations, - (1) in the preamble, after the words “housing finance services” the words “discounting services, micro financing” shall be inserted and thereafter, after the expression “NBFCs” occurring at the end, the expressions “and Pension Fund Managers and pension fund scheme business managed by them” shall be added; (2) in regulation 2, in sub-regulation (1),- (i) for clause (vi), the following shall be substituted, namely: - “(vi) “Closed End Fund” means a Closed End Scheme which is a CIS having a specified period of maturity which does not continuously offer its certificates for sale to investors and entitles the holder of certificates, to receive, proportionate share of the net assets of the closed end scheme;”; (ii) clause (vii) shall be omitted; (iii) after clause (xiaa), the following new clause shall be added, namely:- “(xiaaa) “Digital Fund Management NBFC” means services provided by fund management NBFC principally through digital technology based or internet-based channels, apps or tools, with limited or no human interaction;”; (iv) clauses (xiii) and (xiv) shall be omitted; (v) clause (xvi) shall be omitted; (vi) clause (xxiii) shall be omitted; (vii) in clause (xxvii), for the expression “means Margin Financing as defined in sub-rule (k)