Amendments to Non-Banking Finance Companies and Notified Entities Regulations, 2008

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 10th April, 2025 NOTIFICATION S.R.O.600(I) /2025.- In exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan hereby makes the following amendments in the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the same having been previously published in the official Gazette vide S.R.O. 22(1)/2025 dated January 15, 2025 and also placed on its website as required under proviso to the said sub-section (2), namely:- AMENDMENTS In the aforesaid Regulations, - (1) In regulation 2, a) in sub-regulation (1), after clause (xli), the following new clause shall be added, “(xlii) “Shariah Compliant Scheme” means Collective Investment Scheme / Pension Fund that has been declared Shariah-compliant under the Companies Act, 2017 read with the Shariah Governance Regulations, 2023;” b) in sub-regulation (2), after the expression “Securities Act, 2015,” the expression “the Companies Act, 2017,” shall be inserted; (2) In regulation 37, a) in sub-regulation (6), after the expression “Asset Management Company shall”, for the expression “appoint a Shariah Advisor” the expression “obtain Shariah compliance certificate for such scheme as per the requirements of Companies Act, 2017 and the Shariah Governance Regulations, 2023”, shall be substituted; b) in sub-regulation (6) amended aforesaid, for the full stop at the end, a colon shall be substituted and thereafter the following new proviso shall be inserted, “Provided that Shariah compliant schemes similar to an already declared Shariah compliant scheme by the Commission, having the same underlying structure, mode of Islamic financing, and terms and conditions except for variations in commercial terms such as pricing, issue size, etc. shall not be required to obtain a separate Shariah compliance certificate. However, the Asset