RegAlert2026-07-23 | DMMD Circular No.03 of 2026Added · Updated
Appointment of Primary Dealers and Special Purpose Primary Dealers for Fiscal Year 2026-27
The document appoints ten institutions as Primary Dealers and two entities as Special Purpose Primary Dealers for the fiscal year 2026-27. United Bank Limited, National Bank of Pakistan, and Bank Alfalah Limited are identified as the top three performing Primary Dealers from the previous fiscal year. Performance rankings for all other designated dealers are to be communicated individually via separate letters.
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DMMD Circular No.03
APPOINTMENT OF PRIMARY DEALERS/SPECIAL PURPOSE PRIMARY DEALERS FOR FISCAL YEAR 2026-27
July 23, 2026
43705
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 2026-27
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) 2026-27 vide DMMD Circular Letter No. 06 dated May 07, 2026 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 NATIONAL BANK OF PAKISTAN 3 BANK ALFALAH LIMITED 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 OF PAKISTAN LIMITED 2 NATIONAL CLEARING COMPANY OF PAKISTAN LIMITED
Top three performing PDs during FY 2025-26 are as under:
UNITED BANK LIMITED NATIONAL BANK OF PAKISTAN BANK ALFALAH LIMITED
Performance ranking of all other PDs/SPDs during FY 2025-26 will be communicated individually through separate letters.
Yours sincerely,
Iftikhar Ahmad Tari Additional Director
Home — Circulars — DMMD Circular No.03
APPOINTMENT OF PRIMARY DEALERS/SPECIAL PURPOSE PRIMARY DEALERS FOR FISCAL YEAR 2026-27
July 23, 2026
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Source: State Bank of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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