Regulatory Alerts2026-03-18
Added · Updated
Circular 01 of 2026 - Notification of Schedule of Fees for the Financial Year 2026
MUFAP has established a new fee schedule for the 2025-2026 financial year, mandating specific registration and annual membership charges for both regulated persons and service providers. Regulated entities must pay a Rs. 250,000 initial registration fee and a Rs. 1,400,000 base annual membership fee, while distributors are subject to separate tiered fees based on their corporate status. Failure to adhere to the prescribed payment timelines will result in a 2% monthly late penalty on outstanding amounts and potential regulatory enforcement actions.
MUFAP MUTUAL FUNDS ASSOCIATION OF PAKISTAN (A company set up under Section 42 of Companies Act, 2017) CIRCULAR NO: 01 OF 2026 Dated: March 18, 2026 To: All Regulated Persons and Registered Service Providers Subject: NOTIFICATION OF SCHEDULE OF FEES FOR THE FINANCIAL YEAR 2026 In exercise of the powers conferred upon the Board of MUFAP under Chapter III, Clause 3.1 of the MUFAP (SRO Functioning) Regulations, 2025, MUFAP hereby notifies the following Schedule of Fees for the Year 2025-2026 as approved by the Board:
A. Registration and Annual Membership Fees for Regulated Persons (Asset Management Companies, Pension Fund Managers, Investment Advisors)
| Fee Type | Frequency / Event | Prescribed Fee | Timeline |
|---|---|---|---|
| One-time Registration Fee | Initial Registration | AMC/IA/PFM: Rs. 250,000/- | At the time of registration application |
| Annual Membership | Annually | Fixed Fee (AMC/IA/PFM): Rs. 1,400,000/- Plus Variable Fee ((AMC/PFM) based on last one year rolling average AUMs as determined by the Board. | Within 15 days from the date of invoice generation. |
| Re-Registration Fee | Upon Re-Registration | AMC/IA/FPM: Rs. 500,000/- (Re-registration fee is required to be paid on re-registration after registration is suspended and/or cancelled) | At the time of Re-registration application |
| Late Payment Penalty | Where applicable | 2% per month penalty shall be charged on account of late payment of Annual Membership Fee on the gross outstanding amount. | Where Applicable |
B. Registration and Annual Membership Fees for Registered Service Providers (single and multi-AMC Distributors)
| Fee Type | Frequency / Event | Prescribed Fee | Timeline |
|---|---|---|---|
| One-time Registration Fee | Initial Registration | Individual: Rs. 1,000/-; Corporate: Rs. 5,000/- | At the time of registration application |
| Annual Membership Fee | Annually | Individual: Rs. 1,000/-; Corporate: Rs. 5,000/- | Within 15 days from the date of invoice generation. |
| Re-Registration Fee | Upon Re-Registration | Individual: Rs. 2,500/-; Corporate: Rs. 10,000/- (Re-registration fee is required to be paid on re-registration after registration is suspended and/or cancelled) | At the time of Re-registration application |
| Late Payment Penalty | Where applicable | 2% per month penalty shall be charged on account of late payment of Annual Membership Fee on the gross outstanding amount. | Where Applicable |
First-time applicants are required to submit the Initial Registration Fee along with the Annual Membership Fee for the applicable year. Please be advised that failure to remit the applicable fees within the stipulated timelines shall constitute non-compliance with the Regulations and may result in appropriate regulatory action. For any clarifications, please contact the Regulatory Affairs Division (RAD). By Order of the Board,