Circular 13 of 2023: Licensing and Allied Applications with Sponsors/Directors as Foreign Individuals/Entities

The Securities and Exchange Commission of Pakistan mandates that license applications for regulated activities under the Securities Act, 2015 and the Futures Market Act, 2016, involving foreign sponsors, directors, or shareholders, require prior security clearance from the Ministry of Interior. This requirement also applies to any subsequent changes in the status of sponsors, directors, or shareholders to foreign nationals or entities. The directive applies to all regulated entities seeking licenses or modifications under the specified acts and came into immediate effect on August 31, 2023.

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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

SECURITIES MARKET DIVISION

No. LRD/LD/Circular / 35 /2003

CIRCULAR NO 13 OF 2023

Islamabad, August 31, 2023

SUBJECT: LICENSING AND ALLIED APPLICATIONS WITH SPONSORS/DIRECTORS AS FOREIGN INDIVIDUALS/ENTITIES

In exercise of powers conferred by section 40B read with clause (d) of sub-section (4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1999 (XLII of 1997), the Securities and Exchange Commission of Pakistan (“the Commission”) is hereby pleased to direct that license of regulated activities under the Securities Act, 2015 (III of 2015) and the Futures Market Act, 2016 (XIV of 2016), wherein sponsors/directors/shareholders are foreign nationals/foreign entities and any subsequent change in sponsors/directors/shareholders shall only be granted/allowed upon receipt of requisite prior security clearance from Ministry of Interior, Government of Pakistan.

This Circular shall come into force with immediate effect.

Abdul Rehman Warraich
Commissioner (SMD)

Distribution:

Chief Executive Officer, PSX, Karachi.
Chief Executive Officer, CDCPL, Karachi.
Chief Executive Officer, NCCPL, Karachi.

NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad.

Lineage: Superseded

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Timeline

Amended 1 time · last 2026-06-03

2026-06-03SECPWithdrawal of Circular No. 13 of 2023 on Licensing with Foreign Sponsors or Directorssupersedes

Source: Securities and Exchange Commission 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