Regulatory Alerts2025-06-04
Added · Updated
Circular No. 11 of 2025: Amendment in SECP Circular No. 25 of 2024 - Requirement for Investment Plans
The Securities and Exchange Commission of Pakistan amends Circular No. 25 of 2024 to require Collective Investment Schemes with existing shell structures to consolidate multiple perpetual investment plans into a single perpetual plan, or convert them to fixed maturity plans or merge them by December 31, 2026. These structural changes require prior Commission approval within 180 days of the circular's issuance, failing which the plans will be revoked. Additionally, Management Fee Caps become applicable to all investment plans from July 1, 2025, while Total Expense Ratio Caps remain in effect until June 30, 2025. The amendments also clarify that specific eligibility clauses apply only to plans launched on or after December 23, 2024, allowing prior plans to continue operating.