RegAlert2023-01-10
Added · Updated
Circular No. 14 of 2022 – Government Mark-up Subsidy Scheme for Housing Finance – Inclusion of Housing Finance Companies (HFCs) as Executing Agencies
Housing Finance Companies (HFCs) are authorized to participate as Executing Agencies in the Government Mark-up Subsidy Scheme for Housing Finance, subject to meeting specific eligibility criteria including a minimum equity requirement of Rs. 50 million, increasing to Rs. 100 million within one year. HFCs must maintain adequate staff, board-approved policies, and management information systems, and are required to appoint independent Chartered Accountants to verify loan authenticity and subsidy claims. The circular mandates that HFCs suspend further financing if non-performing loans reach 15% of the GMSS portfolio and imposes penalties for incorrect claims or failure to reimburse invalid amounts.
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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
SPECIALIZED COMPANIES DIVISION
POLICY, REGULATION AND DEVELOPMENT DEPARTMENT
No. SC/NBFC-1-196/Circular/2022/ 48
Circular No. 14 of 2022
December 26, 2022
Subject: Government Mark-up Subsidy Scheme for Housing Finance – Inclusion of Housing Finance Companies (HFCs) as Executing Agencies
In pursuance of the approval by the Economic Coordination Committee and ratification by the Federal Cabinet on January 11, 2022, to, inter alia, include the Housing Finance Companies (HFCs) as Executing Agencies (EAs) in Government Mark-up Subsidy Scheme (GMSS) for housing finance and State Bank of Pakistan letter no. IH&SMEFD.IHFD/MPMG/2022-02611 dated March 08, 2022, the Securities and Exchange Commission of Pakistan (“Commission”), in exercise of powers conferred under sub-section (3) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984) read with clause (e) of regulation 28 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the “NBFC Regulations”), and in continuation of the circular no. 5 of 2022 dated March 15, 2022 hereby prescribes the following requirements for the HFCs to participate as EAs in GMSS.
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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
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