RegAlertRule · SECP · 18 Dec 2025
Circular No 36 of 2025 - Categorization of Open-end Collective Investment Schemes
Asset Management Companies are authorized to invest Money Market Schemes in one-year Government Ijarah Sukuk (GIS) listed on the Pakistan Stock Exchange, provided the maturity exceeds six months and does not exceed one year. This permission is granted subject to the constraint that the weighted average time to maturity of the schemes' net assets, including government securities, must not exceed 90 days. Fund managers must disclose the actual exposure to one-year GIS as a percentage of Net Assets in their monthly reports, while all other existing risk profile conditions and regulations for money market schemes remain unchanged.
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
SPECIALIZED COMPANIES DIVISION
FUND MANAGEMENT DEPARTMENT
No. SCD/CIRCULAR/ 74 /2025
December 17, 2025
Circular No. 36 of 2025
Subject: Categorization of Open-End Collective Investment Schemes (CIS)
This is in supersession of Direction No. 17 of 2023 dated December 06, 2023 and Direction No. 22 of 2024 dated December 06, 2024 regarding the Categorization of open-end Collective Investment Schemes (CIS).
In order to enhance and promote the capital markets and ensure wider participation of mutual funds in one year GoP Ijarah Sukuk (GIS), the Securities and Exchange Commission of Pakistan ("the Commission"), in exercise of its powers conferred under section 282B(3) of the Companies Ordinance 1984 read with Regulation 55(2) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the “Regulations”), hereby, allows the Asset Management Companies on behalf of Money Market Schemes to invest in GIS listed and traded through Pakistan Stock Exchange with a maturity exceeding six months and up to one year subject to following conditions:
- Requirement for weighted average time to maturity of the net assets including government securities shall remain as “not exceed 90 days”;
- The respective monthly fund manager report shall include the disclosure of the actual exposure or investment in one-year GIS, calculated as a percentage of Net Assets; and
- All the other conditions applicable on money market schemes including the risk profile through the prevalent Regulations, Circulars and Directions shall remain intact.
(Zeeshan Rehman Khattak)
Commissioner (SCD)
Distribution:
- Chief Executive Officers, Asset Management Companies
- Mutual Funds Association of Pakistan
- Trustees of Collective Investment Schemes
NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad.
Tel: 051-9207091-4
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The links and the sentences they come from (4)
- Supersedes
- SCD Directive No. 17 dated 2023-12-06Not in RegAlert
“This is in supersession of Direction No. 17 of 2023 dated December 06, 2023”
- SCD Directive No. 22 dated 2024-12-06Not in RegAlert
“and Direction No. 22 of 2024 dated December 06, 2024 regarding the Categorization of open-end Collective Investment Schemes (CIS).”
- Issued under
“in exercise of its powers conferred under section 282B(3) of the Companies Ordinance 1984”
- Non-Banking Finance Companies and Notified Entities Regulations, 2008Not in RegAlert
“read with Regulation 55(2) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008”
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