Circular No. 7 of 2026: List of Approved Auditors of SECP Regulated Entities

The Securities and Exchange Commission of Pakistan has revised the list of approved auditors for SECP-regulated entities by adding S. M. Suhail & Co. to Annexure I. The document establishes tiered auditor appointment requirements based on entity type and asset thresholds, restricting large entities such as securities exchanges, insurance operators with assets over Rs. 10 billion, and asset management companies with AuM of Rs. 50 billion or more to the firms listed in clause (i). Smaller entities, including securities brokers with trading-only licenses and modarabas with assets under Rs. 1 billion, are permitted to appoint auditors from clause (ii) or clause (iii) lists, or firms with a satisfactory QCR rating from ICAP. Additionally, Public Interest Companies must appoint audit firms registered with the Audit Oversight Board, and Asset Management Companies auditing Collective Investment Schemes must comply with specific directions issued in 2026.

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Securities and Exchange Commission of Pakistan

Securities Market Division

Policy, Regulation and Development Department

No. SMD/SE/2(322)/2022
April 21, 2026

Circular No. 7 of 2026

APPOINTMENT OF AUDITORS FOR SECP-REGULATED ENTITIES

In partial modification of its earlier Circular No. 16 of 2025 dated July 03, 2025, the Securities and Exchange Commission of Pakistan, in exercise of the powers under clause (jb) of sub-section (4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), read with section clause (iii) of section 2 of the Securities Act, 2015 (III of 2015), sub-section (3) of section 2 of the Futures Market Act, 2016 (XIV OF 2016); section 15 and 41B of the Modaraba Companies and Modaraba (Flotation and Control) Ordinance, 1980 (XXXI of 1980) read with rule 19 of the Modaraba Companies and Modaraba Rules, 1981; section 17 of the Corporate Restructuring Companies Act, 2016 (XXXII of 2016); clause (a) of sub-section (1) of section 48 of the Insurance Ordinance, 2000 (XXXIX of 2000); section 282B of the Companies Ordinance, 1984 (XLVII of 1984); rule 7(1)(ba) of the NBFC Rules, 2003; and regulation 38(2)(h) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 has decided to revise the list of auditors for audit of SECP Regulated Entities.

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Amends: Circular 16 of 2025 - Appointment of Auditors for SECP Regulated Entities2025
Issued under: Futures Market Act, 2016 (Act No. XIV of 2016)2016 The Securities Act, 2015 (Act No. III of 2015)2015 The Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997)1997 The Companies Ordinance, 1984 (Ordinance No. XLVII of 1984)1984Act No. XXXII of 2016not in RegAlertModaraba Companies and Modaraba Rules, 1981not in RegAlert
+4 more
NBFC Rules, 2003not in RegAlertNon-Banking Finance Companies and Notified Entities Regulations, 2008not in RegAlertOrdinance No. XXXI of 1980not in RegAlertOrdinance No. XXXIX of 2000not in RegAlert
Referred to by: Circular 15 of 2026 – Inclusion of Lending Non-Banking Finance Companies as Participating Financial Institution in the Government Mark-up Subsidy Scheme and Risk Coverage Scheme for Affordable Housing Finance2026

Timeline

This document amends: Circular 16 of 2025 - Appointment of Auditors for SECP Regulated Entities

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