SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN SPECIALIZED COMPANIES DIVISION MODARABA WING

SECP
No. SC/M/AML/PRDD/2017- 97

April 17, 2017

Direction No. 01/2017

Subject: Reporting by Modaraba Companies and Modarabas

This is with reference to Circular No. 29 of 2009 dated September 9, 2009 wherein all Modaraba Companies were required to formulate and put in place, comprehensive Customer Due Diligence / Know Your Customer Policy duly approved by their respective Board of Directors.

2. In this connection, in exercise of the powers conferred under section 18A of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 all the Modaraba Companies are hereby directed to provide information as per the format given in Annexure-A to the Commission with respect to all those investments made in Modaraba Companies/Modarabas wherein the investment amount is equal to or greater than the following thresholds for different class of investors:

Investor Class	Investment Amount (Rs. in million)
Corporate	100.00
Trust	50.00
Individual	10.00

In case of donations/grants received by Modaraba Companies/Modarabas, the threshold for reporting to the Commission shall be Rs. 5.00 million or above irrespective of the investor class.

(For the purpose of this clause, the expression “investments” shall include all sums received by Modaraba Companies/Modarabas including but not limited to amount received for the purchase of certificates/shares, loans, deposits etc.)

3. The above reporting requirements shall not be applicable to investments made by financial institutions, public listed companies, licensed entities, asset management companies, mutual funds, insurance companies or Government administration/entities.

4. The aforementioned information shall be submitted on monthly basis within 5 days from the close of every month in MS Excel format at the email address: reporting.scd@secp.gov.pk

(Jawed Hussain)
Registrar
Modaraba Companies and Modaraba

Encl: As above

Distribution:

i. Chief Executives of all Modaraba Companies

ii. NBFIs and Modaraba Association of Pakistan

NIC Building, Jinnah Avenue, Blue Area, Islamabad.
Tel: 051-9100476, PABX: 9207091-4 Ext. 385 - Fax. No. 9218590, E-mail: jawed.hussain@secp.gov.pk

Compliance Report on AML Directive for Mudaraba Companies/Mudarabas

Annexure A

[*] In accordance with the requirements of Circular No. 29 of 2009 dated September 9, 2009 i.e. high risk or low risk customers