Regulatory Alerts2025-04-24
Added · Updated
Futures Exchanges (Licensing and Operations) Regulations 2017
The Securities and Exchange Commission of Pakistan establishes licensing requirements for futures exchanges, mandating an application fee of five million rupees and an annual renewal fee of one million five hundred thousand rupees. Applicants must maintain a minimum net worth of one billion rupees if also holding a securities exchange license, or five hundred million rupees otherwise. The regulations define senior management roles, impose fit and proper criteria on directors and promoters, and require a board composition of at least seven directors with one-third being independent. Additional obligations include maintaining robust risk management systems, establishing settlement guarantee and investor protection funds, and securing prior Commission approval for shareholding changes and the appointment of the chief executive officer.