Guidelines for the Submission of Business Plan by Institutions at the time of Application for Primary Dealer (PD), Preliminary Primary Dealer (PPD) and Special purpose Primary Dealer (SPD) Status

DMMD Circular Letter No. 06 — May 07, 2026

All Heads of Scheduled Banks/DFIs/Investment Banks/ Listed Brokerage Houses/Securities’ Depositories/Clearing Institutions

Dear Sirs/Madams,

SELECTION OF PRIMARY DEALERS/PRELIMINARY PRIMARY DEALERS/SPECIAL PURPOSE PRIMARY DEALERS FOR FISCAL YEAR 2026-27

In terms of rule C-1 of Rules Governing Primary Dealer System issued vide DMMD Circular No. 07 dated April 12, 2021, applications are invited from eligible institutions for appointment as Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers of Government Securities for Fiscal Year 2026-27. For selection criteria, process thereof, privileges, obligations and performance criteria for each category of dealership, please refer to aforesaid master circular on PD rules. Applicants must furnish the following information along with their application (signed by the CEO/COO/Treasurer):
Category of Primary Dealership applied i.e. Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers

Business Plan approved by the ALCO in case of banks and DFIs, and by the Board of Directors (BODs) in case of all other eligible institutions. Guidelines for submission of Business plan are available in Annexure-E of aforesaid master circular on PD Rules. Business plan must include all relevant details as mentioned in the referred guidelines.

Existing Primary Dealers and Special Purpose Primary Dealers are also required to share update on the implementation of previously submitted business plan including development initiatives undertaken during the current fiscal year Fiscal Year 2025-26.

Applicants other than banks and DFIs shall also share the detail of the processes, mechanism and systems in place for the timely and seamless processing, clearing and settlement of transactions related to the Dealers activity including primary auctions, as per para A-6 of Annexure-E of the aforesaid master circular.

Latest Audited Annual Financial Report/Statement

Latest Schedule of Business Charges relevant to Dealership activity.

Detail of Investor Portfolio of Securities (IPS) Accounts as of May 31, 2026 as per the attached format i.e. ‘Annexure-A’.

Details of Non-competitive Bids (NCBs) for the period starting from January 01, 2026 till May 31, 2026 as per the attached format i.e. ‘Annexure-B’.

The soft copy of application along with required information must be emailed at pd.reporting@sbp.org.pk latest by June 03, 2026 (close of business).

Enclosed:

• Annexure A - IPS Details
• Annexure B - NCB Details

Yours sincerely,

Iftikhar Ahmad Tari
Additional Director

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Annexure E of DMMD Circular No. 07 of 2021
Guidelines for the Submission of Business Plan by Institutions at the time of Application for Primary Dealer (PD), Preliminary Primary Dealer (PPD) and Special purpose Primary Dealer (SPD) Status Each institution, applying for the status of PD, PPD and SPD will have to submit a Business Plan along with other documents required in the Application Package. The objective of submission of this plan is to gauge the applicant’s commitment towards achievement of the goals of the Primary Dealers system. The Business Plan must be approved by the Assets & Liabilities Committee (ALCO) of the respective institution in case of a bank and DFI, and by the Board of Directors (BoD) in case of all other eligible institutions. SBP may conduct meetings to discuss the contents of the Business Plan and negotiate targets with the respective institutions as per their strengths. Contents of the Business Plan:
The Business Plan should, at minimum, contain the following elements:
A. About the Institution:

1. Capital adequacy position of the applicant as on the date of invitation of applications, as per their
   selection criteria.
2. Objective of the applicant to work as a PD/PPD/SPD.
3. Organogram of the team performing the PD/PPD/SPD function.
4. Description (work experience) of the staff dedicated for the PD/PPD/SPD function including
   traders, sales professionals, analysts, etc. In case of any changes in the staff during the last year, the details may also be shared.
5. Details of the IT Systems and treasury equipment being used for conducting the PD/PPD/SPD
   business. In case of any upgradation during last year/planned upgradation for upcoming year in the IT systems, the details may also be shared.
6. Each PD/PPD/SPD must demonstrate the ability and satisfy SBP that they have put in place
   adequate systems and framework to ensure that all transactions related to PD/PPD/SPD activity will be timely settled.
7. Contact details for the following roles as per the given format:
   a. Main PD/PPD Contact Person (Front Office). b. Alternate PD/PPD Contact Person (Front Office).
   c. Main PD/PPD/SPD Information Person (Back Office).
   d. Alternate PD/PPD/SPD Information Person (Back Office).
   Format for contact details:
   Name
   Designation
   Office Address
   Telephone Number/Mobile Number
   Email Address

B. Past Performance:
1. Brief description of the value added by the institution for the Government debt market as a
PD/PPD/SPD during last year.
2. Brief description of the goals set by the institution in last year’s business plan and the extent to
which they have been fulfilled. In case of non-fulfillment of identified goals, share the reason(s) behind it and the strategy for completion.
3. Highlights of the performance during the last year in primary and secondary market of
Government debt securities (MTBs and PIBs) in terms of auction underwriting volumes, monthly trading volumes with bank and non-bank institutions, pass through bid volumes, NCB volumes, measures to diversify the investor-base and market-making obligations.
C. Strategy and Commitment:
1. Brief overview of the institution’s ambition and commitment towards diversifying the investor￾base and generating liquidity in the secondary market.
2. Detailed target and workable strategy for distribution of marketable Government securities to
varied non-bank and retail customers. It should include milestones and targets to be achieved in the next year (for reference: use the table given below). Performance against the target will be reviewed at the end of the period. Targets of Non-bank/Retail Investors Category (e.g. Individuals, Pension funds, etc.) No. of IPS Accounts held as of current year ended June 30, ______ Actual Volume (in PKR millions) of these accounts during the current year ended June 30, _____ Target of No. of IPS Accounts for the next year ending June 30, ___ Total Target Volume (in PKR millions) of IPS accounts (including NCBs, Sale & Purchase of securities) for the next year ending June 30, _____ NCBs Sale Purchase D. Research and Development Initiatives:
1. Description of product and/or market development initiative (i) undertaken in the past year (ii)
planned to be conducted in the upcoming year for the development of Government securities market in Pakistan that you would like to be considered in your PD/PPD/SPD evaluation criteria. Share the planned and actual outcomes of the initiative.
2. Description of any promotional activity undertaken/planned to enhance awareness of
Government securities among general public and other investor classes.
E. Additional Information

Provide any additional information that you consider worthwhile with regards to your application for the status of PD, PPD or SPD.

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Summary Position of IPS Account

Detail of Investor Portfolio of Securities (IPS) Accounts
Comparative Summary Position of IPS Accounts
S. No.	Category	Position as of May 31, 2026				Position as of June 30, 2025
		No. of IPS Accounts	Face Value of Securities Held (Amount PKR in Millions)			No. of IPS Accounts	Face Value of Securities Held (Aount PKR in Millions)
			MTBs	GOP Ijarah Sukuk	PIBs		MTBs	GOP Ijarah Sukuk	PIBs
1	Corporate
2	Insurance Companies
3	Asset Management Companies
	Brokerage Houses
4	Employees Provident/ Pension Funds
5	Charitable Institutions /NGOs /Trust
6	Foreign Investors
7	Individuals
8	Others
Total

IPS Account Details

IPS Account-wise Details
					(Amount PKR in Millions)			(Amount PKR in Millions)
S. No.	Customer Name	Customer Category*	IPS Account Opening Date (DD-MM-YEAR)	IPS Account Number	Period (July 01, 2024 till June 30, 2025)		Balance Amount as of June 30, 2025 (Face Value)	Period (July 01, 2025 till May 31, 2026)		Balance amount as of May 31, 2026 (Face Value)
					Total Amount of Debits	Total Amount of Credits		Total Amount of Debits	Total Amount of Credits
1	2	3	4	5	6	7	8	9	10	11
* Individual, Corporates, Employeee Provident Funs, Employee Pension Fund, Employee Gratuity Fund, NGOs, Trusts, Charitable Organizations, Asset Management Company, Mututal Funds, Insurance Company, Modaraba Company, Brokerage Company, Investment Company, Leasing Company, Others etc.

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NCBs Details

Name of PD/SPD ------------------------------
Customer/Auction -wise Details of Non-Competitive Bids for Period (January 01, 2026 till May 31, 2026)
								(Amount in PKR)	(Amount in PKR)	(Amount in PKR)
S.N.	Customer Name	IPS Account Number	Date of IPS Account Opening (DDMMYEAR)	Auction Date (DDMMYEAR)	Customer Category	Security Type	Tenor	Total Bid Amount (Face Value)	Accepted Bid Amount (Face Value)	Accepted NCB Amount (Realized Value)	Remarks (If Any)
1	2	3	4	5	6	7	8	9	10	11	12
Total Amount (PKR)

Key

Customer Category	Security Type	Security Tenor
Individuals	MTB	01-Month
Corporates	PIB Fixed	03-Months
Employee Provident Funds	PIB Floater	06-Months
Employee Pension Funds		12-Months
NGOs		02-Year
Trusts		03-Year
Charitable Organizations		05-Year
Asset Management Company		10-Year
Mutual Funds		15-Year
Insurance
Modaraba
Brokerage Company
Investment Company
Leasing Company
Others