Implementation of Non-Resident Shareholding Registration System

Circulars/Notifications - Exchange Policy Department

FE Circular No. 03 of 2026

May 25, 2026

The Presidents/Chief Executives of all Authorized Dealers in Foreign Exchange Dear Sir / Madam,

Implementation of Non-Resident Shareholding Registration System

In pursuance of its strategic goal to enhance efficiency and effectiveness of the financial system, the State Bank of Pakistan (SBP) has developed “Non-Resident Shareholding Registration System (NSRS)” to streamline and automate the record keeping of registration of non-residents’ shareholding in locally incorporated companies, and subsequent repatriation of dividend/ disinvestment proceeds.

2. The said reporting mechanism contains the following four Data File Structures (DFS), each of which offers a different functionality related to foreign inward investment and subsequent repatriation transactions carried out by Authorized Dealers (ADs):

Designation of Bank

Shares Issuance

Shares Dividend Repatriation

Shares Disinvestment

3. In light of the above, ADs are henceforth required to report, on a monthly basis, all designation and share registration transactions undertaken by them in terms of FE Circular No. 2 of 2026, and all dividend and disinvestment transactions carried out by them through the respective DFS, latest by 5th working day of the following month through Data Acquisition Portal (DAP). First such reporting is to be carried out for the month of July 2026 by 5th working day of August 2026.

4. With regard to legacy data for dividend and disinvestment transactions carried out by ADs, the same shall be reported by ADs to SBP at nsrs.data@sbp.org.pk in three phases, as per the following timelines:

Phase I: From January 1, 2021 to June 30, 2026, within four (04) months of issuance of this circular.

Phase II: From January 1, 2016 to December 31, 2020, within six (06) months of issuance of this circular.

Phase III: From January 1, 2006 to December 31, 2015, within one (01) year of issuance of this circular. After the conclusion of Phase-III, the ADs shall submit a compliance report within 15 days, duly signed by their Group Head Compliance, confirming that the data submitted in the three phases is complete in all respects and is free of errors.

5. It shall be the responsibility of relevant Group Head and Group Head Compliance of each AD to ensure that the data is correct and submitted strictly in line with the afore-mentioned instructions within the stipulated timelines.

6. ADs are advised to bring the contents of the above instructions to the notice of all their constituents and ensure meticulous compliance.

Yours truly,

-sd-

(Dr. Asif Ali) Director