Notification of NRSP Agriculture Processing Company Limited as a Financial Services Company

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, 27 th November, 2018 NOTIFICATION S.R.O. 1457 (I)/2018.- WHEREAS, National Rural Support Programme (“NRSP”) a Non-Bank Microfinance Company has applied to the Securities and Exchange Commission of Pakistan (the “Commission”) for notification of NRSP Agriculture Processing Company Limited (the “Company”) as a financial services company in terms of clause (xxa) of sub-rule (1) of Rule 2 of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the “NBFC Rules”). AND WHEREAS, the Company in terms of its memorandum of association can undertake to provide services including but not limited to the following to the farmersin the agriculture value chain:
i. Processing, grading, packaging, warehousing of agricultural produce, issuance of
warehousing receipts both in physical and electronic forms for agricultural produce stored in its warehouses, act as agent/arranger/distributer/dealer for providing agricultural inputs including seeds, fertilizer and pesticides etc. to the farmers.
ii. Facilitating farmers to obtain finance including lease finance from lending NBFCs,
commercial banks, micro finance banks and other financial institutions.
iii. Provision of agricultural equipment on rental basis.
iv. Facilitating farmers to obtain insurance of their crops from insurance companies
licensed by the Commission.
NOW THEREFORE, the Commission being satisfied that the Company’s proposed activities according to its objects as stated in Memorandum of Association being similar in the nature of other companies and entities specified under clause (xxa) of sub-rule (1) of Rule 2 of NBFC Rules, 2003 (i.e. intermediary between the financial institutions and farmers) therefore, the Commission in exercise of its powers conferred under section 40B of the Securities and Exchange Commission of Pakistan Act, 1997 read with clause (xxa) of sub-rule (1) of Rule 2 of NBFC Rules, 2003 hereby notifies NRSP Agriculture Processing Company Limited as a Financial Services Company for the purposes of the said rules. Provided that this notification shall not in any manner be deemed to entitle the Company to carry on or indulge in provision of any of the financial services being regulated/licenced or other activities which are required to be undertaken with prior authorization/ permission by the Commission under the Securities and Exchange Commission of Pakistan Act, 1997 or under any administered legislation or under any other law administered by any other regulatory authority including State Bank of Pakistan. [No.ID/OSM/AML/2018]