Notification of Schedule of Fees For the FY 2026-2027

[MUFAP Logo] MUTUAL FUNDS ASSOCIATION OF PAKISTAN (A company set up under Section 42 of Companies Act, 2017)

MUTUAL FUNDS ASSOCIATION OF PAKISTAN (MUFAP)

CIRCULAR NO: 02 OF 2026 Dated: August 07, 2026 To: All Regulated Persons and Registered Service Providers Subject: NOTIFICATION OF SCHEDULE OF FEES FOR THE FINANCIAL YEAR 2026-2027

In exercise of the powers conferred upon the Board of Directors of the Mutual Funds Association of Pakistan (MUFAP) under Clause 3.1 of Chapter III of the MUFAP (SRO Functioning) Regulations, 2025 (Regulations), MUFAP hereby notifies the Schedule of Fees applicable to Regulated Persons and Registered Service Providers for the Financial Year 2026-2027. This Schedule of Fees shall apply with effect from July 01, 2026.

A. Registration and Annual Membership Fees for Regulated Persons (Asset Management Companies, Pension Fund Managers, Investment Advisers)

A1. One-time Registration Fee

Applicant Category	Registration Fee (PKR)	Timeline
Asset Management Company (AMC)/ Pension Fund Manager (PFM)	300,000	At the time of registration application
Investment Advisor (IA)	150,000	At the time of registration application
Investment Advisor solely engaged in Distribution	100,000	At the time of registration application

A2. Annual Membership Fee (Fixed Fee by Applicant Category plus Variable Fee)*

Applicant Category	Annual Fixed Fee (PKR)	Timeline
Asset Management Company only	1,000,000	Within 15 days from the date of invoice generation
Pension Fund Manager only	1,000,000	Within 15 days from the date of invoice generation
Investment Advisor	250,000	Within 15 days from the date of invoice generation
Investment Advisor solely engaged in Distribution	100,000	Within 15 days from the date of invoice generation
Any two licences — AMC/PFM/ Investment Advisor	1,250,000	Within 15 days from the date of invoice generation
All three licences — AMC, PFM and Investment Advisor	1,500,000	Within 15 days from the date of invoice generation

Note: Change in Regulatory Status: An entity is required to promptly notify MUFAP of any change in its business model, product shelf, distribution arrangements, licence status, or asset base — including where it begins distributing funds of an AMC, obtains an additional licence, materially increases its assets under management, or otherwise changes the nature of its regulated activity. MUFAP reserves the right to reclassify the entity and apply the revised fee category, effective either from the date of the change or from the commencement of the next financial year, as determined by the Board.

Cumulative Fee for Multiple Licences: An entity holding more than one licence shall not be charged a separate fixed fee for each licence held. Instead, the applicable cumulative fee, as set out above, shall apply in lieu of individual fees.

Variable Fee Basis: In addition to the fixed fee, a variable fee shall apply as follows: Asset Management Companies on Collective Investment Scheme (CIS) Assets Under Management (AUMs), Pension Fund Managers on Voluntary Pension Scheme (VPS) Assets Under Management (AUMs), and Investment Advisors on discretionary assets under management, where applicable, in accordance with the fee schedule approved by the Board from time to time. No asset shall be subject to variable fee more than once.

A3. Re-Registration Fee and Late Payment Penalty

Fee Type	Prescribed Fee	Timeline
Re-Registration Fee	AMC/IA/PFM: Rs. 500,000/- (payable upon re-registration after suspension and/or cancellation)	At the time of re-registration application
Late Payment Penalty	2% per month on the gross outstanding amount	Where applicable

B. One-Time Registration and Annual Renewal Fees for Registered Service Providers (Single and Multi-AMC Distributors)

B1. One-Time Registration Fee (Single and Multi-AMC Distributors)

Category	Application/ Registration Fee (PKR)	Timeline
Individual Distributor	5,000	At the time of registration application
Corporate Distributor	10,000	At the time of registration application
Banks / Financial Institutions — Distributor	50,000	At the time of registration application

B2. Annual Renewal Fees (Single and Multi-AMC Distributors)

Category	Annual Renewal Fee (PKR)	Timeline
Individual Distributor	5,000	Within 15 days from the date of invoice generation
Corporate Distributor	10,000	Within 15 days from the date of invoice generation
Banks / Financial Institutions – Distributor	50,000	Within 15 days from the date of invoice generation

B3. Re-Registration Fee and Late Payment Penalty

Fee Type	Prescribed Fee	Timeline
Re-Registration Fee – Distributor	Individual: Rs. 7,500/-; Corporate: Rs. 15,000/-; Banks / Financial Institutions Rs. 75,000/-	At the time of re-registration application
Late Payment Penalty	2% per month on the gross outstanding amount	Where applicable

First-time applicants are required to submit the Initial Registration Fee along with the Annual Membership Fee for the applicable year. All fees set out in this Schedule are net of all applicable taxes, including withholding income tax and Sindh Sales Tax on services, which shall be borne separately by the payer, where applicable.

Please be advised that failure to remit the applicable fees within the stipulated timelines shall constitute non-compliance with the Regulations and may result in appropriate regulatory action.

For any clarifications, please contact the Regulatory Affairs Division (RAD).

By Order of the Board,

[Signature] Chief Executive Officer Mutual Funds Association of Pakistan