Regulatory Alerts1999-10-30
Added · Updated
Rule-10 of NBFIs Rules of Business – Review of instructions on financing facilities against shares
Leasing companies and modaraba companies must submit a statement detailing finances provided against the pledge of shares on a half-yearly basis. These reports are due by January 20 and July 20 for the preceding six-month periods. The requirement enforces strict compliance with the enclosed State Bank of Pakistan circular regarding financing facilities against shares.
Rule-10 of NBFIs Rules of Business - Review of instructions on financing facilities against shares. October 30, 1999 Circular No. 18 Reference No. 3(5-A) Misc/ARO/LES/96 BPRD Circular No. 36 dated 27th October, 1999 issued by State Bank of Pakistan is enclosed for strict compliance by the leasing companies / modarabas. The statement as mentioned in para 4 of the circular shall be furnished on half yearly basis showing finances provided by them against pledge of shares latest by 20th January and 20th July for each preceding half-year. (Nazir Ahmed Shaheen) Cost & Management Accountant Distribution:- All leasing companies. All modaraba companies.