S.R.O 1476(I)2025 – Amendments to Public Offering (Regulated Securities Activities Licensing) Regulations, 2017

The Securities and Exchange Commission of Pakistan amends the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017, to restrict Investment Finance Companies to acting as Consultants only for debt securities and Growth Enterprise Market listings. Scheduled Banks and Development Finance Institutions are permitted to act as Consultants for equity, debt, and Growth Enterprise Market offerings, provided they incorporate a separate subsidiary for this function within five years. Failure to establish such a subsidiary within the deadline limits these entities to acting as Consultants for equity offerings only in consortium with a licensed Securities Broker. Additionally, licensed Scheduled Banks, Development Finance Institutions, and Investment Finance Companies are now eligible to act as Investment Agents for the issuance of debt securities.

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PART II
Statutory Notifications (S. R. O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 6th August, 2025 NOTIFICATION S.R.O 1476(I)/2025.-. In exercise of the powers conferred under sub-section (4) of
section 169 of the Securities Act, 2015, (Act No III of 2015), the Securities and Exchange
Commission of Pakistan is pleased to make the following amendments in the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017, the same having been previously published in the official Gazette vide S.R.O.589(I)/2025. dated 7 th April, 2025, namely;- AMENDMENTS In the aforesaid Regulations,-

in regulation 2, sub-regulation (1), clause (v), sub-clause (a), before the words “compliance
with or in respect of laws”, the words “public offer of securities and/or” shall be inserted;
in regulation 12, sub-regulation (4), the words “structuring of debt securities regulations,
2020,” shall be substituted with the words “Structuring of Debt Securities Regulations, 2020,”;
in Schedule I, clause 2,
(a) sub-clause (2), after para (c), the proviso shall be substituted with the following,- “Provided that Investment Finance Company can only act as Consultant to the Issue in case of public offering of debt securities and listings on the Growth Enterprise Market:”; (b) after the proviso amended as aforesaid, the following new proviso’s shall be inserted,-

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Lineage: Amended

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Timeline

Amended 1 time · last 2025-08-21

2025-08-21SECPPublic Offering (Regulated Securities Activities Licensing) Regulations 2017amends

Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works