Regulatory Alerts2025-05-07 | DMMD Circular Letter No. 05Added · Updated
Selection of Primary, Preliminary Primary, and Special Purpose Dealers for Fiscal Year 2025-26
The State Bank of Pakistan invites eligible institutions, including scheduled banks, DFIs, investment banks, listed brokerage houses, securities depositories, and clearing institutions, to apply for appointment as Primary, Preliminary Primary, or Special Purpose Primary Dealers for Fiscal Year 2025-26. Applicants must submit applications signed by the CEO, COO, or Treasurer, including a business plan approved by the ALCO or Board of Directors, audited financial reports, business charge schedules, and Investor Portfolio of Securities account details as of April 30, 2025. Applications must be delivered to the Director of the Domestic Markets & Monetary Management Department at the State Bank of Pakistan in Karachi, or emailed to pd.reporting@sbp.org.pk, no later than May 30, 2025.
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DMMD Circular Letter No. 05
SELECTION OF PRIMARY DEALERS/PRELIMINARY PRIMARY DEALERS/SPECIAL PURPOSE PRIMARY DEALERS FOR FISCAL YEAR 2025-26
May 07, 2025
536
All Heads of Scheduled Banks/DFIs/Investment Banks/ Listed Brokerage Houses/Securities’ Depositories/Clearing Institutions
Dear Sirs/Madams,
SELECTION OF PRIMARY DEALERS/PRELIMINARY PRIMARY DEALERS/SPECIAL PURPOSE PRIMARY DEALERS FOR FISCAL YEAR 2025-26
In terms of rule C-1 of Rules Governing Primary Dealer System issued vide DMMD Circular No. 07 dated April 12, 2021 , applications are invited from eligible institutions for appointment as Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers of Government Securities for FY 2025-26. For selection criteria, process thereof, privileges, obligations and performance criteria for each category of dealership, please refer to aforesaid master circular on PD rules.
Applicants must furnish the following information along with their application (signed by the CEO/COO/Treasurer):
Category of Primary Dealership applied i.e. Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers
Business Plan approved by the ALCO in case of banks and DFIs, and by the Board of Directors (BOD) in case of all other eligible institutions. Guidelines for submission of Business plan are available in Annexure-E of aforesaid master circular on PD Rules. Business plan must include all relevant details as mentioned in the referred guidelines. Existing Primary Dealers and Special Purpose Primary Dealers are also required to share update on the implementation of previously submitted business plan including development initiatives undertaken during the current fiscal year FY2024-25.
Applicants other than banks and DFIs shall also share the detail of the processes, mechanism and systems in place for the timely and seamless processing, clearing and settlement of transactions related to the Dealers activity including primary auctions, as per para A-6 of Annexure-E of the aforesaid master circular.
Latest Audited Annual Financial Report/Statement
Latest Schedule of Business Charges relevant to Dealership activity.
Detail of Investor Portfolio of Securities (IPS) Accounts as of 30-April-2025 as per the attached format i.e. ‘ Annexure-A ’.
Applications, addressed to Director ‘Domestic Markets & Monetary Management Department’, must reach State Bank of Pakistan, Karachi latest by 30-May-2025 (close of business). Soft copy of the application must also be emailed at pd.reporting@sbp.org.pk .
Yours sincerely,
Iftikhar Ahmad Tari Additional Director
Home — Circulars — DMMD Circular Letter No. 05
SELECTION OF PRIMARY DEALERS/PRELIMINARY PRIMARY DEALERS/SPECIAL PURPOSE PRIMARY DEALERS FOR FISCAL YEAR 2025-26
May 07, 2025
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