ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), with the approval of the federal government, has notified amendments to the Non-Banking Finance Companies (Establishment & Regulations) Rules 2003.

The amendments, which have been introduced after a comprehensive stakeholder consultation process, aim to revitalise growth in the non-banking finance sector and facilitate establishing a contemporary and conducive regulatory framework. Ease of doing business has been provided by eliminating redundancies and requirements such as submission of certified copies of the memorandum, articles of association, and certificate of incorporation, providing reasons for selecting the proposed place of business, statistical data, additional facts in support of the application, etc.

Additionally, directors and chief executive officers are no longer required to submit affidavits with respect to the correctness of information and instead can only submit a declaration to this effect.

Published in Dawn, September 23th, 2023