Karachi, July 1: The State Bank said here on Monday that non- bank financial institutions (NBFIs) would continue to be regulated by it till further orders.

“The NBFIs have been asked to continue sending the periodical returns and other statements/information to SBP as per existing instructions,” SBP says in a press release. “The date of transfer of supervisory functions of NBFIs from State Bank to Securities and Exchange Commission of Pakistan will be announced shortly.”

SBP Governor Dr. Ishrat Husain and SECP Chairman Khalid Mirza had announced at a joint press conference in January this year that the regulation and supervision of NBFIs would be transferred to SECP from July 1 2002.

“The delay in meeting the deadline is because necessary amendments in the Banking Companies Ordinance to provide legal cover to the changeover are in the process of being promulgated.”

“Further, necessary framework containing rules for supervision of non-bank financial companies (NBFCs) are being finalized.”

“As soon as the legal formalities are completed, all NBFIs except for Pak-Libya Holding Company Ltd., Pakistan-Kuwait Investment Company Ltd., Saudi-Pak Industrial & Agricultural Investment Company Ltd., Pakistan Industrial Credit & Investment Corporation Ltd., and Pak-Oman Investment Company Ltd., will be regulated and supervised by the SECP.”