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June 26, 2019

SECP facilitates mutual funds

Business

June 26, 2019

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has revamped the regulatory framework for the mutual funds industry to meet the changing industry dynamics, implementing international best practices, safeguarding investors’ and adding to the ease of doing business, a statement said on Tuesday.

The corporate regulator said after a lengthy consultative process with the Mutual Fund Association of Pakistan (MUFAP), a number of measures had been introduced recently, which include replacing seed capital requirements of Rs200 million with minimum fund size of Rs100 million to offer flexibility in launching new mutual funds.

The SECP said it has also allowed charging selling and marketing expense to fund, charging of back office accounting expenses and granting permission for charging sales load on direct investment and on-online investment which was earlier restricted.

In order to promote ease of doing business the Commission on June 20, 2019 also approved further amendments in the NBFC Regulations 2008 to provide for operational flexibility to asset management companies (AMCs), the statement said.

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