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April 20, 2021

SECP issues clarification

Business

April 20, 2021

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has come to know through a news clipping titled “SNBL, ECMCL enter into alliance” published in a section of the press on April 16, 2021, wherein the company has asserted itself as the first Collateral Management Company (CMC) registered with SECP under the Collateral Management Companies Regulations, 2019 in the name Elahi CMC Limited.

The SECP; hereby, clarifies that under Regulation 4 of the CMC Regulations, 2019, no company can undertake activities of a CMC unless it is registered with SECP as a CMC.

It is also clarified that Elahi CMC Limited (ECMCL) is not registered with SECP as a CMC and; therefore, cannot undertake the activities of a collateral management company. Therefore, the subject reference of ECMCL as the first SECP registered CMC is factually incorrect and misleading.

Moreover, it is also clarified that Naymat CMC Limited is the first and only CMC registered by SECP under Regulation 4 of the CMC Regulations, 2019.