SECP with the approval of the federal government, has notified amendments to the Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003.

.png&w=3840&q=75)
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 and Regulations) Rules, 2003.
According to a news release released here on Friday, the revisions, which were introduced following an in-depth stakeholder engagement process, aim to revive growth in the non-banking finance industry and make it easier to construct a modern and beneficial regulatory environment.
Moreover, it is now easier to conduct business due to the removal of redundant steps and regulations like those requiring the submission of certified copies of the memorandum, articles of association, and certificate of incorporation, the justification for choosing the proposed location of the business, statistical information, additional facts to support the application, etc.
Additionally, directors and chief executive officers are merely permitted to provide a declaration about the accuracy of information rather than longer being required to present affidavits to that effect. Additionally, because the organization no longer exists, the term "investment company" has been removed from the guidelines.
The SECP thinks that reducing licensing procedures and enacting policies to make it easier to do business are essential for the long-term viability of the NBFC industry in Pakistan.

Pakistan Army shoots down 4 Indian drones in Okara Cantt
- an hour ago

The real problem with vaping
- 4 hours ago

Why are men so much more right-wing than women now?
- 4 hours ago

Why the Karen Read retrial might end differently this time
- 4 hours ago

Flight operations at Jinnah Int’l Airport resumes
- 3 hours ago

Indian army shelling on Kotli, 4 including newborn martyred
- 29 minutes ago

Pak-India tensions: Remaining matches of PSL 10 to be played abroad
- 3 hours ago

Trump’s new plan for student loans, briefly explained
- 4 hours ago

Rain in Punjab, hail likely in few places
- 23 minutes ago

US not to intervene in Pakistan-India war
- 3 hours ago

Welcome to the May issue of The Highlight
- 4 hours ago

Pakistan rejects Indian media's allegations, propaganda
- 2 hours ago