The Securities and Exchange Commission of Pakistan (SECP) has revised classification criteria of non-listed companies. The SECP has amended Third Schedule (Classification of Companies) of the Companies Act, 2017 through an SRO 1195(I)/2019. According to the notification, non-listed company which is a public sector company as defined in the Act; or registered and/or licensed under the Administered Legislation or Rules, or regulations made thereunder, as follows:- a) Non-banking Finance Companies which are Asset Management Companies, Pension Fund Managers, REIT Management Companies or Deposit Taking NBFCs; b) Modaraba Company; c) Insurer; d) Securities Exchange; e) Commodity Exchange; f) Central Depository; g) and Clearing House.
Non-listed company which is registered, notified and/or licensed under the Banking Companies Ordinance, 1962 (LVII of 1962) or Microfinance Institutions Ordinance, 2001 (LV of 2001), as follows: a) Banking Company including Foreign Banking Company; b) Microfinance Bank; c) and Development Finance Institution (DFI).
Under the previous classification criteria of non-listed company, the non-listed Company which is: (i) a public sector company as defined in the Act; or (ii) a public utility or similar company carrying on the business of essential public service; or (iii) holding assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension fund, mutual fund or investment banking entity, (iv) having such number of members holding ordinary shares as may be notified; or (v) holding assets exceeding such value as may be notified.
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