KARACHI: The State Bank of Pakistan (SBP) has invited applications for selection of Primary Dealers/Preliminary Primary Dealers/Special Purpose Primary Dealers for Fiscal Year 2023-24.

In terms of Rule C-1 of rules governing Primary Dealer System, the SBP has invited applications from eligible institutions for appointment as Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers of Government Securities, ie, Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs) for next fiscal year (FY 2023-24).

The applications have been invited from scheduled banks, DFIs, investment banks, listed brokerage houses, securities’ depositories and clearing institutions.

The SBP said applicants must furnish the required information along with their application signed by the CEO or COO or Treasurer of the institution.

Applicants are required to mention the category of Primary Dealership applied, ie, Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers.

Business plan approved by the ALCO in case of banks and DFIs, and by the Board of Directors (BoD) in case of all other eligible institutions. Business plan must include all relevant details as mentioned in the referred guidelines.

Existing Primary Dealers and Special Purpose Primary Dealers are also required to share update on the implementation of business plan submitted last year including development initiatives undertaken in the current fiscal year FY2022-23.

Applicants other than banks and DFIs will also share the detail of the processes, mechanism and systems in place for the timely and seamless processing, clearing and settlement of transactions related to the Dealers activity including primary auctions. Applied institutions must summit latest audited annual financial report, latest schedule of business charges relevant to dealership activity and detail of Investor Portfolio of Securities (IPS) Accounts as of 25th May 2023.

Copyright Business Recorder, 2023