ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has refused to grant/ allow licences or regulated activities of foreign nationals, who are sponsors/ directors /shareholders of companies, without security clearance from the Ministry of Interior.

In this regard, the SECP issued circular 13 of 2023, here on Monday.

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According to the SECP’s circular, the SECP has directed that the licenses or regulated activities under the Securities Act, 2015 and the Futures Market Act, 2016, wherein, sponsors/ directors /shareholders are foreign nationals/ foreign entities and any subsequent change in sponsors/ directors/ shareholders shall only be granted /allowed upon receipt of requisite prior security clearance from the Ministry of Interior. The circular comes into force with immediate effect.

Copyright Business Recorder, 2023