The Securities and Exchange Commission of Pakistan (SECP) has directed Mutual Funds industry that the individuals having minimum qualification of graduation or above may sell mutual fund units after taking in-house training of minimum 3 days from an Assets Management Company (AMC). The SECP has amended Circular no. 41 of 2016 (Mandatory Requirements for Distributors Selling Mutual Fund Units of Single Asset Management company) through a circular number 18 issued Tuesday.
The Commission in exercise of the powers conferred under section 282B (3) of the Companies Ordinance, 1984 read with Regulation 66A (a) of the Non-Banking Finance Companies and Notified Entities Regulation, 2008, hereby makes following further amendment to Circular No. 41 of 2016:
The SECP said that the individuals referred in clause I(a) of the Circular No. 41 of 2016 having minimum qualification of graduation or above may sell mutual fund units after taking in-house training of minimum 3 days from an AMC without new Institute of Financial Markets of Pakistan (IFMP) certification. However, these individuals shall get new IFMP certification within six months from date of joining the AMC or Distributor.
All other requirements stipulated under Circular No. 41 of 2016 shall remain unchanged, the SECP added.