SECP Issues a Master Circular Combining All Circulars From 2009 to 2020

In order to facilitate the mutual fund industry, the Securities and Exchange Commission of Pakistan (SECP) has issued a Master Circular for Asset Management Companies (AMCs) and Investment Advisors (IAs) consolidating all existing, applicable circulars, directions, and clarifications.

The consolidation of all past circulars, issued by the SECP from January 06, 2009, up to July 1, 2020, aims to draw together different enactments on a topic into a single chapter.

Thus, it has divided the circulars into sixteen topics/chapters including:

  • Categorization of collective investment schemes and investment avenues
  • Disclosure requirements
  • Exchange-traded funds
  • Performance benchmarks for collective investment schemes
  • Risk management and compliance, etc.

The Master Circular has streamlined the structure of the original circulars to make a cumulative effect on successive layers of secondary legislation, removing obsolete materials, and resolving minor inconsistencies that have crept in over the years. The circular is available at SECP’s website at

To facilitate statutory compliance by the industry and other users, SECP will regularly update the Master Circular to provide access to all the applicable circulars in one document. The comprehensive circular containing 114 pages covers all relevant areas.

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