The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for foreign nationals to obtain security clearance from the Ministry of Interior before seeking licenses or permission for carrying out regulated activities in Pakistan.
The SECP implemented the condition through a circular 13 of 2023 issued on Monday. The condition under the new Circular shall come into force with immediate effect
The commission’s circular revealed that the SECP has directed that 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 Ministry of Interior.
