The Securities and Exchange Commission of Pakistan (SECP) has issued an updated Master Circular for Asset Management Companies (AMCs) and Investment Advisers (IAs), consolidating the latest regulatory requirements into a single document to simplify compliance for the mutual fund industry.
According to the regulator, the updated circular includes all applicable circulars, directions, and clarifications issued through June 30, 2026.
It also incorporates recent regulatory changes covering Infrastructure Funds, Environmental, Social, and Governance (ESG) Funds, Investment Plans, Digital AMCs, digital investor onboarding through regulated financial institutions, higher investment limits for low risk investors, performance benchmarks, Key Fact Statement (KFS) requirements, trust deed formats, and the Market Development Fund.
The Master Circular consolidates all applicable regulatory guidance issued by the SECP between January 6, 2009, and June 30, 2026, for the oversight of Collective Investment Schemes (CIS), mutual funds, and investment advisory services.
It also outlines requirements related to digitization, advertising, categorization of Collective Investment Schemes, investment avenues, disclosure standards, Constant Proportion Portfolio Insurance (CPPI) based schemes, Exchange Traded Funds (ETFs), performance benchmarks, fund distribution and marketing, sales charges, valuation and provisioning, professional certifications for Non Banking Finance Companies (NBFCs), outsourcing arrangements, risk management, compliance, mergers of open end schemes, unit holders’ meetings, separately managed accounts, and closed end schemes.
The SECP clarified that if any inconsistency arises between the Master Circular and an individual circular, the provisions of the relevant circular will take precedence.
The updated Master Circular for Asset Management Companies and Investment Advisers is available on the SECP’s official website.
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The Mater Circular contents ” The SECP clarified that if any inconsistency arises between the Master Circular and an individual circular, the provisions of the relevant circular will take precedence. ” is not fair and instead it should have provided a provision of seeking clarification with a commitment to reply on time bound basis.