The Securities and Exchange Commission of Pakistan (SECP) has combined all legislative and regulatory requirements into one circular in an effort to increase efficiency and compliance in the Modaraba sector. The action is a part of SECP's efforts to develop a supportive environment for the country's Islamic financial sector. Any previous circulars, notices, explanations, and directives that the SECP has issued for the Modaraba sector since 1999 are included in the unified circular SRO 2310. Meanwhile, all duplicate, repealed, and redundant statutory requirements have been removed.

A comprehensive list of all the regulatory requirements has been compiled in a systematic order. All previously published circulars, clarifications, and alerts have been thoroughly reviewed. The aim is to provide a thorough and responsible regulatory framework for the Modaraba sector while ensuring compliance is simple and effective. The consolidated circular also includes a list of all circulars and notices that have been revoked since 1999. The SECP's website (https://www.secp.gov.pk/laws/circulars/) may be visited to see the aforementioned circular.

Credit : Independent News Pakistan-WealthPk