Category Archives: Finance

SECP files criminal case against former executive of leading bank for insider trading

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has filed a criminal case against a former senior banker of a leading bank in the country.

Bank holiday

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KARACHI: State Bank of Pakistan (SBP) on Thursday announced that it will remain closed on May 1, 2017 (Monday) on the occasion of “Labour Day” as declared by the Government of Pakistan.

Pakistan Development Fund to be launched soon to channelize remittances: Dar

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ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has said that the government would soon be launching Pakistan Development Funds.

SECP directs companies to provide source of funds amounting Rs5 million and above

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has asked all the registered companies to provide source of funding amounting Rs5 million or above received during a financial year.

SECP approves listing of wheat futures contracts on PMEX

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has approved listing of wheat futures contracts on Pakistan Mercantile Exchange Limited (PMEX) in an endeavor to augment the portfolio of agricultural commodities in domestic futures market.
Wheat futures contract is a pilot project, which will be carried out in district Sheikhupura, Muridke and adjoining areas, said a statement on Tuesday.
The prominent stakeholders such as Pakistan Agricultural Coalition, Agriculture Department, Government of the Punjab, have also been involved in the consultation process for launch of this product to ensure its acceptability by the market participants. PMEX is a technology driven, electronic, transparent and regulated market and it will provide participants a great alternative to the traditional trading market that is burdened with middlemen and profiteers.
The salient features of the PMEX wheat futures contracts include compulsory delivery, swift payment to seller/farmers, quality certification of wheat and availability of multiple grades of wheat for trading.
The participation of investors at a national level market of PMEX will result in better price discovery and benefit the growers by fetching better price for their produce. The PMEX wheat futures contract has been modelled in such a way that it will provide the processors an opportunity to procure good quality wheat.
The addition of wheat futures contract will strengthen the agricultural product portfolio of PMEX that earlier included paddy rice and red chilli futures contracts.
This approval is a step towards developing an international level agri-product financing and trading ecosystem. The SECP has already approved collateral management framework in consultation with State Bank of Pakistan, Pakistan Banks Association, provincial governments and farmers’ associations; notification for this has been approved by the federal cabinet and is in the process of issuance.
Under the framework a collateral management company would be established for overseeing agri-commodity warehouses, Central Depository Company of Pakistan Limited and banks have shown interest in investing in the collateral management company, which is a critical component for putting in place electronic warehousing receipts. Here it is pertinent to highlight that issuance and trading of electronic warehousing receipts is one of the main goals of national financial inclusion strategy.

SBP amends regulations on large exposure limit

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KARACHI: State Bank of Pakistan (SBP) has amended regulations for banks regarding large exposure limit i.e. borrowing to single person or a group.

Integrated portal of company, tax registration becomes functional

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ISLAMABAD: An integrated platform for company and tax registration with Securities and Exchange Commission of Pakistan (SECP) and Federal Board of Revenue (FBR) has become functional, said a statement on Tuesday.

FBR urged reduced sales tax at 5pc for plastic industry

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KARACHI: Pakistan Plastic Manufacturers Association (PPMA) has urged the Federal Board of Revenue (FBR) to reduce the sales tax rate to five percent instead normal rate of 17 percent.

Budget Proposals 2017/2018: PSX recommends 20pc corporate rate for SME listed companies

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KARACHI: Pakistan Stock Exchange (PSX) has proposed 20 percent corporate income tax rate for small and medium size listed companies to promote entrepreneurship.

Easypaisa tops with 9.1m branchless banking accounts: SBP

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KARACHI: Easypaisa is remained on the number one position for having 9.1 million accounts and with 46 percent share in total branchless banking in the country, State Bank of Pakistan (SBP) said on Friday.