S.R.O. 1073(I)/2007, Islamabad, the 12th September, 2007

SROS: S.R.O. 1073(I)/2007, Islamabad, the 12th September, 2007 S.R.O. 1073(I)/2007, Islamabad, the 12th September, 2007:- In exercise of the powers conferred by sub-clause(viii) of clause(a) of section 282A of the Companies Ordinance, 1984(XLVII of 1984), the Federal Government is pleased to specify real estate investment trust management services to be a form of business carried on by non-banking finance companies(NBFSs). FRESH LICENSE(S) TO BE OBTAINED IN TERMS OF SECTION 282 C OF THE COMPANIES ORDINANCE, 1984 FOR BUSINESS(ES) BEING CARRIED OUT BY EXISTING NON-BANKING FINANCE COMPANIES As you are aware, through the Companies(Second Amendment) Ordinance 2002, a new Part VIII-A(containing provisions of Sections 282A to 282M) has been inserted in the Companies Ordinance, 1984(the Ordinance) regarding matters pertaining to the establishment and regulation of Non-Banking Finance Companies(NBFCs). In terms of clause(a) of section 282 A, a NBFC would be able to partake any or all of the following forms of business namely, - i) Investment Finance Services ii) Leasing iii) Housing Finance Services iv) Venture Capital Investment v) Discounting Services vi) Investment Advisory Services vii) Asset Management Services In addition to grant of license to the newly incorporated NBFCs, every company in existence that is engaged in any one or more forms of business as specified above, before the expiry of six months from coming into force of Section 282C of Part VIII-A of the Ordinance, i.e. on or before May 15, 2003 is required to apply in writing to Securities and Exchange Commission of Pakistan( the Commission) for grant of a fresh license in terms of the said section. Further, in terms of the powers conferred by Section 282B of the Ordinance, the Commission has recently notified rules for the Non-Banking Finance Companies namely, Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003(NBFC Rules) which prescribe criteria for grant of license to NBFCs. Therefore, in terms of sub-rule(6) of rule 5 of these Rules read with sub section(3) of section 282C of the Ordinance, you are advised to furnish an application on the attached format alongwith non-refundable…