S.R.O. 1132(I)/2007, Islamabad the, 21st November, 2007

SROS: S.R.O. 1132(I)/2007, Islamabad the, 21st November, 2007 NON-BANKING FINANCE COMPANIES AND NOTIFIED ENTITIES REGULATIONS, 2007. SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN *** Islamabad the, 21st November, 2007 NOTIFICATION S.R.O. 1132(I)/2007, Islamabad the, 21st November, 2007:- In exercise of the powers conferred by sub-section(2) of section 282B of the Companies Ordinance, 1984(XLVII of 1984), the Securities and Exchange Commission of Pakistan hereby makes the following Non-Banking Finance Companies and Notified Entities Regulations, 2007. These regulations shall be applicable to NBFCs carrying out leasing, investment finance services, housing finance services, asset management services, discounting services, investment advisory services and venture capital investment, including their business activities and to the notified entities being managed by such NBFCs unless specific regulations for such notified entities have been issued CHAPTER - I General 1. Short title and commencement.-(1) These regulations may be called the Non-Banking Finance Companies and Notified Entities Regulations, 2007. (2)They shall come into force at once. 2. Definitions.-(1) In these Regulations, unless there is anything repugnant in the subject or context,- (i) asset management company means a company which has been licensed by the Commission to offer asset management services; (ii) bankers acceptance means a draft drawn on a commercial bank by an individual or firm ordering the drawee bank to pay to the order of a certain person a specified sum of money, either on demand or at some future specified date, and accepted by the drawee; (iii)Borrower includes a person on whom a NBFC has taken any exposure during the course of business. (iv) certificate of investment or deposit means a certificate issued for raising funds for a specified time period by an NBFC, duly licensed by the Commission to provide leasing or investment finance services or housing finance services; (v) consumer financing means any financing allowed to individuals for meeting their personal, family or household needs.The facilities categorized as consumer financing are given as under: a. credit cards mean…