: Mechanism for Establishment and Regulatorv Requirements for Operations of the Market Development Fund

                       SECURITIES                              COMASSION COMPANIES mus10N                                          FUND                          DEPARTMENT SECP   No. SCD/PRDD/CRCULAR]3772026                                          June 30, 2026 Circular No. 13 of 2026 Subject: Mechanism for Establishment and Regulatorv Requirements for Operations of the Market Development Fund Flhe Securities and Exchange Commission of Pakistan (the "Commission") in exercise of its powers conferred under Section 282(B)(3) of the Companies Ordinance, 1984 (XLVII of 1984) read with Regulation 38(l)(ab), 41wa) and 67B(xvi) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, nereby specifies the followmg mechanism for establishment of Market Development Fund (MDF) along with regulatory requirements for operations of the MDF by the Mutual Fund Association of Pakistan (MI TFAF). Objecfive of the MDF — The objective of the Iv1DF is to enhance awareness and widen investor participation in Collective Investment Schemes (CIS) and Voluntary Pension Schemes (VPS) to: Promote investor education awareness of the financial market with particular focus on market development of mutual funds and pension fund industy•,       Encourage onboarding of new investors, especially retail and untapped and underserved segrnent• Promote utilization offintech…