fayaz
The Securities and Exchange Commission of Pakistan (SECP) has proposed a new law called, Non-Banking Finance Companies and Collective Investment Vehicles Bill, 2020, in order to protect investors and tighten supervision/ monitoring of non-banking finance companies and collective investment vehicles.
According to the Non-Banking Finance Companies and Collective Investment Vehicles Bill, 2020, the rationale of the new law is that it is expedient to enact a law to provide for the beneficial regulation of nonbanking finance companies and collective investment vehicles, development of a robust nonbanking financial sector and the protection of investors and matters connected therewith and incidental thereto.
The scope of the NBFCs forms of business covers the following activities or business –
- Agriculture finance services;
- Asset management services;
- Collateral management services;
- Discounting services;
- Housing finance services;
- Investment advisory services;
- Investment finance services;
- Leasing;
- Non-banking microfinancing services;
- Pension fund scheme business;
- Private equity and venture capital fund management services;
- Real estate investment trust (REIT) management services;
- Any other regulated form of business as may be notified by the Federal Government
You can read the draft here.
GIPHY App Key not set. Please check settings