Securities and Exchange Commission of Pakistan has notified key amendments in the Securities and Futures Advisors (Licensing & Operations) Regulations, 2017, where Individuals are now allowed to work as distributors of mutual funds units for multiple Asset Management Companies after taking license from SECP.
SECP expects that this move will make financial Markets more inclusive and broad-based while enabling expansion of distribution outreach of capital market products, create employment opportunities for qualified youth and increase financial inclusion.
Furthermore, SECP has reduced the experience requirement of CEO and head of advisory services, from five to three years. This is expected to increase participation of young and qualified professionals in the capital market, subject to fit and proper criteria, to act as securities and futures advisors.
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