The Securities and Exchange Commission of Pakistan (SECP) has recently overhauled its Electronic Mortgage Register (EMR) in a significant move to promote financial transparency, reduce operational costs, and streamline access to credit across Pakistan’s financial sector. These improvements are designed to strengthen secured lending frameworks and create a more efficient regulatory environment for banks, financial institutions, and businesses.
At the heart of these enhancements is a substantial reduction in access fees for the EMR system. Previously set at Rs. 15,000, the access fee has now been lowered to Rs. 3,000, making it significantly more affordable for institutions to register mortgages and access related information. This fee cut is expected to encourage more frequent use of the platform, facilitating smoother secured lending processes and lowering the barriers for smaller institutions or emerging lenders.
Additionally, the SECP has extended the access period granted to each registered company from 30 days to 90 days. This extension allows financial entities prolonged and uninterrupted access to mortgage records, reducing the need for repetitive access requests and administrative overhead. The extended duration not only adds convenience but also helps financial institutions better manage their lending portfolios and due diligence processes.
The EMR functions as a digital platform where mortgage details are recorded, verified, and accessed by authorized users, thereby increasing transparency and reducing risks associated with lending secured against property. By digitizing and centralizing mortgage information, the EMR minimizes fraud, duplicate registrations, and legal disputes related to collateral. This upgrade aligns with SECP’s broader vision to modernize Pakistan’s financial infrastructure and improve regulatory efficiency.
According to SECP officials, the system enhancements were deployed following successful technical upgrades and comprehensive user acceptance testing. The new system aims to simplify procedures for all stakeholders, including banks, non-banking financial companies, and other credit providers. The easier and more cost-effective access to mortgage data will ultimately support growth in secured lending, fostering a more robust credit market.
These reforms are part of SECP’s ongoing commitment to making Pakistan’s financial sector more competitive and transparent. By reducing costs and streamlining mortgage registration and access processes, the regulator is encouraging greater participation in the formal credit ecosystem, which is critical for the country’s economic development.
The revamped EMR is expected to benefit not only financial institutions but also businesses and borrowers who rely on secured loans for expansion and operational needs. Improved access to mortgage information ensures quicker loan processing and increased confidence in lending transactions.
SECP plans to continue engaging with industry stakeholders to further refine the EMR and introduce additional reforms aimed at enhancing financial sector efficiency. This progressive approach positions Pakistan to better integrate with global best practices in financial regulation and digital innovation.
In summary, SECP’s revamp of the Electronic Mortgage Register represents a strategic step toward lowering costs, increasing transparency, and facilitating secured lending across Pakistan. As these changes take effect, the improved system is set to boost credit accessibility and support the growth of a more dynamic financial market in the country.