The Securities and Exchange Commission of Pakistan (SECP) has rolled out new compliance checklists aimed at simplifying and clarifying the licensing procedures for Real Estate Investment Trust (REIT) Management Companies and not-for-profit entities registered under Section 42 of the Companies Act, 2017. In a move to foster greater regulatory transparency and improve ease of doing business, SECP is also enhancing its grievance redressal mechanisms to better support stakeholders.
The initiative reflects SECP’s ongoing commitment to improving procedural efficiency and ensuring that regulatory requirements are well understood by stakeholders, including sponsors, promoters, and organizations engaged in financial and charitable activities. These new checklists provide a step-by-step overview of the required documentation and legal prerequisites necessary for obtaining SECP licenses, significantly reducing the likelihood of incomplete or incorrect submissions that can slow down approval processes.
For REIT Management Companies, the checklist serves as a structured guide to help stakeholders navigate through the licensing requirements under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 and the Real Estate Investment Trust Regulations, 2022. It outlines the necessary steps for obtaining SECP’s permission to establish a Non-Banking Finance Company (NBFC) and subsequently secure a license to manage REITs. The document is accessible through SECP’s official portal at https://shorturl.at/2X5ju.
In parallel, SECP has issued a dedicated checklist for Section 42 companies—organizations that operate on a not-for-profit basis and pursue charitable, educational, religious, or social objectives. The checklist provides comprehensive guidance on licensing procedures, governance standards, financial reporting obligations, and required disclosures. By presenting all essential requirements in a user-friendly format, the document aims to assist applicants in preparing complete and compliant applications from the outset. It can be viewed at https://shorturl.at/YFqeQ.
To encourage transparency and accountability in the application process, SECP has also established follow-up protocols. Applicants who do not receive a response within five working days of their submission can contact the licensing office via email at section42.licensing@secp.gov.pk to inquire about the status of their application or any additional requirements.
In a broader effort to strengthen institutional support for regulated entities and individuals, SECP has enhanced its grievance redressal infrastructure. Stakeholders can now register complaints or seek clarification through multiple channels, including a dedicated landline helpline (051-9195307), which operates during business hours, and an online complaint portal. These measures aim to ensure timely resolution of concerns and provide applicants with direct access to regulatory assistance across all Company Registration Offices (CROs) in Pakistan.
By consolidating licensing procedures into concise, accessible formats and expanding its support systems, SECP is making strides toward reducing bureaucratic delays and increasing operational efficiency. These changes are expected to play a pivotal role in encouraging compliance, boosting investor confidence, and strengthening the regulatory ecosystem in Pakistan.
This latest development underscores SECP’s broader mission of fostering a robust, transparent, and accessible regulatory environment for both profit and not-for-profit sectors operating within the country’s evolving financial and corporate landscape.