The Securities and Exchange Commission of Pakistan (SECP) has issued a directive to all Pension Fund Managers (PFMs) to ensure daily publication of the net asset value (NAV) for all pension schemes under their management. Circular No. 32 of 2025 emphasizes maintaining transparency and strengthening investor confidence through robust online disclosure mechanisms.
Under the circular, PFMs are required to maintain comprehensive websites containing a minimum set of information to enhance accessibility and transparency for investors. This includes the latest financial statements of the pension schemes, constitutive documents, key notices, and educational material related to the products offered by the PFMs. Furthermore, PFMs must include the daily NAV, the latest Fund Manager Report (FMR), details of complaint handling mechanisms, expense ratios, and management fees for the schemes under management.
The SECP emphasized that a copy of the latest monthly Fund Manager Report must be simultaneously submitted to the Commission and made available on the PFM’s website. This requirement ensures that investors and regulators have timely access to critical information regarding the performance and management of pension schemes.
Additionally, PFMs are instructed to upload the approved constitutive documents of all pension schemes on their websites. In the event of any amendments approved through supplemental constitutive documents, PFMs must display the updated and consolidated documents alongside the original and supplemental/restated documents. This measure aims to provide complete transparency regarding the structural and regulatory framework governing pension schemes.
By enforcing these disclosure standards, the SECP seeks to create a more transparent and accountable environment for pension scheme management in Pakistan. The move also aligns with global best practices in investment and retirement fund management, emphasizing investor protection and informed decision-making.
The directive is part of a broader effort by the SECP to strengthen corporate governance and regulatory compliance in the financial sector. It highlights the growing importance of digital platforms in delivering timely and accurate financial information to stakeholders, particularly in an era where real-time data access is critical for investment and retirement planning.
PFMs are expected to comply with these requirements immediately and ensure that their websites are continuously updated with relevant information. The SECP will monitor adherence to the circular and take regulatory measures if compliance is not achieved.
This initiative by the SECP represents a significant step in modernizing the pension fund landscape in Pakistan, enhancing transparency, and fostering trust among investors while promoting a more resilient and accountable financial system.
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