KARACHI: The Securities and Exchange Commission of Pakistan (SECP) hasproposed new brokers regime for stock market brokers with financialresource requirements, and in notice sent to the Pakistan Stock Exchange(PSX), has asked all market participants to share the comments and feedback.
The notice to the PSX also includes details of the new regime, thehighlight of which is that brokers would now be divided into threecategories — Trading and Clearing Broker (TC), Trading and Self ClearingBroker (TSC), and Trading Only Broker (TO).
Under the new financial resource requirements proposed for brokers, networth of TC broker licence would be Rs500 million and above.
The net worth of TSC broker license would be Rs150 million and above, andnet worth of TO broker license would be Rs15 million and above.
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According to the new regime, the requirement for at least Rs150 million networth for keeping custody of client assets shall be applicable on the basisof financial statements of December 30, 2019 and shall be implemented fromMarch 31, 2020.
