Islamabad: The Securities and Exchange Commission of Pakistan (SECP) on Friday (October 29) has proposed amendments to the Non-Banking Finance Companies (NBFC) for the provision of the Kamyab Jawan Programme, news sources reported.
The circular stated that the NBFC will now be able to extend housing loans of up to PKR 2.7 million under the government’s mark-up subsidy scheme for low-cost housing. Similarly, the NBFC’s will enable to extend wholesale loans for the Kamyab Pakistan Programme. According to the information provided, the SECP issued circular number 23 of 2021 under sub-section (3) of section 282B of the Companies Ordinance, 1984, read with regulations I5B and 17(3), as well as Regulation 67A of the Non-Banking Finance Companies and Notified Entities Regulations, 2008.
Similarly, wholesale loans granted by commercial banks to NBMFCs – for onward extension of loans by NBMFCs -under the programme, would not be considered in the computation of NBMFC Aggregate Liabilities under rule 15B (1) of the NBFC Regulations.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
