The Securities and Exchange Commission of Pakistan (SECP) issued a updated Master Circular for Asset Management Companies (AMCs) and Investment Advisers (IAs) on July 28, 2026. The measure consolidates regulatory circulars, directives, and clarifications issued between January 6, 2009, and June 30, 2026, bringing all applicable instructions into a single compliance document.
Enhanced Digital Investment Limits
The revised circular substantially increases the investment thresholds for simplified digital accounts to encourage broader retail participation. Under the new rules, the cumulative limit for Sehl Sarmayakari accounts has been increased from Rs 200,000 to Rs 1,000,000, with a per-transaction cap set at Rs 300,000. Meanwhile, the cumulative cap for Sahulat Sarmayakari accounts has expanded from Rs 1,000,000 to Rs 3,000,000, alongside a per-transaction limit of Rs 1,000,000. SECP has also removed annual investment and redemption caps to ensure continuous market participation for individual investors.
Simplified Onboarding and Regulatory Integrations
To reduce onboarding friction, the framework eliminates duplicate Know Your Customer (KYC) processing for individuals who have already completed verification with regulated financial entities, such as commercial banks, microfinance banks, or electronic money institutions. This verification sharing is enabled through API integration and NADRA biometric verification.
In addition to customer onboarding updates, the Master Circular integrates operational rules for several specialized structures. These include provisions for ESG Funds (requiring at least 50 percent asset alignment), Infrastructure Schemes (setting a minimum net asset requirement of Rs 100 million), Digital AMCs (enforcing OWASP-aligned cybersecurity standards), Exchange Traded Funds (ETFs), Constant Proportion Portfolio Insurance (CPPI) schemes, and standardized Key Fact Statements.