Overview of the SBP Announcement
The State Bank of Pakistan issued DMMD Circular No. 03 of 2026 on July 23, 2026, designating ten financial institutions as Primary Dealers and two market infrastructure entities as Special-Purpose Primary Dealers for Fiscal Year 2026-27. This regulatory update adheres to the framework established in DMMD Circular No. 07 dated April 12, 2021, following application invitations under DMMD Circular Letter No. 06 from May 07, 2026.
Appointed Primary and Special-Purpose Dealers
The ten designated Primary Dealers for FY 2026-27 are United Bank Limited, National Bank of Pakistan, Bank Alfalah Limited, Habib Bank Limited, Habib Metropolitan Bank Limited, MCB Bank Limited, The Bank of Punjab, Pak Oman Investment Company Limited, JS Bank Limited, and Citi Bank N.A. (Pakistan Branch).
The two designated Special-Purpose Primary Dealers for the same fiscal year are the Central Depository Company of Pakistan Limited (CDC) and the National Clearing Company of Pakistan Limited (NCCPL).
FY 2025-26 Performance Rankings
Alongside the new appointments, the State Bank of Pakistan disclosed the top three performing Primary Dealers for FY 2025-26, with United Bank Limited securing top position, followed by National Bank of Pakistan in second place and Bank Alfalah Limited in third place. Performance rankings for all remaining entities will be communicated privately by the central bank via individual letters.
Affected Parties and Next Steps
This measure impacts commercial banks, Development Finance Institutions, investment banks, listed brokerage houses, treasury operations, market infrastructure organizations, as well as institutional and retail investors involved with Pakistani government securities such as MTBs, PIBs, and Sukuk.
Entities and individual investors planning to participate in primary debt auctions or maintain Investor Portfolio Securities accounts must execute their transactions through the designated Primary Dealers or Special-Purpose Primary Dealers for FY 2026-27.