New Appointments for Fiscal Year 2026-27
The State Bank of Pakistan released DMMD Circular No. 03 on July 23, 2026, announcing the selection of ten Primary Dealers and two Special Purpose Primary Dealers for Fiscal Year 2026-27. This annual designation process was initiated following applications invited via DMMD Circular Letter No. 06 on May 07, 2026, and adheres to the regulatory framework established under DMMD Circular No. 07 dated April 12, 2021.
Appointed Primary and Special Purpose Dealers
The ten institutions appointed as Primary Dealers for the FY 2026-27 term 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
- Citi Bank N.A. (Pakistan Branch)
Additionally, two entities were named as Special Purpose Primary Dealers for the same fiscal cycle:
- Central Depository Company of Pakistan Limited (CDC)
- National Clearing Company of Pakistan Limited (NCCPL)
Top Performing Dealers from FY 2025-26
The central bank also disclosed performance standings from the previous operational cycle (FY 2025-26). United Bank Limited secured the top spot, followed by National Bank of Pakistan in second place, and Bank Alfalah Limited ranking third. Performance metrics and rankings for other participating institutions are not publicly disclosed in the circular and are communicated individually and confidentially by the central bank.
Market Access and Investor Guidance
The primary dealer network acts as a important bridge for auctioning and trading public debt instruments, such as Market Treasury Bills and Pakistan Investment Bonds. Financial entities, institutional buyers, and retail investors seeking to acquire or trade these government securities can engage through any of the ten appointed Primary Dealers or access Investor Portfolio Securities account services offered by authorized financial institutions.