SECP issues updated Master Circular for mutual fund industry

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued an updated Master Circular for Asset Management Companies (AMCs) and Investment Advisers (IAs), consolidating all applicable regulatory requirements into a single reference document.

The circular incorporates all relevant circulars, directions and clarifications issued up to June 30, 2026. It includes regulatory updates on Infrastructure Funds, ESG Funds, Investment Plans, Digital AMCs, digital investor onboarding, enhanced investment limits for low-risk investors, performance benchmarks, Key Fact Statement (KFS) requirements, trust deed formats and the Market Development Fund.

According to the SECP, the Master Circular compiles regulations issued between January 2009 and June 2026 covering Collective Investment Schemes (CIS), mutual funds and investment advisory services. It also addresses digitisation, Exchange Traded Funds (ETFs), disclosure requirements, risk management, compliance, marketing, valuation, outsourcing and scheme mergers.

The regulator said that in case of any inconsistency, the relevant circular will prevail over the Master Circular.