The Securities and Exchange Commission of Pakistan (SECP) has released an updated Master Circular for Asset Management Companies (AMCs) and Investment Advisers (IAs), bringing together the latest regulatory requirements into a single framework to streamline compliance across the mutual fund industry.

The revised circular consolidates all applicable regulations, directives, and clarifications issued up to June 30, 2026, replacing scattered guidance with one comprehensive reference document.

According to the SECP, the update incorporates recent regulatory changes covering Infrastructure Funds, Environmental, Social and Governance (ESG) Funds, Investment Plans, Digital AMCs, digital investor onboarding through regulated financial institutions, enhanced investment limits for low-risk investors, performance benchmarks, Key Fact Statement (KFS) requirements, trust deed templates, and the Market Development Fund.

The Master Circular also combines all regulatory guidance issued between January 6, 2009, and June 30, 2026, governing Collective Investment Schemes (CIS), mutual funds, and investment advisory services.

In addition, it outlines requirements for digitalization, advertising, fund categorization, investment avenues, disclosure standards, Constant Proportion Portfolio Insurance (CPPI)-based schemes, Exchange Traded Funds (ETFs), distribution and marketing practices, sales charges, valuation and provisioning, professional certification requirements for Non-Banking Finance Companies (NBFCs), outsourcing arrangements, risk management, compliance, mergers of open-end funds, unit holders’ meetings, separately managed accounts, and closed-end schemes.

The regulator said that in the event of any conflict between the Master Circular and an individual circular, the provisions of the relevant individual circular will prevail.

The updated Master Circular is available on the SECP’s official website.