Notificaitons of SECP, NEPRA & SBP

1. SECP’s Notification of Zero Tolerance for Surrogate Companies[1]

The Ministry of Information and Broadcasting through its letter number M/o I&B U.O No. 1(1)/2023/press/Misc., titled as “Zero Tolerance for Surrogate Companies”, dated September 25, 2023 has informed that some betting outfits labelled as Surrogate companies have entered the Pakistani market by entering into sponsorship and advertisement contracts with a number of media and sport enterprises and advised to not to make any agreements or enter into business relationship with these surrogate companies. Relevant portion of the letter is reproduced as under:

Therefore, Pakistan Cricket Board, Pakistan Super League, PSL franchises, club cricket, private leagues, television channels, radio broadcasters, internet platforms, newspapers, magazines and other media/ advertisement platforms are strictly advised to not make any agreements and business relations with such surrogate companies and to not promote them through any kind of advertisement.

NOW THEREFORE, the Securities and Exchange Commission of Pakistan, in exercise of Powers under Section 40B of the SECP Act, 1997 hereby directs all Companies and Limited Liability Partnerships (LLPs) to ensure compliance with the aforementioned advisory of Ministry of Information and Broadcasting in true letter and spirit.

2. NEPRA to examine Electrification Schemes under SDG’s[2]

National Electric Power Regulatory Authority (Nepra) is to review proposed electrification/rehabilitation schemes including their economic viability under Sustainable Development Goals (SDGs). Planning Division’s Energy Wing in its comments on “provision of electricity of 59 schemes in various Union Councils (UCs) of Tehsil Gujar Khan Rawalpindi NA-58 under SDGs” noted that it is at a cost of Rs 42.348 million. The objective of the project is to electrify 59 Union Councils (UCs) in the area of NA-58. The scope of work includes 7.3-km HT, 0.57-km LT line and 25-KVA (10 numbers) transformers.

3. SBP Adopts ‘VPN Technology’ for DAP Connectivity[3]

The State Bank of Pakistan (SBP) has decided to adopt network level security by implementing the ‘Virtual Private Network (VPN) technology’ for Data Acquisition Portal (DAP) connectivity aimed at further strengthening the system’s security. The SBP had launched the Data Acquisition Portal (DAP) in 2011 to centralize data reporting from its regulated financial institutions. Over the years, DAP’s access mechanism has been strengthened by using state of the art technology with a view to enhance its security. At present, DAP access for all users is secured using Multi-Factor Authentication that includes User ID, Password and client-side Digital Certificate. Most recently, SBP also implemented a One-Time Password (OTP) delivered through SMS on users’ registered mobile numbers. The SBP has said that all REs are also encouraged to rationalize the number of DAP users. This will not only simplify the user management process but also enhance the efficiency and effectiveness of support operations both at SBP and RE’s.

[1] R 22-11-2023