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SECP’s Notification of Zero Tolerance for Surrogate Companies

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.


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