SECP directs brokers to provide financial information through the new online format
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Th directed stockbrokers to produce monetary info through a new developed on-line system.
The SECP issued Circular No. 02 of 2021 for on-line submission of economic info by securities brokers.
The SECP directed the securities brokers to submit on-line monetary info in a very new standardized format on monthly basis as per the subsequent details:
— All securities brokers shall develop a regular balance Report through mapping of secondary codes in their back-office system on the prescribed format. The brokers shall take all necessary steps to implement the coverage as given within the aforesaid format.
— All securities brokers/TREC holders shall transfer the report on their several e-services portal through the link “PSX TREC Holder monetary info Portal”, inside 10 calendar days once the top of every month. the primary monthly report of March 2021 shall be submitted through the system by Gregorian calendar month ten, 2021.
The SECP aforesaid the newest circular can follow Circular No. 04 of 2013 dated Gregorian calendar month sixteen, 2013 issued by the commission that acquires submission {of monetary|of monetary|of economic} info to the commission through online financial report system.
The SECP issued tips for submission of economic information:
— All securities brokers square measure needed to implement the quality balance Report by mapping/tagging the secondary codes in their existing bank workplace system either through their software system vendors or themselves because the case could also be.
— Securities brokers square measure needed to produce the values knowledge appreciate the character of every account title and code prescribed within the report format.
— All codes and account head mentioned in daring within the report format mustn't contain any worth (or a total of values) within the report generated from the back-office system of securities brokers.
— All securities brokers/PSX TREC holders shall generate MS stand out based mostly commonplace balance Report and transfer the report for submission to the SECP through e-services portal exploitation their existing document i.e. login ID, secret and PIN.
— underneath e-services portal of SECP a separate link titled “PSX TREC Holder monetary info Portal” is provided for uploading of the report.
— SECP team can conduct coaching sessions to facilitate the securities brokers for submission of ordinary Trial Report through e-services portal.
— additionally to higher than, filing of quarterly returns underneath existing FRS can continue until the effective date of the circular and amendments in PSX assemblage.
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