SECP facilitates mutual fund industry through updated master Circular


Islamabad: To facilitate the mutual fund industry by providing a single, updated source of applicable regulatory requirements, the Securities and Exchange Commission of Pakistan (SECP) has issued an updated Master Circular for Asset Management Companies (AMCs) and Investment Advisers (IAs).



The updated Master Circular incorporates all applicable circulars, directions and clarifications issued up to June 30, 2026, including key regulatory updates relating to Infrastructure Funds, ESG Funds, Investment Plans, Digital AMCs, digital onboarding of investors through regulated financial institutions, enhancement of investment limits for low-risk investors, performance benchmarks, Key Fact Statement (KFS) requirements, trust deed formats and the Market Development Fund.



The Master Circular is a compilation of all applicable circulars, directions and clarifications issued by the Commission from January 6, 2009 to June 30, 2026 for the regulation of Collective Investment Schemes (CIS)/Mutual Funds and Investment Advisory Services.



It covers matters relating to digitisation, advertisements, categorisation of Collective Investment Schemes and investment avenues, disclosure requirements, Constant Proportion Portfolio Insurance (CPPI)-based schemes, Exchange Traded Funds (ETFs), performance benchmarks for Collective Investment Schemes, selling and marketing of Collective Investment Schemes, sales load and expenses, valuation and provisioning, mandatory certifications for professionals of Non-Banking Finance Companies (NBFCs), distribution of units of Collective Investment Schemes, outsourcing arrangements, risk management and compliance, merger of open-end schemes, procedures for unit holders’ meetings, separately managed accounts and closed-end schemes.



In case of any inconsistency between the Master Circular and the applicable circular, the contents of the relevant circular shall prevail.



Ambassador Muddasir presents credentials to Uzbek President, vows commitment to reinforce bilateral ties


Islamabad: Ambassador Muddasir on Tuesday presented his credentials to President of Uzbekistan Shavkat Mirziyoyev and reaffirmed his commitment to reinforce and expand the bilateral ties, particularly in the areas of trade, tourism and regional connectivity.



In a post on his official X wall, the Ambassador wrote, “Privileged to present my credentials to the Honorable President of H. E. Mr. Shavkat Mirziyoyev. Conveyed warm regards and best wishes of Honorable President of Pakistan, H. E. Asif Ali Zardari and Honorable Prime Minister Muhammad Shehbaz Sharif. I reaffirmed commitment of Pakistan to reinforce and expand our bilateral ties, particularly in areas of trade, investment, tourism, and regional connectivity. ”



During the meeting, the Uzbek president lauded ongoing mediation efforts of Pakistan and its role in promoting regional peace and stability.



Need to shift from reactive to anticipatory action stressed to ensure climate resilience


Islamabad: Pakistan must abandon its firefighting approach to disasters and instead invest in anticipatory action, early warning systems, and climate-resilient land use to ensure beefed up climate resilience of the nation.



This was the crux of the discussion at a webinar, titled: ‘Climate Extremes in Pakistan: Heatwaves, Monsoon Variability and Compound Risks’, organized by Sustainable Development Policy Institute (SDPI) here, said a press release issued on Tuesday.



The speakers underlined that Pakistan’s forecasting and scientific capacity has improved, but institutional follow-through, land-use planning, and public preparedness have lagged behind. They said public preparedness necessitates a shift towards anticipatory climate action. Key requirements, they added, included enhanced coordination among agencies, strict land-use planning, mapping vulnerable areas, and developing community-specific contingency plans for at-risk populations.



Zainab Naeem, Head of Ecological Sustainability and Circular Economy Unit at SDPI, argued that disasters could no longer be treated as isolated events separate from Pakistan’s broader development and economic planning.



She described the country as trapped in a vicious cycle in which climate shocks and development failures reinforce one another and demanded concrete strategies to cope with increasingly abnormal rainfall patterns.



Ms. Naeem noted that flooding and glacial lake outburst floods (GLOFs) were damaging agricultural land in the Punjab and Gilgit-Baltistan respectively, driving migration in both regions. She said water scarcity was now hitting industry and agriculture alike, thus Pakistan needed a genuine behavioural shift supported by better public awareness to prepare for the monsoon season.



Dr. Furrukh Bashir, Principal Meteorologist and Director of Research and Development at the Pakistan Meteorological Department (PMD), discussed as to how Pakistan’s flood risk was evolving. Floods have historically struck in August, driven by weather systems originating over the Bay of Bengal, he said, adding that while Pakistan and the wider region were currently in a positive ENSO phase and have received below-average rainfall overall, this did not rule out flooding a warning underscored by recent events.



The basic question, Dr. Bashir said, was whether the public was taking PMD’s early warnings seriously. He cited the case of informal settlements along the Ravi river in Lahore, where residents were unable to relocate during flooding despite evacuation orders, simply because they had nowhere else to go a gap, which the government must address.



Dr. Bashir said Pakistan already has the forecasts, plans and strategies it needed what was missing was decisive follow-through from relevant authorities. He called for a formal list of disaster hotspots paired with contingency plans, informed communities, and safe havens, adding that women and children remained the most vulnerable in any disaster due to compounding health and hygiene gaps.



Sataish Sheryar, Chief of Environment and Climate Change at the Punjab’s Planning and Development Board, outlined the province’s move towards climate budget tagging, under which every development project must now carry a climate mitigation and adaptation component linked to the Annual Development Programme.



He said the Punjab government has allocated over Rs 49 billion to climate-smart agriculture, including climate-resilient seed varieties and farmer education, while overall local government climate spending has exceeded Rs166 billion.



The transport sector has received Rs 133 billion for clean mobility and green transport as the province shifts away from older, more polluting vehicles part of a broader push, alongside the Suthra Punjab initiative and action by the Environmental Protection Agency, to curb the industrial and transport emissions that fuel seasonal smog.



On institutional roles, Sheryar noted that NDMA functions as a policy-making and early-warning body that passes information to provincial disaster authorities for action, but was not itself an implementing agency underscoring the need for province-specific adaptation plans. She added that the 18th Constitutional Amendment has strengthened decision-making capacity at the provincial disaster management level.



Shahbaz Mehmood, Senior Scientific Officer and Head of the Climatology Section at the Global Change Impact Studies Centre (GCISC), framed Pakistan’s situation within the global climate science consensus, noting that successive IPCC assessments have shown rising confidence that climate extremes will grow more frequent over time.



He said Pakistan was now facing compound and cascading climate risks simultaneously across the country intense heatwaves, extreme rainfall and flooding, and prolonged drought describing this as the new normal that demanded a strengthened early warning system. Rising temperatures were increasing atmospheric instability, he said, while the interaction of large-scale climate drivers such as El Ni±o-Southern Oscillation and the Indian Ocean Dipole which historically helped predict monsoon behaviour was itself becoming less reliable, altering monsoon patterns across South Asia and Pakistan specifically.



Mehmood said rapid population growth and urbanisation were compounding the pressure on already poor drainage and planning systems, turning heavy rain into deadly urban flooding. He called for evidence-based planning grounded in science, technology and data, noting that GCISC continuously updates its projections in line with IPCC assessment cycles and is developing district-level soon to be tehsil-level vulnerability maps for long-term planning. Timely, seamless data-sharing between institutions, he said, was critical to shifting Pakistan from a reactive to a genuinely anticipatory planning approach.



Khadim Hussain, Deputy Director of the Environmental Protection Agency in Gilgit-Baltistan (EPA-GB), said floods in GB have become an annual, indigenous problem that could be far better managed if public and private institutions coordinated effectively but instead, attention fades once the immediate flood season passes each August, with little effort to understand the underlying causes.



Ecosystems along the borders with KP and Azad Jammu and Kashmir that once regulated flooding were being degraded by unchecked human activity, he said, intensifying disaster risk.



Hussain highlighted specific examples of ecologically critical areas, including Rama, near the Astore watershed, and Deosai and Bojal where festivals and unplanned tourism activity generate large volumes of waste and vehicular emissions in zones essential to watershed management.



He called for land-use planning that restricts such activity, curbs the conversion of forest to agricultural land, and regulates hotel construction, along with binding requirements for hotels reliant on diesel generators to invest in local ecosystem restoration.



On a more hopeful note, he pointed to the newly promulgated GB Flood Protection Plan 2025 as a significant piece of legislation, alongside ongoing construction of flood-protection works along rivers and nullahs. He, however, warned that climate-informed land-use planning remained largely absent, even as GB experiences rapid, environmentally incompatible concrete expansion.



Rana Sanaullah says AJK voters backed PML-N’s development agenda


Islamabad: Adviser to the Prime Minister Rana Sanaullah on Tuesday said the people of Azad Jammu and Kashmir (AJK) voted in favor of the Pakistan Muslim League-Nawaz (PML-N) because of its development-oriented agenda and governance record.



Speaking to a private television channel, he said the people of AJK appreciated the development projects carried out by the PML-N in Punjab and wanted similar progress and welfare initiatives in their own region.



He said the PML-N had secured the maximum number of seats in the first phase of the AJK elections and expressed confidence that the party would also receive strong public support in the second phase.



Responding to a question, he maintained that the first phase of the AJK elections was conducted in a transparent, free, and fair manner. He reiterated that the party remained optimistic about its overall performance in the remaining phases of the electoral process.



Minister review preparations for observance of Youm-e-Istehsal on Aug 5


Islamabad: Federal Minister for Kashmir Affairs, Gilgit-Baltistan and SAFRON Engr Amir Muqam, on Tuesday chaired a high-level meeting to review preparations for the observance of Youm-e-Istehsal on August 5, directing all ministries, departments and provincial administrations to ensure coordinated efforts and maximum public participation in the nationwide observance.



The meeting was attended by Coordinator to the Prime Minister for Kashmir Affairs, Gilgit-Baltistan and SAFRON Shabir Ahmad Usmani, Federal Secretary for Kashmir Affairs, Gilgit-Baltistan and SAFRON Ali Tahir, Additional Secretary Kamran Rehman Khan, Joint Secretary Azad Jammu and Kashmir Council Ali Akbar Khattak, Joint Secretary GB Council Sudheer Khattak, All Parties Hurriyat Conference (APHC) leaders Imtiaz Wani and Pervaiz Ahmad Shah, besides focal persons from federal ministries, all provinces including Azad Jammu and Kashmir and Gilgit-Baltistan, said a press release here on Tuesday.



Addressing the participants, the federal minister appreciated the active participation of all departments and stressed the need for a unified national approach to mark the day in a befitting manner. He directed all stakeholders to work in close coordination to ensure the successful execution of planned activities and to maximise public engagement across the country.



Engineer Amir Muqam said the people of Indian Illegally Occupied Jammu and Kashmir (IIOJK) had endured decades of hardships and human rights violations, adding that Pakistan would continue to raise its voice for the Kashmiri people at every available forum. He said the people of IIOJK were not alone and reaffirmed Pakistan’s continued political, diplomatic and moral support for their right to self-determination.



The federal minister emphasised that the observance of Youm-e-Istehsal should effectively convey Pakistan’s message of solidarity with the Kashmiri people and further highlight the Kashmir issue before the international community. He said every institution had a responsibility to contribute towards making the programme meaningful and impactful.



During the meeting, focal persons representing the Foreign Office, Ministries of Interior, Information and Broadcasting, Defence, Communications, Railways and Education, Cabinet Division, AJK Council, GB Council, Press Information Department, Federal Education Directorate, Pakistan Telecommunication Authority (PTA), Capital Development Authority (CDA), Pakistan National Council of the Arts (PNCA), Lok Virsa, Pakistan Broadcasting Corporation (PBC), Pakistan Electronic Media Regulatory Authority (PEMRA), Pakistan Post, Airports Security Force (ASF), Pakistan International Airlines (PIA) and the Survey of Pakistan briefed the participants on arrangements and preparations for the nationwide observance.



Representatives from all provinces, Gilgit-Baltistan and Azad Jammu and Kashmir also shared updates on planned activities, while APHC leaders highlighted the situation in IIOJK and underscored the importance of international awareness and continued support for the Kashmiri cause.



The meeting concluded with a commitment from all participating institutions to work in close coordination to ensure the successful observance of Youm-e-Istehsal through comprehensive public outreach and participation across the country.



Petroleum price increase linked to geo-political developments


Islamabad: Federal Minister for Petroleum Ali Pervaiz Malik on Wednesday said the recent increase in petroleum product prices was mainly caused by the conflict between Iran and the United States, saying that the situation is temporary.



Speaking to private news channel, the minister said the government is taking steps to manage the situation and minimize its impact on consumers, saying that efforts are underway to address the challenges arising from fluctuations in the international oil market.



He said the government would move to deregulate petroleum prices as soon as volatility in the global oil market reduces. expressing confidence that prices would stabilize once international market conditions improve. Malik said Pakistan should focus on exploring and developing its domestic petroleum resources to reduce dependence on imported fuel.



He also stressed the need to avoid repeating the policy measures adopted in 2022, saying future decisions should be based on lessons learned from past experience.