The Securities and Exchange Commission of Pakistan (SECP), led by Commissioner Muzzafar Ahmed Mirza, on Friday held a consultation session with Muhammad Hassan Bakshi, Chairman of the Association of Builders and Developers of Pakistan (ABAD), and his team, which included industry experts.
The session aimed to deliberate on a regulatory framework for real estate companies intending to invite advance deposits for real estate projects, the SECP said in a press release.
The framework for such companies, provided under the Companies Act, 2017, has so far remained in abeyance. It requires companies to obtain a prior No-Objection Certificate (NOC) from the SECP before announcing or advertising any real estate project. Additionally, companies must maintain all public advances in an escrow account.
Participants held detailed discussions on ground realities, practical aspects, and grey areas within the real estate sector to develop a robust framework that ensures both investor protection and sectoral growth.
SECP representatives emphasised their commitment to strengthening regulatory safeguards, ensuring investor protection, and promoting transparency in project financing through a trustee mechanism.
The consultation marks an important step toward developing a balanced regulatory framework that addresses sector-specific challenges while maintaining public confidence in real estate investments.
Discover more from Brackly News
Subscribe to get the latest posts sent to your email.
