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DMMD Circular No. 26 of 2019 |
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All heads of Schedule Banks/DFIs/Investment Banks
Listed Brokerage Houses
Dear Sirs/Madams,
CHANGE IN RULES GOVERNING PRIMARY DEALER SYSTEM
Please refer to DMMD Circular No. 12 dated July 03, 2012, in which rules governing Primary Dealer System are stipulated.
In order to promote development of the market for Pakistan Investment Bonds (PIBs), Rule E-8 of aforesaid circular is revised as follows.
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| E- Primary Dealers’ Quoting and other Obligations |
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Current Rule |
Amended Rule |
| E-8 |
At any given day, a PD's holding in a particular issue with days to maturity greater than 1-year will not exceed 30.0% of the total issued amount or PKR 1.5billion, whichever is higher in each tenor. However for Non-PDs the limit will be 15.0% or PKR 1.5 billion, whichever is higher, in each tenor. The PDs issue-wise holding limit of 30.0% will run-down to 15.0% of the issued amount on expiry of 90days from the last auction date of that particular issue. This revised limit would apply only on issues sold during FY'08 and onward.
Compliance to above instructions on current holding as on date of this circular by PDs, be effectively met by 30Sep2012. |
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| “At any given day, a PD's holding in a particular issue with days to maturity greater than 1-year will not exceed 30.0% of the cumulative target or issued amount, whichever is higher, in each tenor. However, for Non-PDs the limit will be 15.0% of the cumulative target or issued amount, whichever is higher, in each tenor. The PDs issue-wise holding limit of 30.0% will run-down to 15.0% of the cumulative target or issued amount, whichever is higher, on expiry of 90days from the last auction date of that particular issue”. |
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All other instructions on the subject will remain same. The above instructions will be effective immediately.
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Yours truly,
(Rizwana Rifat)
Senior Joint Director
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