All Heads of Scheduled Banks/DFIs/Investment Banks/

Listed Brokerage Houses/Securities’ Depositories/Clearing Institutions

Dear Sirs/Madams,

SELECTION OF PRIMARY DEALERS/PRELIMINARY PRIMARY DEALERS/SPECIAL PURPOSE PRIMARY DEALERS FOR FISCAL YEAR 2025-26

In terms of rule C-1 of Rules Governing Primary Dealer System issued vide DMMD Circular No. 07 dated April 12, 2021, applications are invited from eligible institutions for appointment as Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers of Government Securities for FY 2025-26. For selection criteria, process thereof, privileges, obligations and performance criteria for each category of dealership, please refer to aforesaid master circular on PD rules.

Applicants must furnish the following information along with their application (signed by the CEO/COO/Treasurer):

1. Category of Primary Dealership applied i.e. Primary Dealer/Preliminary Primary Dealers/Special Purpose Primary Dealers
2. Business Plan approved by the ALCO in case of banks and DFIs, and by the Board of Directors (BOD) in case of all other eligible institutions. Guidelines for submission of Business plan are available in Annexure-E of aforesaid master circular on PD Rules. Business plan must include all relevant details as mentioned in the referred guidelines. Existing Primary Dealers and Special Purpose Primary Dealers are also required to share update on the implementation of previously submitted business plan including development initiatives undertaken during the current fiscal year FY2024-25.
3. Applicants other than banks and DFIs shall also share the detail of the processes, mechanism and systems in place for the timely and seamless processing, clearing and settlement of transactions related to the Dealers activity including primary auctions, as per para A-6 of Annexure-E of the aforesaid master circular.
4. Latest Audited Annual Financial Report/Statement
5. Latest Schedule of Business Charges relevant to Dealership activity.
6. Detail of Investor Portfolio of Securities (IPS) Accounts as of 30-April-2025 as per the attached format i.e. ‘Annexure-A’.

Applications, addressed to Director ‘Domestic Markets & Monetary Management Department’, must reach State Bank of Pakistan, Karachi latest by 30-May-2025 (close of business). Soft copy of the application must also be emailed at [email protected].