Circulars/Notifications - Domestic Market & Monetary Management Department  
 DMMD Circular Letter No. 01 of 2021 April 28, 2021

All Heads of Scheduled Banks/DFIs/Investment Banks/
Listed Brokerage Houses/Securities’ Depositories/Clearing Institutions

Dear Sir/Madam,

Selection of Primary Dealers/Preliminary Primary Dealers/Special Purpose Primary
Dealers for Fiscal Year 2021-22

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 Dealers/Preliminary Primary Dealers/Special Purpose Primary Dealers of Government Securities (i.e. Pakistan Investment Bonds and Market Treasury Bills) for FY 2021-22. 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:

  1. Category of Primary Dealership applied i.e. Primary Dealers/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.

  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 21-May-2021 per format attached as Annexure-A.
Applications, addressed to Director ‘Domestic Markets & Monetary Management Department’, must reach State Bank of Pakistan, Karachi latest by 25-May-2021 (close of business). Soft copy of the application must also be emailed at [email protected].


Yours truly,


(Muhammad Kashif Rahim)
     Joint Director

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