Attention of Exchange Companies is invited towards instructions contained in FE Circular No. 09 dated July 30, 2002 [Para 2(i), Chapter 3 of Exchange Companies Manual], in terms of which they are required to maintain minimum paid-up capital of PKR 200 million. These capital requirements have not been changed since 2002.
2. Now, in order to strengthen the solvency of Exchange Companies and enable them to have robust infrastructure and systems, the minimum paid-up capital requirement of Exchange Companies is being enhanced from PKR 200 million to PKR 500 million (free of losses).
3. Accordingly, Exchange Companies having paid-up capital (free of losses) below PKR 500 million, are advised to enhance their paid-up capital to the required level latest by December 31, 2023. A capital enhancement plan in this respect should be submitted by the concerned Exchange Company to Exchange Policy Department by September 30, 2023. Subsequently, a report of compliance in this regard, along with documentary evidence of enhancement of capital, shall be submitted by the concerned Exchange Company to Exchange Policy Department latest by December 31, 2023.
4. All other terms and conditions on the subject shall remain unchanged.