NCCPL revises Margin Eligible Securities list, adds 19 stocks

October 16, 2026 (MLN): The list of Margin Eligible Securities (MES) acceptable as collateral at the National Clearing Company of Pakistan Limited (NCCPL) has been revised following its quarterly review. The new list takes effect from Friday, October 30, 2026, on 15 days’ advance notice, and covers 79 securities in Category A and 57 in Category B.

Clearing Members must update the collateral deposited with NCCPL to match the new MES before October 30, 2026. From the effective date, NCCPL will neither accept nor value any ineligible securities.

Nineteen securities have been added to the list. Three of them, Aisha Steel Mills (ASL), Beco Steel (BECO) and National Refinery (NRL), enter Category A. The other 16 enter Category B: Amreli Steels (ASTL), Gul Ahmed Textile Mills (GATM), Ghani Dairies (GDL), Ghani Glass (GHGL), Globe Residency REIT (GRR), Itanz Technologies (ITANZ),

Kohinoor Textile Mills (KTML), LSE Capital (LSECL), Macpac Films (MACFL), Nishat (Chunian) (NCL), Nimir Industrial Chemicals (NICL), Service Industries (SRVI), TPL REIT Fund I (TPLRF1), TPL Trakker (TPLT), Trust Securities and Brokerage (TSBL) and Zuma Resources (ZUMA).

Five securities have been removed. BF Biosciences (BFBIO) from Category A, and Barkat Frisian Agro (BFAGRO), Ittehad Chemicals (ICL) and Kohinoor Industries (KOIL) from Category B, did not qualify for the top 200 securities. Quice Food Industries (QUICE) from Category B was dropped because its impact cost is greater than 2.

Six securities have moved between categories. Engro Polymer & Chemicals (EPCL), Habib Metropolitan Bank (HMB), Hum Network (HUMNL) and Zarea (ZAL) shift from Category A to B, as their impact cost is greater than 2. Highnoon Laboratories (HINOON) and Treet Battery (TBL) move from Category B to A, with impact cost below 1.

Fifteen securities remain eligible only with an additional 15% haircut. In Category A these are Arif Habib Corporation (AHCL), Engro Holdings (ENGROH), Haleon Pakistan (HALEON), Honda Atlas Cars (HCAR) and Pioneer Cement (PIOC). In Category B they are Abbott Laboratories (ABOT),

Atlas Honda (ATLH), Bestway Cement (BWCL), IGI Holdings (IGIHL), Indus Motor Company (INDU), LSE Capital (LSECL), Pakistan Tobacco Company (PAKT), Service Global Footwear (SGF), SPEL (SPEL) and Trust Securities and Brokerage (TSBL).

Nine exchange traded funds are acceptable as collateral: ACIETF, HBLTETF, JSGBETF, JSMFETF, MIIETF, MZNPETF, NBPGETF, NITGETF and UBLPETF.

NCCPL also continues to accept GoP Ijarah Sukuk, Pakistan Investment Bonds and Treasury Bills as collateral. It accepts electronic units of CDS-eligible open-end funds categorised as Money Market Schemes as well.

The eligible list has 26 funds, of which 17 are conventional money market funds and nine are Shariah-compliant.

Twenty-two banks are eligible to issue bank guarantees as collateral. Eleven are rated AAA: Habib Bank, MCB Bank, Standard Chartered Bank (Pakistan), National Bank of Pakistan, United Bank, Allied Bank, Bank AL Habib, Meezan Bank,

Bank Alfalah, Habib Metropolitan Bank and Bank of Punjab. Askari Bank and Faysal Bank are rated AA+. Dubai Islamic Bank, Samba Bank, JS Bank, Sindh Bank and Soneri Bank are rated AA. BankIslami Pakistan, Al Baraka Bank Pakistan and Bank of Khyber are rated AA-, and MCB Islamic Bank is rated A+.

The aforementioned information was disseminated through a notification to Exchange.

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