August 16, 2021 (MLN): Mutual Funds Association of Pakistan (MUFAP) in consultation with Audit Firms and with the consent of SECP, has decided to reverse the full provision against the Sindh Workers Welfare Fund (SWWF) held in the Collective Investment Schemes (CIS's) and Voluntary Pension Schemes (VPS) under the management of AMCs.
The reversal is being made in accordance with the letter of Sindh Revenue Board (SRB) received at the office of MUFAP on August 13, 2021, in which it was clarified that Sindh Workers' Welfare Fund is not applicable on Mutual Funds and Voluntary Pension Schemes.
The implementation of the decision has an impact on the Net Asset Values of CIS's and VPS's under the management of HBL Asset Management Limited, JS Investments Limited, and National Investment Trust Limited as they decided to stop the further provisioning of SWWF and versed the accrued provision of SWWF from the books of Mutual Funds and Voluntary Pension Schemes under their management effective from August 13, 2021.
