SECP proposes amendments for enhanced Shariah stock screening disclosures

MG News | May 07, 2024 at 03:05 PM GMT+05:00

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May 07, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Fourth Schedule of the Companies Act, 2017 to enhance the list of disclosures made in financial statements of listed companies for Shariah stock screening of shares.

Listed companies will be required to provide crucial information about their subsidiary companies for Shariah stock screening purposes in order to align the regulatory framework with market needs for a fair-trading environment.

Additionally, the language of the Fourth Schedule has been simplified to bring clarity to the Shariah stock screening of shares to include in Islamic indices maintained by the Pakistan Stock Exchange.

The proposed revisions have resulted from SECP's engagements with stakeholders during a series of Islamic finance sessions.

The changes are aimed at enhancing transparency, fostering investor confidence and aiding in informed decision making.

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