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SECP Notifies Final Amendments in the Public Offering Regime

Islamabad, Securities and Exchange Commission of Pakistan, SECP, Khudayar Mohla, public offering regime, Public Offering Regulations 2017, Public Offering Regulated Securities Activities Licensing Regulations 2017, equity securities, debt instruments, REIT schemes, IPO, issuer eligibility, prospectus disclosure, SECP approval process, stock exchange listing, marketing rules, subscription rules, allotment rules, post-offering compliance, investor protection, transparency, capital market operations, August 6 2025, stakeholder consultations, competition, technology in IPOs, price discovery, banks as consultants, DFIs, Eligible Participant model, investor participation

ISLAMABAD – Securities and Exchange Commission of Pakistan (SECP) has notified the final amendments to the public offering regime. The regime—comprising the Public Offering Regulations, 2017 and the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017—governs the offer of equity securities, debt instruments, and units of REIT schemes to the general public.

It is pertinent to mention that under the SECP framework, the public offering regime refers to the set of laws, rules, and procedures that govern the offering of securities (such as shares, bonds, or other investment instruments) to the general public in Pakistan. It includes eligibility criteria for issuers, disclosure requirements in the prospectus or offering document, approval process by SECP and relevant exchanges, marketing, subscription, and allotment rules for securities and post-offering obligations such as reporting, compliance, and investor protection measures. This regime is primarily outlined in the Public Offering Regulations, 2017 (and amendments), which aim to ensure transparency, investor protection, and orderly capital market operations.

The SECP revealed in a press release on Wednesday saying the revamped regime has become effective from the date of notification, i.e., August 6, 2025. Future IPO transactions shall be executed in accordance with the amended regulations.

The SECP had earlier approved amendments to the public offering regime following wide-ranging stakeholder consultations. The updated regulations aim to optimize the IPO experience for issuers and investors by promoting competition, leveraging technology, improving transparency, and introducing a more robust and inclusive price discovery mechanism in the capital market.

Key changes include permitting banks and DFIs to act as Consultants to the Issue for equity offerings, as well as introducing a more transparent price discovery process by replacing the single book runner model with the concept of “Eligible Participant”, enabling wider investor participation. “Notifications for the final amendments are available on the SECP website”, the SECP concluded.

 

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Kamran Nazir

Kamran Nazir is an advocate High Court, expert in taxation law and consultant for portfolio investment- associated with TLTP News Wire Service since 2020. He can be reached at kamrannazir@lawtoday.com.pk

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