The Securities and Exchange Commission of Pakistan (SECP) has de-registered eleven Modaraba Management Companies (MMCs).
The deregistered MMCs were non-compliant with the conditions of registration certificates granted to them as well as with the Modaraba Companies and Modaraba (Floatation & Control Ordinance) 1980 and the Modaraba Rules, 1981.
The SECP de-registered these MMCs after detailed scrutiny of each case and completing the due process of law and providing them with an opportunity of hearing.
These MMCs de-registered by the SECP include Bankers Equity Limited, National Technology Development Corporation Limited, Islamic Investment Bank Limited, Premier Modaraba Management (Pvt.) Limited, Total Hospitality Management (Pvt.) Limited, Tawakkal Management (Pvt.) Limited, Schon Modaraba Management (Pvt.) Limited, First Modaraba Management (Pvt.) Limited, Universal Management Services (Pvt.) Limited, Corporate Business Management (Pvt.) Limited (Formerly Crescent Standard Business Management (Pvt.) Limited and SFT Modaraba Management (Pvt.) Limited.
Subsequent to de-registration, these MMCs cannot float and manage the business of any Modaraba and are not eligible to undertake the business of the Modaraba in any form by whatever name called. The general public is advised to only invest in the Modarabas which are managed by registered MMCs and listed on the stock exchange.
For public convenience, a list of registered Modaraba companies and Modarabas has been placed on the official website of the SECP www.secp.gov.pk.The names of the registered Modaraba companies and Modarabas are also placed on the website of NBFIs & Modaraba Association of Pakistan www.nbfi-modaraba.com.pk.