NBFC Company Registration such as Venture Capital, Asset Management etc.

Asset Management Companies and the Life Insurance companies are eligible to apply for

registration as Pension Fund Manager (PFM). Following chart gives an account of different stages

through to the launch of Pension Funds under the Voluntary Pension System (VPS) Rules, 2005.

STAGE I: Registration as Pension Fund Manager

Eligible Entities:

Asset Management Company:

A fund management experience of three years is a pre-requisite to apply for registration

Life Insurance Company:

The company shall submit last three years audited accounts

Procedure:

Submission of application in Form I of the VPS Rules, 2005 along with all the documents

and a non-refundable processing fee amounting to fifty thousand rupees

Examination of documents including checking compliance with Fit and Proper test

specified by SECP vide Circular no.7 of 2005

Grant of registration in Form II of the VPS Rules

STAGE II: Authorization of the Pension Fund

Application to Specialized Companies Division, SECP Headquarter Islamabad for obtaining permission to form an NBFC along with the following documents:

• Submission of information as per Form III of the VPS Rules, 2005

• Submission of draft trust deed of the proposed Pension Fund containing information as set

• out in Schedule II of the VPS Rules, 2005

• Payment of a non-refundable application fee amounting to one hundred thousand rupees

• Grant of authorization of the Pension Fund

• STAGE III: Approval of public invitation documents

• Submission of public invitation documents to SECP for approval

• Review/ appraisal

• Grant of approval

• Board of Investment (BOI) Registration

• BRANCH/LIAISON OFFICE

• Branch/Liaison Office Board of Investment