ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) directed stock brokers to provide financial information through a newly developed online system.
The SECP issued Circular No. 02 of 2021 for online submission of financial information by securities brokers.
The SECP directed the securities brokers to submit online financial information in a new standardized format on monthly basis as per the following details:
— All securities brokers shall develop a Standard Trial Balance Report through mapping of secondary codes in their back-office system on the prescribed format. The brokers shall take all necessary steps to implement the reporting as given in the said format.
— All securities brokers/TREC holders shall upload the report on their respective e-services portal through the linke “PSX TREC Holder Financial Information Portal”, within ten calendar days after the end of each month. The first monthly report of March 2021 shall be submitted through the system by April 10, 2021.
The SECP said the latest circular will supersede Circular No. 04 of 2013 dated April 16, 2013 issued by the commission which acquires submission of financial information to the commission through online financial report system.
The SECP issued guidelines for submission of financial information:
— All securities brokers are required to implement the Standard Trial Balance Report by mapping / tagging the secondary codes in their existing bank office system either through their software vendors or themselves as the case may be.
— Securities brokers are required to provide the values data corresponding to the nature of each account title and code prescribed in the report format.
— All codes and account head mentioned in BOLD in the report format should not contain any value (or sum of values) in the report generated from the back-office system of securities brokers.
— All securities brokers/PSX TREC holders shall generate MS Excel based Standard Trial Balance Report and upload the report for submission to the SECP through e-services portal using their existing credential i.e. login ID, Password and PIN.
— Under e-services portal of SECP a separate link titled “PSX TREC Holder Financial Information Portal” is provided for uploading of the report.
— SECP team will conduct training sessions to facilitate the securities brokers for submission of Standard Trial Report through e-services portal.
— In addition to above, filing of quarterly returns under existing FRS will continue till the effective date of the circular and amendments in PSX Rule Book.
