ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has unveiled its newly-developed Corporate Debt Market Reporting System (CDMRS) to support businesses, a statement said on Wednesday.
The SECP has conducted an orientation workshop on the system for the debt securities trustees (DSTs) in Karachi, it said.
During the workshop, representatives of the DSTs were briefed about the review process of the DSTs regulations and the proposed amendments in the new regulations.
Representatives were encouraged to provide feedback on the new regulations, which have been rolled out for seeking public comments.
DSTs play a vital role in the issuance of debt securities, including sukuk, term finance certificates (TFCs), participation term certificates (PTCs), commercial papers (CPs), etc, whether issued through public offer or private placement by safeguarding investors’ interests.
The DSTs are entrusted with the responsibility of monitoring payment of profit redemption of the principal amount to the debt security holders and ensure compliance with the covenants of the respective trust deeds, while reporting non-compliance, if any, to the SECP.
At present, reporting is being done manually; however, with the introduction of CDMRS, all reporting will be automated; thereby, making the process for DSTs effective in terms of time and cost.
