ISLAMABAD, August 04, 2025 – The Securities and Exchange Commission of Pakistan (SECP) has issued a notification for public consultations on the proposed amendments to the Research Analyst Regulations, 2015.
The draft amendments aim to expand the scope of research reports, introduce mandatory registration requirements for research analysts, extend the blackout period, enhance disclosure standards, including target price and date, and establish a code of communication for research analysts. Additionally, the Pakistan Stock Exchange will create a research platform to feature a list of companies and sectors covered by research analysts.
In preparing the amendments, the SECP conducted extensive consultations with key stakeholders, including research analysts, brokerage houses, asset managers, and industry associations. Previously, the SECP issued a consultation paper to gather stakeholder feedback and held several sessions to discuss the proposed changes.
The SECP is committed to maintaining a robust and transparent consultation process, ensuring stakeholders have ample opportunity to contribute during the regulatory review. Feedback on the draft amendments can be submitted by August 15, 2025, to [email protected].
