SECP appoints Registrar Secured Transactions Registry Pakistan
Islamabad: Securities and Exchange Commission of Pakistan (SECP), the apex regulatory body of Corporate Sector in Pakistan has appointed Registrar, Secured Transactions Registry (STR). The federal government of Pakistan has notified establishment of the Secured Transactions Registry in Pakistan.
The registry (STR) has been mandated to implement an effective regulatory and enforcement mechanism for registration of charges and security interests created on assets by an entity, especially on the movable assets of borrowers.
STR has been housed at the SECP head office and it aims to facilitate small scale borrowers in obtaining secured credit from formal financial institutions.
The federal government issued the above mentioned notification in exercise of the powers conferred upon it by section 19 (1) of the Financial Institutions (Secured Transactions) Act, 2016.
At present, a few sectors in Pakistan face constraints in obtaining secured credit from financial institutions. Such inaccessibility is partially due to their inability to offer collaterals acceptable to the financial markets; hence the establishment of the registry is one of the most emphasized recent reforms.
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