Karachi: The Securities and Exchange Commission of Pakistan (SECP) has granted approval for the name change applications of two financial entities, marking a significant development in the financial sector. The proposed name changes, involving “First Prudential Modaraba” and “Awwal Modaraba Management Limited,” were submitted for consideration on February 18, 2025.

According to information available from the Pakistan Stock Exchange (PSX), the SECP has reviewed the application and associated correspondence, and has found no objections to the proposed changes. The approval comes after a notice regarding the intended name changes was published in daily newspapers on March 7, 2025, and no negative feedback was received from stakeholders.

The approved changes entail renaming “First Prudential Modaraba” to “Wasl Mobility Modaraba” and “Awwal Modaraba Management Limited” to “Wasl Modaraba Management Limited”. As per the regulatory conditions, the former names must be indicated on all relevant documents and letterheads for a period of at least one year from the date of the no-objection certificate (NOC).

This change is poised to impact the designated market category, as these entities undergo rebranding to align with their strategic objectives. The SECP’s decision reflects a procedural adherence to regulatory frameworks while accommodating the entities’ request for rebranding.