Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has released the latest quarterly review of Margin Eligible Securities (MES), which will come into effect on January 30, 2026. The review, conducted under sub clause 2.1 of schedule III of chapter 12 of NCCPL Regulations 2015, outlines changes to the securities acceptable as collateral.
The updated lists, categorized as MES Category A and Category B, have been published as Annexure – A and Annexure – B. The review period for these categories spans from July 1, 2025, to December 31, 2025. These securities are designated for use as collateral by clearing members, who have been instructed to update their collateral deposits with the new MES in place before the effective date to ensure compliance with NCCPL regulations.
The review also includes a comprehensive list of Exchange Traded Funds (ETFs), incoming and outgoing MES, and securities moving between categories A and B. These details are provided in Annexure “C”, Annexure “D”, Annexure “E”, and Annexure “F” respectively.
Additionally, NCCPL continues to accept GoP Ijarah Sukuk, Pakistan Investment Bonds (PIBs), and Treasury Bills (T-Bills) as collateral. Electronic units of CDS Eligible Open-End Funds, categorized under Money Market Schemes (MMS), remain eligible as per NCCPL Regulation 2015. The list of eligible open-end mutual funds is available in Annexure “G”. Moreover, the NCCPL has released a list of eligible banks for bank guarantees, included in Annexure “H”.
According to information available from the Pakistan Stock Exchange (PSX), the securities review is a part of NCCPL’s regular assessment to ensure the robustness and reliability of collateral accepted in the financial market operations.
Clearing members must adhere to the updated MES guidelines to ensure their securities remain eligible for valuation and acceptance by NCCPL, starting on January 30, 2026. Failure to update the collateral may lead to securities becoming ineligible, potentially impacting financial transactions and obligations within the market.
The announcement reinforces NCCPL’s commitment to maintaining a secure and efficient clearing system, crucial for the stability and integrity of the financial markets.