Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has released its quarterly review of Margin Eligible Securities (MES) acceptable as collateral, effective from July 30, 2026. This update aligns with sub clause 2.1 of schedule III of chapter 12 of the NCCPL Regulations 2015 and provides a refreshed list of MES, divided into Category A and Category B, for the approval of clearing members.

According to the report issued on July 16, 2026, the updated list will be implemented after a 15-day notice period. This adjustment is part of the periodic review process mandated by clause 12.5.5(h) of the NCCPL Regulations 2015. The review includes lists of Exchange Trade Funds (ETFs), modifications in MES categories, and securities transitioning between Category A and Category B.

The NCCPL continues to accept Government of Pakistan (GoP) Ijarah Sukuk, Pakistan Investment Bonds (PIBs), and Treasury Bills (T-Bills) alongside CDS Eligible Open-End Funds categorized as Money Market Schemes (MMS), adhering to the guidelines established under NCCPL Regulation 2015. A comprehensive list of eligible open-end mutual funds and banks providing acceptable Bank Guarantees (BG) is also provided in the annexures.

Clearing members are advised to align their collateral submissions with the new MES lists before the effective date. According to information available from the Pakistan Stock Exchange (PSX), these structural reviews aim to maintain robust and compliant financial practices. Post-July 30, 2026, the NCCPL will not recognize or value any securities deemed ineligible under the revised regulations.