Karachi: The Pakistan Stock Exchange (PSX) has announced proposed amendments to its regulations governing the listings of publicly issued and privately placed debt securities. The proposed changes, dated July 1, 2026, aim to streamline the process and reduce costs for issuers, according to official documents.
Under the Securities Act of 2015, PSX is empowered to revise its regulations and is now seeking public comments on amendments to Chapter 5B and 5C of the PSX Regulations. These amendments have been formulated in consultation with the Securities and Exchange Commission of Pakistan (SECP), banks, and consultants involved in the issue.
One of the key changes involves the rationalization of the fee structure. The initial listing fee for publicly issued short-term debt securities is proposed to be reduced from 0.075% of the total issue size, with a cap of PKR 3,000,000, to 0.035% with a cap of PKR 1,500,000. For long-term securities, the fee is proposed to be waived entirely. Similarly, the annual listing fee for short-term securities is proposed to be waived, while for long-term securities, it will be reduced to 0.035% with a cap of PKR 500,000.
For privately placed debt securities, the initial listing fee is proposed to be reduced from 0.075% of the total issue size, with a cap of PKR 1,500,000, to 0.025% with a cap of PKR 500,000. The annual listing fee for short-term securities is proposed to be waived, while for long-term securities, it will be reduced to 0.025% with a cap of PKR 300,000.
A significant addition to the regulations is the introduction of "Shelf Registration" for debt instruments. This arrangement allows issuers to make offerings in multiple tranches through a single offering document, provided there are no material changes in the company's business model, financial performance, or utilization of proceeds since the document's publication.
The PSX also proposes to increase the allocation or subscription limit for privately placed debt securities by Qualified Institutional Buyers (QIBs) from a maximum of 20% to 30% of the total issue size.
Moreover, the PSX intends to remove the contents of the Information Memorandum from Chapter 5B and 5C, as it is considered relevant only for pre-IPO investors and does not require approval from the PSX.
According to information available from the Pakistan Stock Exchange (PSX), these regulatory amendments are designed to facilitate issuers by reducing listing costs and simplifying the issuance process. The PSX has invited public comments on these proposed changes, which are expected to impact the designated market category of debt securities.
The proposed amendments signify a significant move by the PSX to align its regulations with market needs and stakeholder feedback, potentially making the issuance of debt securities more efficient and cost-effective in Pakistan.