Karachi: In a recent quarterly review, the National Clearing Company of Pakistan Limited (NCCPL) announced significant changes to the securities eligibility for its Securities Lending and Borrowing (SLB) and Margin Financing (MF) systems. These modifications, effective from April 30, 2025, are based on the NCCPL Regulations 2015.

The SLB system, a key component for short selling activities, will witness the inclusion of several securities in its Category A list. Prominent additions include Attock Cement Pakistan Limited (ACPL), Agha Steel Industries Limited (AGHA), and Al-Ghazi Tractors Limited (AGTL). Other notable inclusions are Azgard Nine Limited (ANL), Engro Holdings Limited (ENGROH), and Gul Ahmed Textile Mills Limited (GATM), among others.

Conversely, the review outlines the exclusion of several securities from Category A due to impact costs exceeding the threshold of 2. These exclusions impact Adamjee Insurance Company Limited (AICL), Atlas Battery Limited (ATBA), and BankIslami Pakistan Limited (BIPL), among others.

Category B of the SLB system will see the inclusion of Beco Steel Limited (BECO), Liven Pharma Limited (LIVEN), and Mandviwala Mauser Plastic Industries (MWMP), expanding the range of securities available for borrowing.

For the Margin Financing system, which supports investors in leveraging their portfolios, the review introduces the same set of securities—Beco Steel Limited, Liven Pharma Limited, and Mandviwala Mauser Plastic Industries. These additions are expected to provide investors with enhanced financing options.

According to information available from the Pakistan Stock Exchange (PSX), the quarterly review is a crucial exercise ensuring that securities meet necessary criteria for inclusion in these financial systems. The adjustments reflect ongoing efforts to maintain market stability and efficiency.

The designated market category affected by these changes primarily involves firms in the manufacturing and industrial sectors, with implications for investment strategies and market dynamics. As the April 30, 2025, implementation date approaches, stakeholders are advised to align their operations and strategies accordingly, given the revised eligibility landscape.