July 02, 2026 (MLN): The Pakistan Stock Exchange Limited (PSX) has unveiled a comprehensive set of proposed amendments to Chapters 5B and 5C of its regulations, aiming to fundamentally overhaul the listing framework for both publicly issued and privately placed debt securities.
The regulatory body has officially invited written feedback from banks, consultants, and market stakeholders, establishing a strict public comment deadline of July 09, 2026.
The proposed changes seek to dramatically lower entry barriers for corporate issuers by introducing sweeping fee cuts and waivers, while simultaneously embedding modern market mechanisms like "Shelf Registration" to deepen Pakistan's debt capital markets.
Among the most notable operational upgrades is the introduction of Shelf Registration for debt instruments under both public and private frameworks.
This mechanism allows an issuer to register a single primary offering document and subsequently execute debt rollouts across multiple tranches.
If there is no material change in the company's business model, utilization of proceeds, or financial performance, the issuer can move forward with subsequent tranches without seeking fresh approvals from the PSX or the Securities and Exchange Commission of Pakistan (SECP).
To sweeten the deal, the listing fee under this arrangement will only be charged for the first tranche.
Furthermore, the PSX is stripping away redundant paperwork by completely removing the prescribed contents of the Information Memorandum (IM) from its regulatory chapters.
Because an IM is tailored specifically for pre-IPO institutional investors rather than secondary market subscribers, it does not require PSX approval, rendering the previous rigid constraints unnecessary.
For privately placed debt securities governed under Chapter 5C, the PSX has proposed a key structural relaxation regarding institutional exposure limits.
The maximum allocation or subscription allowed for any single Qualified Institutional Buyer (QIB) is set to increase from 20% to 30% of the total issue size.
This change responds directly to recent relaxation requests voiced by market stakeholders looking for greater flexibility in structuring private offerings.
Proposed Fee Rationalization Breakdown
To make debt securities highly viable for corporate issuers, the Exchange is shifting toward a highly subsidized structure, which includes entirely waiving initial fees for long-term instruments and annual fees for short-term instruments.
|
Security & Fee Type |
Existing Fee (Short & Long Term) |
Proposed Fee (Short Term) |
Proposed Fee (Long Term) |
|
Publicly Issued (Chapter 5B) |
|||
|
Initial Listing Fee |
0.075% of issue size (Max: PKR 3M) |
0.035% of issue size (Max: PKR 1.5M) |
Proposed to be Waived |
|
Annual Listing Fee |
0.075% of issue size (Min: PKR 100k / Max: PKR 1M) |
Proposed to be Waived |
0.035% of issue size (Max: PKR 500k) |
|
Privately Placed (Chapter 5C) |
|||
|
Initial Listing Fee |
0.075% of issue size (Max: PKR 1.5M) |
0.025% of issue size (Max: PKR 500k) |
Proposed to be Waived |
|
Annual Listing Fee |
0.075% of issue size (Min: PKR 50k / Max: PKR 750k) |
Proposed to be Waived |
0.025% of issue size (Max: PKR 300k) |
Note: Initial listing fee waivers continue to apply to issuances by State-Owned Enterprises (SOEs) and government-owned entities, while a 25% discount remains applicable to their annual listing fees.
Market participants and interested parties have until July 09, 2026, to submit their comments and views.
The aforementioned was disseminated through a notification to Exchange.