The role of Underwriters, Consultants to the Issues and Bankers to Issues in Initial Public Offering (IPOs) is of an important nature as they not only assist companies in raising funds through public offerings but also provide comfort to the prospective investors.
Underwriting is a regulated security activity under the Securities Act, 2015. Further the federal government in exercise of its power conferred under Section 63 of the Act, has also notified the Consultant to the Issue and Banker to the Issue as regulated securities activity under the Act vide their notice dated April 26, 2017.
For regulations of underwriters, consultant to the issue and bankers to an issue, the SECP promulgated the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017 on May 02, 2017. All the underwriters, consultants to the issuers and bankers to the issues shall obtain licence from the SECP under these regulations. These regulations prescribe the eligibility conditions, registration procedure, duties and responsibilities of underwriters, consultants to the Issue and Bankers to the Issue.
List of Banker-to-an-Issue-valid-license-register-up-dated-till-Nov 21, 2022
Grant and Renewal of License
The detailed procedure for grant and renewal of license as an Underwriter/ Consultant to the Issue and Banker to the Issue is provided in the checklist.