Licensing & Allied Applications with Sponsors / Directors as foreign Individuals / Entities

18 June 2026

Author: Mr Asif S Kasbati (FCA, FCMA & LLB).

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From: Asif Siddiq Kasbati <asif.s.kasbati@professional-excellence.com>
Date: Wed, Jun 10, 2026 at 7:49 PM
Subject: COQC671= Licensing & Allied Applications with Sponsors / Directors as foreign Individuals / Entities

460+ Company Laws Quick Commentary – COQC 671

A. Background

This refers to the related Important COQCs in trail, blue, italic and double Line (a) 617 of 13.9.23 about Securities & Futures Markets Licensing & Allied Applications Guidelines (b) 616 of 11.9.23 about Licensing & Allied Applications Guidelines for NBFCs

B. Updated Commentary

Further to KQU 3935 of 5.6.26, we would inform you about LRD/LD Circulars No. 9, 10 and 11 of even date viz 2.6.26 (Attachments 671.1 to 671.3 - link given in table) were issued by SECP's Licensing & Registration Division / Legal Division to replace and consolidate the earlier guidance contained in Circulars 13 and 14 of 2023 relating to Licensing Applications involving Foreign Sponsors / Directors.

After reviewing the available SECP references and our earlier CoQCs, the relationship is essentially a withdrawal-and-replacement framework in tabulated below.

Year	Circular	Purpose	COQC / New Attachment	Date
2023	12 of 2023	Licensing and Allied Applications with Sponsors / Directors as foreign individuals / entities	616	11.9.23
2023	13 of 2023	Licensing and allied applications where sponsors/directors are foreign individuals or entities (Rescinded)	717	13.9.23
2023	14 of 2023	Supplementary instructions on the same subject (Rescinded)
2026	9 of 2026	Withdraws Circular 13 of 2023	Attachment 671.1	6..6.26
2026	10 of 2026	Issues revised requirements/guidelines on the same subject in continuation of circular 12 of 2023	Attachment 671.2	6..6.26
2026	11 of 2026	Withdraws Circular 14 of 2023	Attachment 671.3	6..6.26

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Licensing & Allied Applications with Sponsors / Directors as foreign Individuals / Entities