SBP Suspends Operations of M/s Noble Exchange International (Pvt) Limited

Noble Exchange International: State Bank issued a circular on 25th March 2022 to stop the operation of a private ltd company for violating the terms and conditions of the regulatory body.

The Statement of the circular is as given below

The State Bank of Pakistan has suspended with immediate effect the authorization of an Exchange
Company namely M/s Noble Exchange International (Pvt) Limited till further orders for violation of SBP
rules and regulations.
The Exchange Company, its head office, branches, and franchises debar from undertaking
any kind of business activity during the suspension period.

find more detail on SBP’s official website at this link

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State Bank of Pakistan is also playing the role of financial watchdog in the country and keeps an eye over the operations of such companies.

If any financial company under the jurisdiction of SBP fails to implement the procedure or fails to follow the rules and regulations then SBP put a ban on such a company.

State Bank of Pakistan is a regulatory body for financial institutions within the country hence all such organizations have to follow SBP set SOPs.

SECP is also a regulatory body that shapes legal framework for the non banking financial institutions in Pakistan.

 

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