Regulation 97 — Application and procedure for grant of a license

(1) An association desirous of
obtaining a license under section 42 of the Act shall make an application to the Commission on a
specified format App-3 along with all supporting documents as specified therein through an
authorized promoter or 26[authorized representative.].
(2) An application for license under sub -regulation (1) may be made for promotion of
single or multiple objects as provided in section 42 of the Act. 27[The applicant may adopt any of the
standard object clauses contained in Annexure -U to these Regulations. The applicant however, may
update or include additional contents to the standard clauses.]
(3) 28[….]
(4) Where an association applies for a license for the promotion of multiple objects, 29[and
the proposed Chief Executive Officer (CEO) does not have relevant experience in proposed objects]
it shall have at least one promoter in each field of the proposed objects who possesses adequate
experience in that field so that all promoters or directors collectively have sufficient experience
related to each object.
30[(5) An International Non -Governmental Organization (INGO) shall not be eligible to be
registered with the Commission under section 42 of the Act in accordance with the Policy of the
Federal Government for regulation for (INGOs) in Pakistan.]

26 Substituted expression “authorized intermediary” with “authorized representative” in Regulation 97(1) vide S.R.O. 1221(I)/2024
dated 6th August, 2024.
27 Inserted new expression in Regulation 97(2) vide S.R.O. 601(I)/2025 dated 11th April, 2025
28 Omitted sub-regulation (3) of Regulation 97 vide S.R.O. 601(I)/2025 dated 11th April, 2025. The omitted clause was read as
under;
“Where an association applies for a license for the promotion of single object, one of the promoters shall have adequate
experience in the field of proposed object.”
29 Inserted vide S.R.O. 601(I)/2025 dated 11th April, 2025.
30 Inserted vide S.R.O. 1221(I)/2024 dated 6th August, 2024

31[(6) It shall have at least three promoters. All the promoters and/ or directors must be
active tax payers and at least three promoters must be graduate;
(7) The existing trust or society may apply for its conversion to an association to be
Licensed under section 42 of the Act.;
Provided that the conversion of the existing entity to a section 42 company will only be
allowed if there are no legal restrictions or failure to meet any requirements under the law governing
the existing entity’s dissolution or takeover.]