The IFMP Pakistan’s Market Regulations Certification Exam cover the concepts of financial markets regulatory framework, operational aspects of clearing, settlement, SBP, Stock and Commodity Exchanges & depository, income tax regime, and ethics & code of professional standards. This course is aimed towards all capital market participants.

This Certification Examination is specifically designed to meet the certification needs of the capital market participants at brokerage houses and asset management companies providing investment advice. It is ensure that all such intermediaries have an understanding of Pakistan’s Markets and the rules and regulations governing them.

Pakistan’s Market Regulations Programme, is mandated for all intermediaries in the capital market of Pakistan.

The unit is divided into elements. These are broken down into a series of learning objectives. Each learning objective begins with one of the following prefixes: know, understand, be able to calculate and also be able to apply. These words indicate the different levels of skill to be tested. Learning objectives prefixed:

  • Know: require the candidate to recall information such as facts, rules and principles
  • Understand: require the candidate to demonstrate comprehension of an issue, fact, rule or principle.
  • Be able to calculate: Require the candidate to be able to use formulae to perform calculations.
  • Be able to apply: Require the candidate to be able to apply their knowledge to a given set of circumstances in order to present a clear and detailed explanation of a situation, rule or principle.

Each examination paper is constructed from a specification that determines the weightings that will be given to each element. The specification is given below,
It is important to note that the numbers quoted may vary slightly from examination to examination as there is some flexibility to ensure that each examination has a consistent level of difficulty. However, the number of questions tested in each element will not change by more than plus or minus 2.

Element No.ElementsQuestions
1Stock Exchange Regulations15
2Central Depository Company of Pakistan (CDC) and NCCPL regulations10
3Commodities Exchange and Future Contracts Rules regulation10
4Laws/Guidelines related to Capital Markets15
5Laws/Guidelines related to Capital (Equity, TFCs, and other Fixed Income Securities)40
61. Ethics and Professional Standards
2. Income Tax Regime in Pakistan
3. Foreign Exchange Regulations; Foreign Exchange Manual 8th Edition
Total Marks100


  • This will be a 150 minutes examination of 100 Multiple Choice Questions (MCQs).
  • All questions will carry equal marks.
  • There will be no negative marking.

To download the summary syllabus of IFMP Pakistan’s Market Regulations Certification Programme,please click here

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