Pakistan says renewed Kartarpur Corridor agreement with India to facilitate Sikh pilgrims

Sikh pilgrims arrive to take part in a religious ritual on the occasion of the 481st death anniversary of Baba Guru Nanak Dev Ji, the founder of Sikhism, at the Gurdwara Darbar Sahib in Kartarpur near the India-Pakistan border on September 22, 2020. (AFP/File)
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Updated 23 October 2024
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Pakistan says renewed Kartarpur Corridor agreement with India to facilitate Sikh pilgrims

  • The corridor connects Sikh shrines of Dera Baba Nanak in India to Gurdwara Darbar Sahib, the final resting place of Sikhism’s founder, in Pakistan
  • The agreement, originally signed in Oct. 2019 for a period of five years, grants Indian Sikh pilgrims visa-free access to one of their holiest sites

ISLAMABAD: Pakistan has renewed its agreement with India for the Kartarpur Corridor that gives Indian Sikh pilgrims visa-free access to the final resting place of their religion’s founder, the Pakistani foreign office said on Tuesday.

The visa-free border crossing, from India to Kartarpur in the Narowal district of Pakistan’s Punjab, was inaugurated in November 2019 just ahead of the 550th birthday of Sikhism’s founder Baba Guru Nanak. 

The corridor connects the Sikh shrines of Dera Baba Nanak in India to Gurdwara Darbar Sahib, the final resting place of Guru Nanak, in Kartarpur and is seen as a rare example of cooperation and diplomacy between the two South Asian neighbors.

Originally signed on October 24, 2019 for a period of five years, the Kartarpur Corridor agreement between the nuclear-armed rivals was due to complete its term on Thursday.

“Its renewal underscores Pakistan’s enduring commitment to fostering interfaith harmony and peaceful coexistence,” the Pakistan foreign office said in a statement.

“The agreement continues to offer visa-free access to pilgrims from India, enabling them to visit the sacred site of Gurudwara Darbar Sahib Kartarpur where Baba Guru Nanak, the revered founder of Sikhism, spent his final days. Since its inception, the Corridor has facilitated the pilgrimage of thousands of worshippers to this holy site.”

Much of the Sikh heritage is located in Pakistan. When Pakistan was carved out of India at the end of British rule in 1947, Kartarpur ended up on the Pakistani side of the border, while most of the region’s Sikhs remained on the other side.

For over seven decades, the Sikh community had lobbied for easier access to their holiest temple.

Pakistan’s initiative to open the corridor earned widespread appreciation from the international community, including the United Nations Secretary-General António Guterres who described it as a “Corridor of Hope.”

“The Kartarpur Corridor fulfills the long-cherished aspirations of the Sikh community for an access to one of their most revered religious landmarks,” the Pakistani foreign office said.

“It reflects Pakistan’s recognition of the importance of safeguarding the rights of religious minorities.”


Pakistan regulator amends law to facilitate capital raising by listed companies

Updated 19 January 2026
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Pakistan regulator amends law to facilitate capital raising by listed companies

  • The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
  • Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,

The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.

This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.

“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.

The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.

The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.

“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.

“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”

The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.