Karachi Whites, Faisalabad, Lahore Whites, Lahore Blues, Peshawar, FATA, Rawalpindi and Islamabad will be participating in the league-format tournament, where each team will play seven matches.
Top four teams in the league will then qualify for the semi-finals.
Two matches will be played each day in the 16-day tournament with the first match scheduled to start at 12pm while the second at 4pm.
The prize money for the winner of the tournament has been set at Rs2 million with runners-up securing Rs1 million. Man of the final, best batsmen, best bowler and best all-rounder of the tournament will receive Rs50,000 apiece.
The man of the match for each match, except the final, will bag Rs25,000. The player who hits most number of sixes, fours, takes most number of wickets, and cups most number of catches will receive Rs25,000 each.
Interestingly, the Pakistan Cricket Board (PCB) has added a bonus of Rs1,000 for each six a player hits during his match in the tournament.
The tournament was earlier scheduled to be held in September in Multan and Faisalabad but due to the Independence Cup it was delayed and now it has been allocated to Rawalpindi following bad weather conditions due to smog in Faisalabad.