SECP launched a new User Registration System under eServices. The new system will reduce the incorporation cost from Rs. 1,500 per user to Rs. 100 per user besides reducing the turnaround time from days to minutes for registration of users of eServices.
The new simplified User Registration System under eServices replaced the cumbersome process of obtaining digital signatures from NIFT. The user registration under eServices now can be obtained simply by employing user login, password and PIN code.
The user registration under eServices are required for incorporation of new company through online and for signing of the documents to be submitted to the Commission and the registrar concerned.
This will also be a one-time registration without any renewal and associated cost as is presently required on an annual basis.
This facility will be a great incentive for potential promoters of companies, and is likely to further propel corporate growth.
The salient reform measures which are being taken to further ease doing business environment in the country include revamping of eServices and integration of corporate registry with the provincial authorities, etc.
The SECP Chairman, Zafar Hijazi inaugurated the new user registration system during the Financial Reporting Workshop for economic journalists organized by the SECP on Thursday. The SECP’s senior officials spoke defaulting members of the stock exchange, its legal perspective, the SECP’s surveillance and supervision system for the capital market in the workshop.
Hijazi said that the SECP is implementing the Capital Market Development Plan (2016-18) with vigor and focus that is providing a clear direction to the market. He said that the SECP efforts are aimed at preventing market abuses and manipulative practices, promoting public confidence in the market and establishing a robust compliance regime.
Consequently, he said, risk management, transparency, governance of capital market infrastructure institutions and investor protection have been greatly improved. With regards to recent defaults of a few brokerage houses, the SEP Chairman said the there is a complete surveillance department at the SECP to monitor trading at stock exchange, check insider trading and market manipulation. However, proving and establishing an insider trading is a difficult and time taking task.