Starting from today, if you wish to register your company with the SECP, you will need a company register.
Securities and Exchange Commission of Pakistan (SECP) is making it compulsory for any company registered with them to have a company register.
This was announced when SECP issued SRO 245(I)/2017 for amendment of Reporting and Disclosure (of Shareholding by Directors, Executive Officers and Substantial Shareholders in Listed Companies) Regulations, 2015.
New Sub Regulations
According to the sub regulation (2) of regulation (3) in the Reporting and Disclosure Regulations 2015, every listed company is required to have a register with details about its directors and their interests.
This was amended by SECP as follows:
(2a) The register maintained under sub-regulation (2) shall be kept at the registered office of the company and shall be open to inspection by any member of the company during the office business hours:
Provided that the register may be maintained on paper or in any electronic form under these regulations and shall remain easily accessible all the times during the office business hours.
Provided further that the register shall remain close during the period of book closure as announced by the company.
(2b) It shall be duty of every listed company to produce the register maintained under sub-regulation (2) at the commencement of every annual general meeting of the company and remain open and accessible during the continuation of the said meeting for the inspection of any person attending the meeting.
Another sub regulation was added to regulation (3) which states that:
The directors, executive officer and substantial shareholder of a listed company may apply to the commission to obtain certified copy of their returns and forms filed with the commission under these regulations.
Crowd Funding Declared Illegal in Pakistan
Earlier SECP issued a statement declaring that crowdfunding activities are deemed illegal in Pakistan.
The statement further added that a company called “Innovative Crowd Funding Project Pvt-Ltd Pakistan” is not registered with the commission with any and all business activity with them should be avoided.