SECP Stops Inspection of Company Records Due to CRO Closure

For the well-being of employees of the Securities and Exchange Commission of Pakistan (SECP), the commission has stopped inspection of documents/records of companies and announced the continuation of the closure of its Company Registration Offices (CROs) across Pakistan.

SECP has issued circular number 13 of 2020, in which it has announced preventive measures against the COVID-19.

The current outbreak of coronavirus disease (COVID-19) in a substantial number of countries and the evolving situation in Pakistan has posed a significant threat to workforce involved in public dealing.

According to the issued circular, the Company Registration Offices (CROs) and facilitation centers shall remain closed, as per the advice of the local authorities for public dealing, until further instruction, the SECP said.

Inspection of documents/records of companies as provided in regulation 19 of the Company (Registration Offices) Regulations, 2018, has been stopped. However, in dire need, only online inspection may be allowed by respective CROs in-charge on a case-to-case basis, noted the commission.

As the companies are facing difficulties in responding to the queries/letters of the CROs, the time limit of response has been enhanced to 30 days, the SECP added.

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