The Securities and Exchange Commission of Pakistan (SECP) has adopted the regulatory guillotine to review and simplify regulations.
Chairman SECP, Aamir Khan, made this announcement as he inaugurated an SECP facilitation dest at Lahore Tax Bar on Tuesday.
He said documentation of the economy was vital for progress and building a vibrant corporate sector, adding that the method of the regulatory guillotine adopted by SECP would eliminate the regulations that were no longer needed. He asserted that the method would result in regulatory cost reductions for businesses.
The Chairman SECP was confident that the desk, the first of its kind at any Tax Bar, would help in redressing the practical problems faced by the business community concerning company law. He appreciated the Lahore Tax Bar Association for establishing the facilitation desk.
He shed light on the reforms introduced by SECP to promote a healthy corporate culture, including digitalization and standardization of company incorporation process and integration with other government agencies. He underlined that these reforms resulted in 51% growth in new incorporations during FY 2020-21.
Mubashar Saeed Saddozai, Registrar of Companies, informed the participants that the facilitation desk would provide requisite assistance to promoters of new companies as well as management of existing companies. He hoped that such outreach measures would further improve the overall user experience for the public.
