The Securities and Exchange Commission of Pakistan (SECP) has urged the corporate sector to adopt digitalization, which not only improves efficiency and ease of doing business but is also helpful for the environment.
SECP, leading by example, has already digitalized the company incorporation process and automated certificate of incorporation and stopped the old practice of issuing paper-based certificates. Moreover, several external regulatory processes such as Form 45 (UBO), Form (IV) – Limited Liability Partnership (LLP), AML–Notification and tracking directive, list of shareholders, Registration of Alteration in Documents – Foreign Company: Form 3), Annual Risk and Control Compliance, and Change/Rectification of LLP Name and many others have been completely shifted online.
Further, to improve organizational efficiency, numerous internal processes have also gone through a digitalization overhaul. They include digitalization and automation of Provident Fund Application, Gratuity Fund Application, development and digitalization of Fleet Management Application and House Building Loan Application as well as digitization of SMART objectives and Appraisal Management System, Promotion Management System, and payroll and salary approval process.
As a result of the above measures, in 2021, SECP has successfully achieved a 55 percent reduction in overall stationary usage and a 27 percent reduction in the quantity of paper consumed. This also resulted in significant savings of public money.
According to Global Forest Resources Assessments by FAO research, it takes 24 trees to make one ton of paper. As per these estimates, SECP is proud to share that at least 38 trees were saved in 2021 due to decreased paper usage.
SECP reiterates its commitment to work towards environmental conservation and urged the corporate sector to harness the power of digital transformation to protect the environment and simultaneously improve business efficiency.
