The Securities and Exchange Commission of Pakistan (SECP) has relaxed some conditions for the companies having foreign subscribers/officers who are Afghan nationals or of Afghan origin.
Under the revised Companies (Incorporation) Regulations, 2017 issued by the SECP, the commission has abolished the condition of security clearance from the Ministry of Interior (MoI) of companies having foreign subscribers/officers who are Afghan nationals or of Afghan origin.
Previously, the companies having foreign subscribers/officers who are Afghan or Indian nationals or of Afghan or Indian origin were incorporated by the SECP after receipt of security clearance.
The SECP’s new regulations revealed that the Commission shall obtain security clearance from the MoI in the following cases and manner:
The manner of security clearance shall be subject to any change in the security policy of the government from time to time, the SECP said.
In case the subscriber is a foreign company or a foreign body corporate, the SECP’s registrar shall require additional information including but not limited to, the profile of the foreign company or foreign body corporate, detail of its directors, their nationality, and country of origin, copy of its charter, statute or memorandum and articles, etc. the SECP added.