The Securities and Exchange Commission of Pakistan (SECP) has reduced the processing time for the disposal of 28 different types of matters of companies by SECP officials in the field formations.
The SECP issued an S.R.O. 66(I)/2023 on Monday to notify the draft amendments to the Companies (Registration Offices) Regulations, 2018.
The time frame for the disposal of various matters has been revised to improve the efficiency of the SECP officials working in the field formations. According to the new time frame for the disposal of various matters issued by the SECP on Monday, the officials have to process the application for reservation of name within four working hours.
The SECP officials are bound to incorporate companies (Subject to the adoption of standardized Memorandum and Articles of Association) within four working hours. The time frame for disposal of documents submitted electronically.
The conversion of the status of a private company to a public company would be done within two days in case the documents are submitted electronically. In case the documents are submitted in physical form, the SECP officials should convert the status of a private company to a public company in six days period.
The SECP should mortgage or charge one day after the submission of documents electronically. If the documents are submitted manually, the time for processing of the said document is three days.
In case the documents are submitted electronically, the SECP officials within one day have to grant an extension in the period for holding AGM and laying therein financial statements – a public unlisted company or a private company. For manual cases, the time period is 3 days for the grant of extension in the period for holding AGM and laying therein financial statements.
The application for obtaining the status of an inactive/active company has to be processed in three days period in case of electronic submission of applications. In case the application is filed manually, the time period is nine days for the application for obtaining the status of an inactive/active company.