The Securities and Exchange Commission of Pakistan (SECP) on Thursday issued consolidated Companies Regulations, 2024 to facilitate local and foreign companies operating in Pakistan.
The SECP issued S.R.O. (I)/2024 on Thursday and notified Companies Regulations, 2024 which will come into force at once.
The consolidated single set “Companies Regulations 2024” covered the regulations for company incorporation, post-incorporation compliance, and reporting, issuance of license under Section 42 of the Companies Act, 2017, further issue of share capital, group registration, easy exit of companies, buyback of shares, registration of intermediaries, etc.
The regulations also contain standard forms and application samples for ease of compliance. The Companies Regulations, 2024 will be implemented in a phased manner.
After the introduction of Companies Regulations, 2024, the SECP has repealed regulations including Companies (Incorporation) Regulations, 2017; Companies (General Provisions and Forms) Regulations, 2018 except Sr. Nos. 16, 19, 20, 22, 23, 46 to 50 of Regulation-4, Regulation-16A, Regulations 19A (1) to 19A(4), 19A(6) & 19A(7). Moreover, Sr. No. 17 of Regulation-4 shall also be renumbered as Form-11A.
The SECP has also repealed Companies (Registration Offices) Regulations, 2018 except Regulation 8(c) of Chapter II, Regulation-13 of Chapter III to the extent of sections 106, 109, 426, and Chapter XII of the Act, Regulations 15(2) & 16 of chapter-IV and Annexures-C, H, I & J.
The SECP has repealed Associations with Charitable and Not-for-Profit Objects Regulations, 2018; Intermediaries (Registration) Regulations, 2017; Group Companies Registration Regulations, 2008; and Unlisted Companies (Buy-Back of shares) Regulations, 2023.
The new regulations deal with the reservation of the name of the company or change, therefore, any person desirous of forming a company shall have the option to file either a separate application for reservation of name or a combined application for reservation of name and incorporation of the company.
