The Corporatization & Compliance Department is responsible for administration of the Companies Ordinance 1984, and the rules and regulations made there under along with other relevant laws. Its primary functions include registration of companies, regulating their statutory functions, and monitoring of corporate compliance through examination of statutory returns and accounts. These functions are performed by the eight regional offices of the SECP, the Company Registration Offices CROs). The Corporatization & Compliance Department supervises, coordinates, and monitors the workings of the CROs.
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Registration, Litigation and Advisory Wing
The Registration, Litigation and Advisory Wing is mainly responsible for supervision of Company Registration Offices (CROs). It monitors the registration of companies, functioning of registered entities in terms of the statutory provisions, regulates corporate compliance and ensures filing of statutory returns by companies. Enforcing statutory provisions of ROC (original and delegated) and providing guidance to CROs and the general public are also part of the functions of this Wing. It also liaisons with international organizations and other jurisdictions. The wing assists the department in prosecution, litigation and advisory on routine legal matters.
Licensing & Regulating Wing
The Licensing & Regulating Wing is responsible issuance of licenses to Not for profit associations, under section 42 of the Companies Ordinance, 1984, investigations into the affairs of companies, inspection of books of accounts, special audits, group companies regulations and liaison with Government agencies. It also performs delegated powers of the Commission.
Compliance and Complaints Wing
The Compliance and Complaints Wing is mainly responsible for implementation of cost accounts in related industries, capital issue matters, appeals, review and revision applications, adjudication under the jurisdiction of ED (Corporatization & Compliance). A Complaint Cell has also been established within the Wing for efficient and effective disposal of complaints from the general public, corporate sector and investors.
Corporate Legal Framework, Research and MIS Wing
The Corporate Legal Framework, Research and MIS Wing is responsible for undertaking research and preparing publications pertaining to the role of the Corporatization & Compliance Department. Its main tasks include development of corporate legal framework, guidance booklets for awareness and information dissemination on corporate matters. Research is also being carried out to further facilitate the corporate sector through development of standardized memorandum of association for various sectors of the economy. The wing also deals with budget related and CAPEX matters, internal audit reports of CROs and monitoring illegal activities of corporate and non corporate entities.
The wing is also responsible for coordinating automation of CROs and the Corporatization & Compliance Department. Some of its many activities are handling e-sevices related matters, development and updating of the Companies Registration and Compliance System, website development and updating, creation of specific MIS reports, dissemination of information to different agencies, and onsite and off-site monitoring of CROs. |
