The SECP vigilantly monitors the affairs of entities under its purview. This is done through off-site monitoring of companies on the basis of reports and returns furnished by them as well as through on-site inspections of companies. The effort is targeted at ensuring compliance of the regulated entities with applicable laws and regulations and protecting the interests of the investors, depositors and other stakeholders.
The SECP uses the information furnished in reports/returns submitted to it, and as outlined below, for the purpose of off-site monitoring.
Reporting/Filing Requirements by Public Listed Companies
| S.No |
Filing Requirements |
Cut off Date/Period of filing |
| i) Compulsory/Mandatory Filing under the Companies Ordinance, 1984 and Other Laws |
|
| a) AGM Notice |
| 1 |
Through fax |
Same date on which it is sent to the shareholders- at least 21 days before the date of AGM. |
| 2 |
Newspaper clippings of AGM notice |
Should be published 21 days before the date of AGM and should be sent to SEC within 07 days of their publication.
|
| 3 |
Statement of material facts u/s 160 of
the ordinance in case of special business. |
To be circulated with the notice. |
| b) EOGM Notice |
| 4 |
Through fax |
Same date on which it is sent to the shareholders- at least 21 days before the date of AGM. |
| 5 |
Newspaper clippings of EOGM notice |
Should be published 21 days before the date of AGM and should be sent to SEC within 07 days of their publication.
|
| 6 |
Statement of material facts u/s 160 of the ordinance in case of special business |
To be circulated with the notice. |
| c) Financial Reports and Statements |
| 7 |
Annual Financial Statements |
To be circulated at least 21 days before the date of AGM. |
| 8 |
Quarterly Financial Statements |
1st & 3rd Quarter: Within 01 month of the close of the quarter.
2nd Quarter (Half Yearly): Within 02 months of the close of the quarter with limited scope review by statutory auditors.
|
| 9 |
Cost audit reports |
Within 60 days of appointment of cost auditors. |
| 10 |
Application for Appointment of Cost Auditor under Rule 3(ii) of Companies (Audit of Cost Accounts) Rules, 1998 |
Within 30days of the close of financial year. |
| d) Code of Corporate Governance |
| 11 |
Certificate of secretarial compliance |
With the annual return filed with the registrar. |
| 12 |
Certificate of best practices compliance |
With annual accounts. |
| ii) Occasional Filing |
| e) Applications |
| 13 |
For extension in holding of annual general meeting u/s158 and 233 of the ordinance and Rule 14 of The Companies General Provisions and Form Rules, 1985. |
One month prior to due date of AGM |
| 14 |
For change in venue for holding of annual general meeting u/s 158 of the ordinance and Rule 14 of The Companies General Provisions and Form Rules, 1985. |
One month prior to due date of AGM |
| 15 |
For deferment of dividend under section 251 of the ordinance |
Within 45 days of the declaration of the dividend |
| 16 |
For appointment of inspector under section 263of the ordinance |
Application by shareholders having 10% or more share holding in the company. |
| 17 |
For registration of mortgage under section 121 of the ordinance. |
Within 21 days of the creation of mortgage or surcharge to the registrar. |
Filing Requirements by Stock Exchanges
Under section 6 (ii) of Securities and Exchange Ordinance, 1964 read with Rule 9 of Securities and Exchange Rules, 1971, every stock exchange shall submit to the SECP periodical returns relating to its affairs monthly in Form II of the First Schedule within fifteen days of the close of the month to which it relates.
Under section 6 (ii) of Securities and Exchange Ordinance, 1964 read with Rule 10 of Securities and Exchange Rules, 1971, every stock exchange shall submit to the SECP an annual report not less than fourteen days before the meeting of the shareholders of the stock exchange before which it is to be laid and the report shall be accompanied by a copy of the balance sheet and profit and loss account of such year audited by an auditor who is a chartered accountant.
Every stock exchange and every director, officer or member thereof shall furnish such documents, information or explanation relating to the affairs of the stock exchange or, as the case may be, relating to the business on the stock exchange of such director, officer or member as the SECP may, at any time, by order in writing require.
Filing Requirements by Central Depository Company
An annual review of the central depository system (CDS) is conducted by an independent auditor under CDC Regulation 13.5. The review comprises of the following:
(a) Reviewing the Central Depository Company's (CDC's) information processing facilities and the integrity of the CDS including:
- Maintenance of security and confidentiality over the data of the CDS elements;
- Security over the physical operation of the CDS;
- CDS backup and disaster control and recovery procedures; and
- CDS access controls; and
(b) Assessing the integrity and accuracy of information generated by the CDS including, without limitation:
- Internal controls over data input by the CDC; and
- Processing and reporting of transaction data.
CDC is required to provide a copy of the audit certificate to the SECP within 1 calendar month of receiving the audit certificate. Further, CDC and National Clearing Company have to file annual returns as per Companies Ordinance, 1984.
Filing Requirements by Stock Brokers and Agents
Besides on-site inspections, the SECP annually analyzes the compliance of brokers and agents while renewing their registrations. Brokers and agents are required to provide net capital balance, change in directors, and change of address or any other information to the SECP from time to time.
Filing Requirements by Insurance Companies
Regulatory Returns required to be filed by life insurance companies under Sections 13, 41, 46, 50, 52& 54 of the Insurance Ordinance, 2000.
| S. No. |
Regulatory Returns/Statements/Report/Abstract |
Forms |
| 1 |
Statement of Assets and Liabilities |
Form LA |
| 2 |
Statement of Profits and Losses for the Shareholders’ Fund |
Form LB |
| 3 |
Statement of Cash Flows |
Form LC |
| 4 |
Revenue Account |
Form LD |
| 5 |
Revenue Account Interim For accounts under Regulation (15(5) |
Form LD |
| 6 |
Statement of Premiums |
Form LE |
| 7 |
Statement of Claims |
Form LF |
| 8 |
Statement of Expenses |
Form LG |
| 9 |
Statement of Investment Income |
Form LH |
| 10. |
Statement of Assets for Solvency Purposes |
Form LI |
| 11 |
Classified Summary of Assets in Pakistan |
Form LJ |
| 12 |
Notes to the Accounts |
Form LK |
| 13 |
Statement of Changes in Equity |
Form LL |
| 14 |
Statements required under S 52(2)(a)&(b) |
Form LM |
| 15 |
Statement required under S 52(2)(c) |
Form LN |
| 16 |
Financial Condition Report |
|
| 17 |
Reinsurance Treaty arrangements |
|
| 18 |
Statement of the rates, advantages, terms and conditions of new life insurance products |
|
| 19 |
Abstract of proceedings of general meetings |
|
Regulatory Returns required to be filed by non- life insurance companies under Sections 41, 46 & 54 of the Insurance Ordinance, 2000.
| S. No. |
Regulatory Returns/Statements/Abstract |
Forms |
| 1 |
Statement of Assets and Liabilities |
Form GA |
| 2 |
Statement of Profits and Losses |
Form GB |
| 3 |
Statement of Cash Flows |
Form GC |
| 4 |
Statement of Premiums |
Form GD |
| 5 |
Statement of Claims |
Form GE |
| 6 |
Statement of Expenses |
Form GF |
| 7 |
Statement of Investment Income |
Form GG |
| 8 |
Statement of Claims Analysis |
Form GH |
| 9 |
Statement of Exposures |
Form GI |
| 10. |
Statement of Assets for Solvency Purposes |
Form GJ |
| 11 |
Classified Summary of Assets in Pakistan |
Form GK |
| 12 |
Notes to the Accounts |
Form GL |
| 13 |
Reinsurance Treaty arrangements |
|
| 14 |
Abstract of proceedings of general meetings |
|
Filing Requirements by Insurance Brokers
Insurance brokers are required to provide annual report as of 31 December, comprising of the following audited statements.
- a balance sheet of the (brokerage) company
- a profit and loss account of the company
- a statement of the insurance premium written through the broker
- a statement of the commission or brokerage receivable by the broker
Periodic Filing Requirements by Modarabas
| S.No |
Name of statement |
| 1. |
Monthly statement of Assets and Liabilities |
| 2. |
Quarterly Statement of Assets and Liabilities |
| 3. |
Quarterly Statement of details of Investment in Shares COM, COIs etc. |
| 4. |
Quarterly Statement of Sector-wise Distribution of Fund |
| 5. |
Quarterly Statement of Overdue/Defaults |
| 6. |
Quarterly Statement of Re-scheduled/re-structured Facilities |
| 7. |
Quarterly Statement of Loans/Facilities sanctioned and disbursed by the Modaraba during the quarter |
Filing Requirements for Companies
All companies registered with the SECP are required to fulfill certain post incorporation statutory and legal requirements to stay compliant with their corporate obligations. Fulfilling of these post incorporation requirements will not only bring transparency in the corporate affairs of a company, but also enhance the SECP’s regulatory capabilities. Besides, necessary information is readily available to shareholders, investors, creditors and the general public.
Company directors are responsible for filing of various documents and statutory returns containing information about the company to the registrar concerned. These documents and returns are filed at a specified time prescribed under the provisions of the Companies Ordinance 1984, whenever a particular event or change takes place in a company’s activity or structure. Holding of an AGM, registration of mortgage charges and election/change in directors, are some of the examples of such an event or change. Filing of returns and documents is done at the SECP’s Company Registration Offices through submission of prescribed forms under the Companies (General Provisions and Forms) Rules, 1985.
Filing requirements differ for each company depending on its company kind and type of business. For details on filing requirements of all type of companies registered with the SECP, kindly visit the Promoters Guide, Schedule of Fees/Filings, and Directors and Secretaries Guide on the three links given below. All these three links are on our website.
 Guide Series
|
