Search Results for: regulations

Organizational Structure

Policy Board Appointed by the federal government, it guides the SECP in matters relating to its functions and approves the annual budget. It has nine members, five from the public sector and four from private sector. Currently, the Federal finance secretary serves as Chairman. Commission It is a collegiate body with collective responsibility. Operational and executive authority of the Commission is vested in the Chairman who is the Commission's CEO. He is assisted by Commissioners. Audit Oversight Board The SECP is in the process of developing an independent authority, i.e. Audit Oversight Board of Pakistan for the oversight of auditors of public interest companies to ensure adequate audit oversight. Appellate Bench It adjudicates the grievances of the parties aggrieved form the orders passed by a Commissioner or any authorized officer. It operates as per Securities and Exchange Commission of Pakistan (Appellate Bench Procedure) Rules, 2003. The administrative functions of the...

Drafts for discussion

Pre-legislative scrutiny is a process whereby draft legislation is offered to be considered by a committee, group or any individual before a draft law is formally placed before the law making authority. The process acts as an additional stage of scrutiny/examination and provides an opportunity for more detailed and considered analysis of a draft law and its contents. Pre-legislative scrutiny provides an opportunity for more considered debate and analysis of draft legislation. It provides a legitimate space for the articulation of stakeholder views and perspectives and enables citizens to influence legislation at a formative stage. In the long run, pre-legislative scrutiny can help improve the quality of legislation. SECP also follows the process of pre-legislative scrutiny as required under the assigned statutes for the draft laws, rules or regulations as well as any amendment in the existing law, rules or regulations by publishing them in the official Gazette, newspapers and also p...

Registration of Company

INCORPORATION OF A COMPANY   Any three or more persons associated for lawful purpose may, by subscribing their names to the Memorandum of Association and complying with the requirements of the Companies Act, 2017 can form: A public company A private company If only one member forms a private company, it is called a single member company. First step towards incorporation of a company is to submit a combined or a separate application for the reservation of Company’s name and incorporation either through e-services or in physical form as per the formats provided in the Companies (Incorporation) Regulations, 2017 (the “Regulations”). The combined application shall include three proposed names in the order of priority, out of which any one may be approved by the registrar. Before applying for incorporation of company please check the name first at the links given below to make sure that the proposed name complies with the following conditions as provided under Section 10 of...

Company Easy Exit Regulations

STEP 1: Eligibility Filtering All the private and public unlisted companies including associations not for profit licensed under section 42 of the Companies Ordinance, 1984, can file application for striking their name off the register of companies under Companies (Easy Exit Regulations), 2014, except the following; subsidiaries of listed companies; foreign companies; trade organizations licensed under the Trade Organization Act, 2013, (II of 2013); companies which have liabilities outstanding in relation to any loan obtained from the banks or financial institutions, taxes, utility charges, or any obligations towards government departments or private parties; companies against which investigations, enquiries or inspections are either pending or are in the process of initiation or any matter under prosecution or pending before the court or any other competent authority; companies having dispute regarding management or shareholding; companies found involved in ill...

REIT Management Services

REITs is an alternative asset class which adds depth to the capital market and provide transparency to the real estate sector in the form of comprehensive disclosures and accountability through a trust mechanism engrained in the REIT Regulations. REITs provide an additional product choice to retail investors and added flexibility to investment managers. Starting a REIT Management Company includes getting permission to form an NBFC in case it is a new company and later on obtaining the license of REIT Management Company from SECP. The flow chart for the process flow can be viewed below: Incorporation of RMC and Grant of License The REIT Management Company (the “RMC”) is a Non-Banking Finance Company (“NBFC”) licensed by the Securities and Exchange Commission of Pakistan (“SECP”) to carry out REIT Management Services in accordance with Part VIII-A of the Companies Ordinance, 1984 (the “Ordinance”) and the REIT Regulations, 2015. RMC is to be incorporated under ...

PE and VC Fund Management Services

Incorporation of NBFC and Grant of License as a Private Fund Management Company The Private Fund Management Company (PFMC) is a Non-Banking Finance Company licensed by the Securities and Exchange Commission of Pakistan (“SECP”) to carry out Private Equity and Venture Capital Fund Management Services in accordance with Part VIII-A of the Companies Ordinance, 1984, the NBFC & NE Regulations, 2008 and the Private Fund Regulations, 2015. PFMC shall be incorporated under the Ordinance read with the provisions of the NBFC Rules, 2003. Following is the chronological methodology for Incorporation of NBFC and licensing as PFMC. [colorBox color="#e24f57" heading="NOC for Formation of NBFC" small="NOC for formation of NBFC granted by SECP"]Application to the Licensing Department, SECP Headquarter Islamabad for obtaining permission form an NBFC to undertake Private Equity and Venture Capital Fund Management Services as per the checklist. [/colorBox] [colorBox color="#3ba027" he...

Asset Management Services

Incorporation of an NBFC and Grant of License as an Asset Management Company The Asset Management Company(AMC) is a Non-Banking Finance Company(“NBFC”) licensed by the Securities and Exchange Commission of Pakistan (“SECP”) to carry out Asset Management in accordance with Part VIII-A of the Companies Ordinance, 1984 (the “Ordinance”) and the NBFC & NE Regulations, 2008 . AMC shall be incorporated under the Ordinance read with the provisions of the NBFC Rules, 2003 (the “Rules”). Following is the suggested chronological methodology for incorporation of an NBFC and licensing as AMC. [colorBox color="#e24f57" heading="NOC for Formation of NBFC" small="NOC for formation of NBFC granted by SECP"] Application to the Licensing Department, SECP Headquarter Islamabad for obtaining permission form an NBFC to undertake Asset Management Services as per the checklist. [/colorBox] [colorBox color="#3ba027" heading="Incorporation of NBFC" small=""]Incorporation of an...

Investment Advisory Services

Incorporation of an NBFC and Grant of License as Investment Adviser The Investment Adviser(IA) is a Non-Banking Finance Company licensed by the SECP to carry out Investment Advisory Services in accordance with Part VIII-A of the Companies Ordinance, 1984 and the NBFC & NE Regulations, 2008. IA shall be incorporated under the Ordinance read with the provisions of the NBFC Rules, 2003. Following is the suggested chronological methodology for Incorporation of NBFC and licensing as IA. [colorBox color="#e24f57" heading="NOC for Formation of NBFC" small="NOC for formation of NBFC granted by SECP"] Application to the Licensing Department, SECP Headquarter Islamabad for obtaining permission form an NBFC to undertake Investment Advisory Services as per the checklist. [/colorBox] [colorBox color="#3ba027" heading="Incorporation of NBFC" small=""]Incorporation of an NBFC as a public limited company, at the concerned Company Registration Office, as per the existing procedures, ...

Leasing (License to Undertake Leasing Business)

Incorporation of NBFC and Grant of License to carry out business of Investment Finance Services, Leasing Business or Housing Finance Services Non-Banking Finance Company (“NBFC”) licensed by the Securities and Exchange Commission of Pakistan (”SECP”) to carry out Investment Finance Services (“IFS”), Leasing Business(“LB”) or Housing Finance Services(“HFS”) in accordance with Part VIII- A of the Companies Ordinance, 1984 and the NBFC & NE Regulations, 2008. The NBFC is to be incorporated under the Ordinance read with provision of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003. Following is the suggested chronological methodology for Incorporation of NBFC and licensing as Investment Finance Service, Leasing Business or Housing Finance Service. [colorBox color="#e24f57" heading="NOC for Formation of NBFC" small="NOC for formation of NBFC granted by SCD"] Application to the Licensing Department, SECP Headquarter Islamabad for...

Investment Finance Services

Investment finance companies licensed by the Commission and are responsible for providing investment finance services. In addition to that, an NBFC licensed by SECP to undertake the business of investment Finance Services may also undertake the business of leasing, Housing discounting, and micro financing under the same license. Incorporation of NBFC and Grant of License Non-Banking Finance Company licensed by the SECP to carry out Investment Finance Services, Leasing Business or Housing Finance Services(“HFS”) in accordance with Part VIII- A of the Companies Ordinance, 1984 and the Non-Banking Finance Companies & Notified Entities Regulations, 2008. The NBFC is to be incorporated under the Ordinance read with provision of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003. Following is the suggested chronological methodology for Incorporation of NBFC and licensing as Investment Finance Service, Leasing Business or Housing Finance Service. [col...