Search Results for: regulations

Definition of a Complaint

An issue or complaint arising out of activities that are covered under Securities and Exchange Commission of Pakistan Act, 1997; Companies Ordinance 1984; Securities Act, 2015; Insurance Ordinance 2000; Central Depository Companies Act 1997 and Rules and Regulations made there under, related to any of the entities regulated by the SECP Inter-alia the Listed companies, Stock Brokers/Sub-brokers, Stock Exchanges, Depository, Depository Participants, Registrars to an Issue / Share Transfer Agent, Mutual Funds, Credit Rating Agencies etc. may be considered a legitimate complaint. Complainants may also file complaints regarding misconduct, misbehavior or instances in which allegations of fraud are to be reported against an employee or employees of the SECP. Such matters will be reported to the Human Resource department of SECP for necessary investigation and handling. Complaints may be filed by anyone centrally with the Service Desk subject to the following requirements: ...

Possible Scenarios of Delayed Complaint Settlement:

In certain cases, complaint handling and settlement may take longer than usual. However in such cases the concerned POC/sub-POC will be fully responsible for regularly following up with relevant forums to expedite resolution and to report the same on a regular basis to form part of complaint status and ageing reports circulated to relevant authorities within SECP. The concerned POC/sub-POC will also be responsible for updating the complainant regarding complaint status on a monthly basis. Such exceptions appear below: I. Subjudice Matters After accepting to handle a complaint it becomes evident that the complaint was already subjudice at the time of filing or that it became subjudice during the complaint handling process, the fate of all such complaints will rest with the relevant legal forum. II. Matters under adjudication at the SECP All matters which have been or shall be taken up by the SECP for adjudication for example cancellation of returns under section 468 and bu...

What is eServices and how to access the eServices?

e-Services is a 24/7 available portal developed by SECP to facilitate the users in reservation of name, incorporation of companies, filing of specified forms and related documents required under the Companies Ordinance, 1984 and the Rules and Regulations being administered by SECP, in electronic form to the Registrar of Companies for registration. eServices can be accessed through SECP’s website at www.secp.gov.pk....

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 ...

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 illegaliti...

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 (“NBFC”) 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 “Ordinance”), the NBFC & NE Regulations, 2008 (the “NBFC Regulations”) and the Private Fund Regulations, 2015 (the “PF Regulations”). PFMC shall be incorporated under the Ordinance read with the provisions of the NBFC Rules, 2003 (the “Rules”). 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 Specialized Companies Division, SECP Headquarter Islamabad for obtaining permission to form an NBFC along with the followi...

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 (the “Regulations”). 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 Specialized Companies Division, SECP Headquarter Islamabad for obtaining permission to form an NBFC along with the following documents: Form I of the Rules along with all relevant supporting documents Fee with Form I (as per Sche...