Search Results for: regulations

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...

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...

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...

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 the Ordin...

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 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 pe...

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 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 Schedule II of the Regula...

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 Specialized Companies Division, SECP Headquarter Islamabad for obtaining permission to form a NBFC along with the following documents: Form I of the Rules along with all relevant supporting documents Fee with Form I (as per Schedule II of the Regulations) [/colorBox] [colorBox color="#3ba027" heading="Incorporation of NBFC" small=""]Incorporation of an NBFC ...

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 should be submitted to Specialized Companies Division, SECP Hea...

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 should be submitted to Specialized Companies Division, SECP Hea...

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...