Published On: Wed, Feb 17th, 2016
Published in Category: Islamabad

SECP approves companies’ general order 2016

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has on Tuesday approved the Companies (Compliance with Licensing Conditions) General Order, 2016 in exercise of the powers conferred on it by section 246

(1) of the Companies Ordinance. 1984.

According to press release, this would facilitate investors and stakeholders interested in doing business with a particular company, which is subject to a licensing regime.

SECP told in press release that they could verify the status of compliance with the licensing conditions on the basis of corporate record maintained with the office of the registrar concerned.

It is mentioned in the press release that the order requires all such classes of companies subject to a licensing regime to annex with their annual returns required to be filed with the registrar concerned under section 156 of the Companies Ordinance, a report regarding compliance with the licensing conditions imposed by the relevant regulator/licensing authority.

The order comprises two schedules, including a list of companies required to comply with the order as well as a compliance report with the licensing conditions required to be signed by the chief executive/directors and countersigned by the external auditors of the company.

As per mentioned in the press release the order would be applicable for compliance by the companies each year ending on and after June 30 and is available at the SECP’s website