ISLAMABAD: Securities and Exchange Commission (SEC) of Pakistan has registered 2,595 new companies in March 2023, according to a statement issued on Friday.
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SECP company registration tops at 187,569 by February 2023
ISLAMABAD: Total company registration with Securities and Exchange Commission of Pakistan (SECP) has increased to 187,569 by February 2023, said statement on Friday.
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SECP issues draft regulations for Shariah compliant securities
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Friday issued draft regulations with aim to strengthen Shariah compliant securities.
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SECP warns public against illegal non-banking financial companies
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Monday warned the general public against illegal non-banking financial companies (NBFCs).
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SECP directs digital lending companies to shutdown multiple apps
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has directed digital lending companies retain one master app on Google Play and other platforms and shutdown other apps.
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SECP chairman, stakeholders discuss measures for capital market growth
KARACHI: Akif Saeed, Chairman, Securities and Exchange Commission of Pakistan (SECP) Wednesday held meeting with stakeholders to discuss measures for growth of capital market.
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SECP company registration tops 182,598 by November 2022
ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) increased to 182,598 by end of November 2022, a statement said on Monday.
The SECP registered 2,380 new companies in November, 2022, indicating an increase of 10 per cent as compared to corresponding period last year.
Total capitalization (paid-up-capital) of the newly incorporated companies is PKR1.9 billion.
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Among the newly incorporated companies, about 59 percent were registered as private limited companies, 39 percent as single member companies and 2 percent were public unlisted companies, not for profit associations, trade organizations and limited liability partnership (LLP).
About 99.9 percent of companies were registered online. In November, the SECP also registered three investment companies / micro finance companies with paid-up capital of Rs.255 million.
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In November, the real estate development & construction sector took the lead with incorporation of 407 companies followed by the information technology with 347 and trading with 300 companies subsequently, services with 258, food & beverages with 87, education with 82, tourism with 81, corporate agricultural farming with 76, ecommerce with 70, marketing & advertisement with 63, engineering with 62, textile with 57, pharmaceutical with 50, healthcare with 43, mining & quarrying with 38, chemical with 37, fuel & energy with 35, transport with 31, power generation with 30, communications with 27, cosmetics and toiletries and lodging with 18 each, broadcasting & telecasting with 14, auto & allied and paper & board with 13 each, cables and electrical goods with 12, arts and culture with 9, and 102 companies in other sectors.
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Foreign investment has been reported in 85 new companies from Afghanistan, Austria, Australia, Canada, China, Germany, Hongkong, Jordan, Korea South, Mauritius, Nigeria, Norway, Oman, Singapore, South Africa, Spain, Tunisia, Turkey, UAE, UK and the US.
As a result of SECP’s eServices integration with FBR and various provincial departments, 2,211 companies were registered with FBR for generation of NTN, 57 companies with EOBI, 32 companies with PESSI/SESSI and 43 companies with excise and taxation department.
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SECP slaps penalties worth Rs4.78 billion on companies in FY22
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has slapped monetary penalties amounting PKR 4.78 billion on registered companies during fiscal year 2021-2022.
The SECP on Friday issued annual report for fiscal year 2021-2022. It said building on the initiatives of the previous fiscal year of establishment of a dedicated supervision division and a dedicated adjudication division, the SECP has concluded 579 cases through orders imposing penalties amounting to Rs77 million on listed companies and licensed entities on account of violation of relevant laws.
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Likewise, 85,519 orders were issued to unlisted companies imposing penalties amounting to Rs4.701 billion.
SECP Chairman Aamir Khan has expressed his satisfaction that the Commission has achieved significant progress in multiple areas including transparent and fair enforcement, promoting ease of doing business, supporting innovation and entrepreneurship, financial inclusion and market development.
In his message Amir Khan said that in pursuit of developmental reforms “the over-arching enablers were identified as promoting digitalisation, simplifying regulatory structure, reducing cost of compliance and invigorating the exchange of ideas and concepts with market participants and stakeholders”.
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This year, while moving further towards a functional based structure, the SECP has successfully consolidated its licensing activity under a centralized department. The centralization of licensing will bring uniformity, efficiency and transparency into the issuance and renewal of licenses, and related approvals.
Other significant progress includes the issuance of digital mortgage certificates and acknowledgements of annual and other returns; issuance of digital CTCs of the company’s statutory returns and digital company profile.
To facilitate easy exit, an online portal of Companies’ Easy Exit has been launched. Moreover, the process of company incorporation has been centralized at the head office to standardize and facilitate expeditions processing.
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The SECP, in coordination with SBP, has also launched an exclusive digital portal, which enables banks to certify a company’s filings. In FY 2021-22, numerous reforms were introduced in the capital market to bring efficiency, transparency, depth and ease for the investors.
The process for submitting IPO applications by the issuers/companies has been automated. The opening of news accounts by small investors was made very simple through a new category of “Sehl Account”, wherein investors can be onboarded through microfinance banks backed by telecom providers.
Further, to simplify investment in mutual funds, Pakistan’s first mutual fund digital distribution platform, namely “Emlaak Financials” has been launched by the central Depository Company (CDC). The pension funds have been allowed to invest in REITs, Private Equities, Venture Capital Funds and ETFs.
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Moreover, pension funds have also been allowed passive investment strategies in the form of Index sub-fund. In addition, financial institutions including Banks, DFIs, PDs, AMCs etc. have been allowed to act as market makers, thereby increasing secondary debt market liquidity.
So far, 16 financial institutions have been registered as market makers. For the first time, the SECP has awarded a NBFC license to operate as a P2P lending platform on a commercial basis.
The P2P operations of NBFC were successfully tested under SECP’s regulatory sandbox. To provide immediate responses and guidance regarding company incorporation, the SECP has launched WhatsApp and Wechat service.
Through the service which is the first of its kind in Pakistan’s public sector, the SECP has handled 29,681 queries during FY 2021-22, having a satisfaction ratio exceeding 89 per cent.
The SECP also handled 10,204 complaints through its digital complaint dashboard (Service Desk Management System – SDMS), out of which, 9,761 (96 per cent) stand resolved/closed and the remaining are at different stages of being addressed.
SECP Chairman Aamir Khan said: “SECP will continue promoting innovation through closer collaboration with our regulated sectors, academia and incubators.”
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Company registration rises to 180,996: SEC Pakistan
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has said that total company registration has increased to 180,996 by end of October 2022.
According to a statement the SECP registered 2,361 new companies in October 2022. “This shows an increase of 17 per cent as compared to corresponding period last month. The total number of registered companies now stands at 180,966,” the SECP added.
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Foreign investment has been reported in 77 new companies. These companies have foreign investors from Afghanistan, Austria, Australia, Bangladesh, China, Denmark, Iran, Italy, Jordan, Korea (South), Lebanon, Lithuania, Norway, Saudi Arabia, Singapore, Yemen, Tunisia, Turkey, the UAE, the UK and the US.
Total capitalization (paid-up-capital) with regard to newly incorporated companies for the current month stood Rs3 billion.
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In October, about 60 per cent companies were registered as private limited companies, while 37 per cent were registered as single member companies. About three per cent were registered as public unlisted companies, not profit associations, foreign companies and limited liability partnership (LLP). Nearly 99.8 per cent companies were registered online.
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The real estate development and construction sector took the lead with incorporation of 432, information technology with 355, trading with 279, services with 234, food and beverages with 93, e-commerce with 92, tourism with 84, education with 83, corporate agricultural farming with 72, marketing and advertisement with 56, engineering with 45, power generation with 44 and 814 companies were registered in other sectors.
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As a result of integration of SECP with the Federal Board of Revenue (FBR) ad various provincial department, 1,969 companies were registered with the FBR for generation of National Tax Number (NTN), 81 companies with Employees Old-age Benefit Institution (EOBI), 47 companies with PESSI/SESSI ad 57 companies with excise and taxation department.
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Total company registration increases to 176,329 in Pakistan
ISLAMABAD: Total registration of companies in Pakistan has increased to 176,329 by end of August 2022, according to official statement issued on Monday.
Securities and Exchange Commission of Pakistan (SECP) said it registered 2,362 new companies in August 2022, raising the total number of registered companies to 176,329.
“This shows an increase of 16 per cent as compared to corresponding period last year,” the SECP said.
Total capitalization (paid-up capital) with regard to the newly incorporated companies for the current month stood at Rs4.9 billion.
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SEC Pakistan said foreign investment had been reported in 70 new companies. These companies have foreign investors from China, Czech Republic, Egypt, Germany, Hong Kong, Iran, Korea South, Malaysia, Maldives, Mongolia, Morocco, the Netherlands, Nigeria, Poland, Portugal, Singapore, Somlia, Spain, Sri Lanka, Syria, Thailand, Turkey, UAE, UK, Ukraine, the US, Vietnam, and Yemen.
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In August, about 59 per cent companies were registered as private limited companies, while 38 per cent were registered as single member companies. Three per cent were registered as public unlisted companies, not for profit associations, foreign companies and limited liability partnership (LLP).
About 99.8 per cent companies were registered online, while 94 foreign users were registered from overseas.
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The real estate development and construction sector took the lead with incorporation of 418, trading with 318, information technology with 307, services with 234, tourism with 97, food and beverages with 91, ecommerce with 84, education with 78, marketing and advertisement with 69, textile with 65, engineering with 58, power generation with 44, transport with 43, corporate agricultural farming with 39, mining and quarrying with 35, chemical with 34, healthcare with 31 and 317 companies were registered in other sectors.
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As a result of integration of SECP with the Federal Board of Revenue (FBR) and various provincial departments, 1796 companies were registered with the FBR for generation of National Tax Number (NTN), 78 companies with Employees Old-age Benefit Institution (EOBI), 46 companies with PESSI/SESSI and 50 companies with excise and taxation department.