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Tag: Securities and Exchange Commission of Pakistan

  • SECP softens regulatory regime for rating companies

    SECP softens regulatory regime for rating companies

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has softened regulatory regime for credit rating companies through amendments in the Credit Rating Companies Regulations, 2016.

    A statement issued on Friday, the SEPC said that Credit Rating Agencies (CRAs) play vital role in development of financial markets and conduct independent, professional and impartial assessment of the credit risk associated with a particular instrument or a corporate entity.

    The Securities Exchange Commission of Pakistan, to provide more conducive regulatory environment to Credit Rating Companies (CRCs) has introduced amendments in the Credit Rating Companies Regulations, 2016.

    The amendments have been designed while considering the dynamics of local industry and international best practices. The changes in regulatory framework aim at providing ease of doing business and promoting rating business without compromising quality of ratings.

    To provide the ease of doing business and reduce cost of business, the SECP has abolished the requirements for disengagement period of two years for private ratings, submission of annual accounts of associated concerns and obtaining documents relating to default status of associated concern.

    In addition, the requirements for submission of industry specific studies, additional copies of application, submission of updated resume, and dissemination of the financial statements of CRCs on their website also removed. In order to reduce cost of doing business, the SECP has waived fee to be paid at the time of permission and renewal of license. Further, the fee at the time of grant of licnese has been reduced from Rs1,000,000 to Rs100,000 only.

    To encourage new professional entrants with extensive research experience, individuals have been allowed to hold 40% of shareholding of Credit Rating Company.

    To ensure that CRCs focus on their core function, CRCs have been allowed to outsource their internal audit and compliance functions to independent chartered accountants firms.

    The regulations would result in reducing regulatory burden on CRCs with special emphasis upon building structural strength leading to enhancing the credibility of processes and procedure associated with the credit rating.

  • SECP registration reaches to 105,407 companies

    SECP registration reaches to 105,407 companies

    ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) has topped at 105,407 with addition of 1,392 new companies in September 2019, according to a statement issued on Friday.

    The SECP registered a total 1,392 new companies in September 2019, raising the total number of incorporated companies to 105,407.

    The incorporation in September 2019 comprises 69 percent private limited, 27 percent single member companies.

    The remaining 4 percent companies include public unlisted companies, trade organizations, foreign companies, Limited Liability Partnership (LLP) and not for profit associations.

    During the month, 51 new companies have been incorporated with foreign shareholders mainly from China, Denmark, Germany, Hong Kong, Japan, Korea South, Malaysia, the Netherlands, Nigeria, Poland Singapore, South Africa, Switzerland, Turkey, the UAE, UK the US and Yemen.

    Digital solutions deployed by the regulator made companies registration and post incorporation compliance simple, faster and cost effective.

    In September 2019, 96 percent of companies registered online through SECP’s eService and 50 percent of companies incorporated the same day.

    Most importantly, 85 foreign applicants completed registration of companies from overseas using eService.

    In new registrations, trading sector took lead with 239 companies, construction and services with 173 each, information technology with 148, tourism with 79 and real estate development with 54 companies.

    Similarly, 52 companies were registered in food and beverages, 48 in education 38 each in engineering and textile, 37 in corporate agricultural farming, 32 in marketing, 24 in transport, 21 in healthcare, and pharmaceutical each, 20 in communication, 17 companies registered in logging.

    Moreover, 16 companies were each from chemical, auto and allied, cosmetics and toiletries, and steel and allied sector and 15 each, power generation with 13, broadcasting and telecasting with 12 and 92 companies were registered in other sectors.

    During the month, the highest numbers of companies i.e. 503 were registered in CRO Islamabad.

    The CROs in Lahore, Karachi, Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered, 413, 247, 78, 69, 40, 28, 12 and 2 companies respectively.

    The increasing trend in online registration of companies demonstrates success of reforms and digitalization recently undertaken by SECP. It is to emphasize that through SECP’s eService, registration of a company is now a simple one-step procedure that can be completed within four working hours.

    The steps of company name reservation, incorporation application, appointment of Chief Executive Officer are now merged. By providing additional information in online company incorporation form, a company can also get registration with FBR, EOBI and provincial social security, labor department and excise & taxations departments of Punjab and Sindh.

    Moreover, the browser compatibility of SECP’s eServcies portal has also been improved to match with all commonly used browsers.

  • Financial institutions report 219 suspicious transactions since AML/CFT regulatory framework launch: SECP

    Financial institutions report 219 suspicious transactions since AML/CFT regulatory framework launch: SECP

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has said around 219 Suspicious Transactions Reports (STRs) have been generated by financial institutions since launch of its Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) regulatory framework.

    The SECP in a statement on Thursday said that its risk based approach for effective implementation of AML/CFT regulatory framework ensued significant improvement in filing of Suspicious Transactions Reports (STR) with FMU.

    To align itself with FATF’s standards (40 recommendations), SECP developed a single set of regulations namely SECP AML/CFT Regulations in June 2018.

    SECP also developed a comprehensive guideline to help regulated persons in creating an effective AML/CFT risk assessment and compliance framework.

    Since the promulgation of consolidated AML/CFT regulations, the financial institutions have generated a total of 219 STRs, as compared to only 13 in the last eight years.

    The SECP conducted 167 inspections focusing on AML/CFT compliance in the cases of 72 Securities Brokers, 27 NBFCs, 13 Insurance Companies and 55 High Risk NPOs.

    Significant penalties have been imposed for non-compliances with the said Regulations.

    Financial Institutions have undertaken remedial measures to ensure effective compliance with the said Regulations. Automated screening software has been deployed by many Financial Institutions to screen the proscribed persons.

    The regulated entities now also have access to GoAML system of the FMU for online filing of STR.

    The SECP successfully made transition from one-size fits all to a risk based approach to implement a consolidated AML/CFT regulatory framework in its regulated financial sector comprising of stock and commodity brokers, NBFCs, Modarabas and the Insurers/Takaful operators.

    Further to effectively identify assess and understand the ML/TF risks that Pakistan faces, a National ML/ TF Risk Assessment was undertaken in 2019 to assess ML/TF vulnerabilities that are inherent within the financial sector including banking, NBFC, brokers and insurance.

    NRA aimed to put in place actions and control measures to mitigate those risks. FMU led the task in collaboration with stakeholders including ministries, law enforcement agencies, SBP and SECP.

    The risk assessment and understanding enabled SECP and the regulated entities to implement the much needed control mechanism to check potential abuse by money launderers and terrorist financiers.

    Subsequent to NRA, SECP embarked on a comprehensive awareness raising program to develop the risk understanding and AML Obligations of the regulated sectors and shared the NRA 2019 with its regulated sectors.

    SECP’s continuous efforts have resulted in improvement in compliance level of the regulated entities and effective control measures are now implemented to combat money laundering and terrorist financing.

    The SECP has also revamped its overall risk based supervisory mechanism and works closely with national stakeholder’s inter-alia FMU, SBP etc. for mutual peer review and evaluation of SECP’s regulated financial sector.

    Eversince the Commission has adopted a risk-based approach to supervision and monitoring in the area of AML/CFT, it has completed sector risk assessment and enhanced risk based supervisory activities encompassing all high-risk entities and is spreading the scope of supervision to next tier moderate risk entities.

    Remedial actions and dissuasive sanctions on non-compliance are now part of it’s enforcement regime.

    Recently, the Asia-Pacific Group of Money Laundering (APG) has adopted Pakistan’s Mutual Evaluation Report (MER) in its 22nd Annual Meeting held in Canberra, Australia from 18-23 August 2019, which has now been uploaded on APG’s website as per procedure.

    It is pertinent to mention that Pakistan’s Mutual Evaluation Report (MER) provides a summary of the AML/CFT measures in place in Pakistan as of October 2018.

    A large component of the above reforms were implemented after October 2018 and are not reflected in the MER published now by APG.

  • SECP revokes licenses of 22 not for profit companies; total cancellation tops 319

    SECP revokes licenses of 22 not for profit companies; total cancellation tops 319

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has cancelled licenses of 22 Not for Profit Companies during first quarter of the current fiscal year. The regulator so far revoked licenses of 319 charitable and non-profit organizations (NPOs).

    In a statement issued on Wednesday the SECP that the licenses were revoked for non-compliant of statutory requirements i.e. non-filing of financial statements and annual returns. Some of them were dormant since incorporation.

    These companies licensed under section 42 of the Companies Act. Upon revocation of license, these companies have to follow the procedure for their winding up voluntarily and in case of having no assets and liabilities they shall apply for striking their names off the register of the companies in terms of section 43 of the Companies Act, 2017 read with the Associations with Charitable and Not for Profit Objects Regulations, 2018.

    Sr.No.CRO NameCompany NameDate of Revocation of License
    1KarachiABDUL FOUNDATION9-Jul-15
    2LahoreAGRO-FORESTRY FOUNDATION FOR POVERTY ALLEVIATION1-Feb-16
    3IslamabadAKBAR ZUBAIDAH GHANI FOUNDATION9-Jul-15
    4LahoreAKHTAR A. AWAN FOUNDATION6-Apr-15
    5QuettaAL-KHALIQ FOUNDATION6-Apr-15
    6LahoreALL PAKISTAN KITE FLYING ASSOCIATION9-Jul-15
    7KarachiALLIED FOUNDATION9-Jul-15
    8IslamabadANSARI WELFARE FOUNDATION OF PAKISTAN9-Jul-15
    9IslamabadASIAN HUMAN RIGHTS DEVELOPMENT ORGANIZATION6-Apr-15
    10IslamabadASSOCIATION FOR FAIR TRADE IN PAKISTAN6-Apr-15
    11IslamabadASSOCIATION OF CHINESE ENTERPRISES IN PAKISTAN6-Apr-15
    12IslamabadAVERROES FOUNDATION6-Apr-15
    13IslamabadBILAWAL FOUNDATION9-Jul-15
    14IslamabadCENTRE FOR POLICY ALTERNATIVES9-Jul-15
    15IslamabadCHAUDHRI MOHAMMAD ALI FOUNDATION9-Jul-15
    16LahoreCINEMA OWNERS FOUNDATION6-Apr-15
    17PeshawarCITIZEN COMMUNITY COORDINATION FOR DEVELOPMENT9-Jul-15
    18LahoreCLAY PIGEON SHOOTING ASSOCIATION OF PAKISTAN9-Jul-15
    19LahoreCLIMAX FOUNDATION6-Apr-15
    20IslamabadCOMMUNITY LIFE NETWORK6-Apr-15
    21IslamabadCOMPREHENSIVE DISASTER RESPONSE SERVICES6-Apr-15
    22KarachiCUPOLA CARES FOUNDATION1-Feb-16
    23PeshawarDA RORR LASS6-Apr-15
    24LahoreDAR-UL-ISLAM AL-KHAIRYIA FOUNDATION6-Apr-15
    25IslamabadDEVELOPMENT ASSISTANCE NETWORK6-Apr-15
    26IslamabadDHAI EDUCATION FOUNDATION9-Jul-15
    27PeshawarDOSTI DEVELOPMENT FOUNDATION6-Apr-15
    28IslamabadDR. SHAUKAT HAROON FOUNDATION6-Apr-15
    29LahoreEARLSFIELD FOUNDATION6-Apr-15
    30IslamabadEDUCACY FOUNDATION9-Jul-15
    31IslamabadENGINEERS’ FOUNDATION9-Jul-15
    32IslamabadENVIRONMENT WATCH6-Apr-15
    33IslamabadFOCUS PAKISTAN FOUNDATION29-Jan-16
    34IslamabadFOUNDATION FOR INTELLECTUAL PROPERTY, AWARENESS & RESEARCH9-Jul-15
    35IslamabadFOUNDATION FOR SOCIOECONOMIC EMPOWERMENT AND DEVELOPMENT9-Jul-15
    36LahoreFRIENDS HUMANITY TRUST9-Jul-15
    37IslamabadFUNDS FOR INCLUSION OF PEOPLE WITH DISABILITIES9-Jul-15
    38PeshawarGADOON AMAZAI RURAL AREA SUPPORT PROGRAM6-Apr-15
    39MultanGLOBAL ORGANIZATION FOR HUMAN EMPOWERMENT AND RIGHTS9-Jul-15
    40IslamabadGLOBAL RESEARCH FOUNDATION6-Apr-15
    41PeshawarGLOBAL RESOURCES FOR SOCIAL DEVELOPMENT6-Apr-15
    42LahoreGOLF PLAYERS ASSOCIATION6-Apr-15
    43KarachiGREEN VIEW FOUNDATION9-Jul-15
    44KarachiHABIB FOUNDATION9-Jul-15
    45LahoreHAZRAT KHADIJAH SADIA EDUCATIONAL FOUNDATION6-Apr-15
    46LahoreHELMS FOUNDATION6-Apr-15
    47IslamabadHELPCOUNTS FOUNDATION6-Apr-15
    48IslamabadHINA AND NAYHA DISASTER SERVICES, PAKISTAN9-Jul-15
    49LahoreHOSPITAL WASTE MANAGEMENT9-Jul-15
    50LahoreHUM LOGE9-Jul-15
    51IslamabadHUMAN AID FOCUS6-Apr-15
    52IslamabadHUMAN INFRASTRUCTURE DEVELOPMENT PROGRAM6-Apr-15
    53IslamabadHUMAN RELIEF ORGANIZATION29-Jan-16
    54LahoreHUMAN RIGHTS FOUNDATION6-Apr-15
    55SukkurHUMAN SAFETY FOUNDATION9-Jul-15
    56LahoreHUMANITY CARE STIFTUNG6-Apr-15
    57IslamabadHUM-QADAM FOUNDATION6-Apr-15
    58LahoreIDARAH TAAMIR E MILLAT6-Apr-15
    59PeshawarIDRAK9-Jul-15
    60IslamabadIKI HUMAN WELFARE FOUNDATION9-Jul-15
    61KarachiINSTITUTE OF CHARTERED SECRETARIES & MANAGERS24-Aug-15
    62KarachiINSTITUTE OF MARKETING MANAGEMENT24-Aug-15
    63IslamabadINSTITUTE OF SOCIAL ANALYSIS AND RESEARCH9-Jul-15
    64KarachiINSTITUTE OF SURVEYORS AND LOSS ADJUSTORS OF PAKISTAN29-Jan-16
    65KarachiINSTITUTE OF TAXATION MANAGEMENT24-Aug-15
    66LahoreISLAMIC WELFARE FOUNDATION9-Jul-15
    67IslamabadJAMIL MALIK FOUNDATION7-Sep-15
    68IslamabadJAVED TARIQ MEMORIAL TRUST30-Dec-15
    69KarachiKARACHI CHAMBER HOSPITAL9-Jul-15
    70KarachiKARACHI CRICKET ASSOCIATION9-Jul-15
    71KarachiKASSIM DADA EDUCATION & WELFARE FOUNDATION9-Jul-15
    72PeshawarKURRAM RURAL SUPPORT ORGANISATION9-Jul-15
    73MultanLIVESTOCK BREEDERS & DAIRY FARMERS ASSOCIATION9-Jul-15
    74IslamabadMANZIL FOUNDATION6-Apr-15
    75IslamabadMASS DEVELOPMENT FOUNDATION6-Apr-15
    76FaisalabadMCMANUS NARU TRUST6-Apr-15
    77IslamabadMETUPAK FOUNDATION6-Apr-15
    78LahoreMIAN GHULAM NABI TRUST6-Apr-15
    79IslamabadMISSION UNTO LIGHT6-Apr-15
    80IslamabadMOHSIN FOUNDATION6-Apr-15
    81IslamabadMOHTARMA CHANNABAI OF CHAKORA MEMORIAL (CHARITABLE) TRUST6-Apr-15
    82IslamabadMULLACH FOREST AND COMMUNITY DEVELOPMENT ORGANIZATION9-Jul-15
    83IslamabadNASEEM HIJAZI SOCIAL DEVELOPMENT NETWORK9-Jul-15
    84IslamabadNATIONAL INSTITUTE OF WTO & INTERNATIONAL TRADE LAWS6-Apr-15
    85IslamabadNAWAB FARID KHAN DEVELOPMENT FOUNDATION6-Apr-15
    86IslamabadNAZARIYA PAKISTAN COUNCIL9-Jul-15
    87MultanNISHTAR MEDICAL FOUNDATION9-Jul-15
    88IslamabadNOOR-E-JAHAN6-Apr-15
    89LahoreORCO FOUNDATION6-Apr-15
    90IslamabadORGANIZATION FOR REHABILITATION OF DISABLED PERSONS6-Apr-15
    91PeshawarPAKISTAN AGRO CULTURE AND ENVIRONMENT FOUNDATION6-Apr-15
    92IslamabadPAKISTAN AIDS CONTROL FEDERATION6-Apr-15
    93IslamabadPAKISTAN ASSOCIATION FOR FREE FLYING6-Apr-15
    94IslamabadPAKISTAN COMPLIANCE INITIATIVE6-Apr-15
    95IslamabadPAKISTAN CRICKET COUNCIL FOR THE BLIND6-Apr-15
    96IslamabadPAKISTAN EDUCATION ALLIANCE6-Apr-15
    97LahorePAKISTAN HEART FOUNDATION9-Jul-15
    98LahorePAKISTAN HORSE BREEDERS ASSOCIATION9-Jul-15
    99IslamabadPAKISTAN HORSE BREEDERS, EQUESTRIAN AND RACING FOUNDATION29-Jan-16
    100LahorePAKISTAN INSTITUTE OF FASHION AND DESIGN9-Jul-15
    101LahorePAKISTAN MARKAZI ANJUMAN RAJPUTAN6-Apr-15
    102KarachiPAKISTAN POLAND BUSINESS FORUM9-Jul-15
    103IslamabadPAKISTAN RURAL SUPPORT PROJECT9-Jul-15
    104KarachiPAKISTAN SCRABBLERS ASSOCIATION9-Jul-15
    105LahorePARWAAZ FOUNDATION6-Apr-15
    106IslamabadPEACE AND DEVELOPMENT FOUNDATION9-Jul-15
    107IslamabadPEACE EDUCATION FOUNDATION9-Jul-15
    108LahorePEPSI FOUNDATION PAKISTAN9-Jul-15
    109IslamabadPMKS FOUNDATION9-Jul-15
    110LahorePRESBYTERIAN PROPERTY TRUST IN PAKISTAN6-Apr-15
    111IslamabadPSY FOUNDATION6-Apr-15
    112LahorePUNJTAN PAK WELFARE TRUST6-Apr-15
    113IslamabadQUOMI WELFARE FOUNDATION9-Jul-15
    114LahoreRAJPUT BHATTI ASSOCIATION OF PAKISTAN9-Jul-15
    115LahoreRANA MOHAMMAD SARWAR KHAN TRUST6-Apr-15
    116FaisalabadRASHIDA MUHAMMAD ALI FOUNDATION9-Jul-15
    117IslamabadRAWALPINDI-ISLAMABAD CUSTOMS AGENTS ASSOCIATION9-Jul-15
    118IslamabadRIFFAH FOUNDATION6-Apr-15
    119IslamabadROSHNI FOUNDATION6-Apr-15
    120IslamabadSAFE HANDS6-Apr-15
    121IslamabadSAFWAN FOUNDATION6-Apr-15
    122LahoreSAIBAN COMMUNITY FOUNDATION29-Jan-16
    123FaisalabadSARWAR FOUNDATION9-Jul-15
    124IslamabadSHAHEED ZULFIKAR ALI BHUTTO FOUNDATION9-Jul-15
    125IslamabadSOCIAL AND MORAL AWARENESS FOR YOUTH9-Jul-15
    126IslamabadSPORTS DEVELOPMENT FOUNDATION6-Apr-15
    127LahoreSUFNA FOUNDATION9-Jul-15
    128LahoreSULTAN-UL-ARFEEN DEVELOPMENT NETWORK6-Apr-15
    129IslamabadSUPPORT FOR HEALTH AND DEVELOPMENT ENDEAVOURS9-Jul-15
    130KarachiSURVEYORS & ADJUSTERS ASSOCIATION OF PAKISTAN9-Jul-15
    131IslamabadSYNERGY FOR HEALTH & EDUCATION9-Jul-15
    132KarachiTHE EDUCATION FOUNDATION9-Jul-15
    133IslamabadTHE GUL RANO FOUNDATION6-Apr-15
    134IslamabadTHE IQBAL INTERNATIONAL INSTITUTE FOR RESEARCH, EDUCATION AND DIALOGUE6-Apr-15
    135IslamabadTHE KARAM BAKHSH AWAN TRUST6-Apr-15
    136KarachiULTRASOUND SOCIETY OF PAKISTAN9-Jul-15
    137IslamabadUMEED FOUNDATION29-Jan-16
    138IslamabadWATAN FOUNDATION6-Apr-15
    139IslamabadWILDLIFE REHABILITATION FOUNDATION6-Apr-15
    140IslamabadWTR FOUNDATION9-Jul-15
    141KarachiZULFIQAR ALI BHUTTO SPORTS FOUNDATION9-Jul-15
    142LahoreA.N.K RANA FOUNDATION3-Sep-15
    143IslamabadAGRICULTURE & LIVESTOCK TRAINING FOUNDATION9-May-16
    144IslamabadAL AMANAH FOUNDATION10-May-16
    145KarachiAWAZ-E-DIL FOUNDATION24-Mar-16
    146IslamabadCENTER FOR CHANGE24-Mar-16
    147IslamabadCENTER FOR CULTURAL DIALOGUE & RESEARCH9-May-16
    148LahoreCONSERVATION AND HUNTING ASSOCIATION OF PAKISTAN9-May-16
    149IslamabadDARMAAN WELFARE FOUNDATION25-May-16
    150LahoreFARZ FOUNDATION25-May-16
    151IslamabadFIRST STEP FOUNDATION24-Mar-16
    152IslamabadFOUNDATION FOR BETTER TOMORROW1-Apr-16
    153IslamabadFOUNDATION FOR RESEARCH AND SOCIO – ECOLOGICAL HARMONY10-May-16
    154IslamabadFURQAN EDUCATION FOUNDATION14-Apr-16
    155IslamabadGerman Shepherd Dog Club Of Pakistan29-Apr-16
    156LahoreGLOBAL FOUNDATION FOR SME CLUSTER DEVELOPMENT24-Mar-16
    157MultanINSAN FOUNDATION24-Mar-16
    158IslamabadKOHSAR PROGRESSIVE FOUNDATION2-Jun-16
    159IslamabadLET’S SERVE HUMANITY8-Jun-16
    160KarachiMADAD FOUNDATION13-Jul-16
    161IslamabadNASRA SATTAR FOUNDATION25-May-16
    162LahorePAKISTAN INSTITUTE OF COST AND CONTRACTS14-Apr-16
    163IslamabadPASSENGER WELFARE FOUNDATION24-Mar-16
    164IslamabadPAVING PATHS FOUNDATION9-May-16
    165IslamabadPEHCHAN24-Mar-16
    166KarachiAL-RIAZ FOUNDATION6-Apr-15
    167KarachiANJUMAN-E-KAKEZAIAN KARACHI (PAK)6-Apr-15
    168IslamabadASIAN INSTITUTE OF TRADE AND DEVELOPMENT9-Jul-15
    169KarachiASSOCIATION OF ROAD USERS OF PAKISTAN6-Apr-15
    170KarachiBALOCH WELFARE ASSOCIATION OF PAKISTAN6-Apr-15
    171KarachiBSA FOUNDATION6-Apr-15
    172KarachiCHIRAGH TAJ ASSOCIATION6-Apr-15
    173KarachiCONSUMERS FOUNDATION6-Apr-15
    174KarachiFEDERATION OF CHINIOT COMMUNITY6-Apr-15
    175KarachiFRIENDS SANS FRONTIERS6-Apr-15
    176KarachiGREY GROUP FOUNDATION6-Apr-15
    177KarachiINTERNATIONAL CENTRE FOR SCIENCE TECHNOLOGY6-Apr-15
    178KarachiKARASONS FOUNDATION6-Apr-15
    179KarachiKASSIM FOUNDATION6-Apr-15
    180KarachiMEDICAID FOUNDATION6-Apr-15
    181KarachiMOHAMMED AHMED RANGOONWALA FOUNDATION6-Apr-15
    182KarachiMOTAMAR FOUNDATION6-Apr-15
    183KarachiMSJ RESEARCH INSTITUTE6-Apr-15
    184KarachiMUSLIM INSTITUTE6-Apr-15
    185KarachiNATIONAL LITERACY FOUNDATION6-Apr-15
    186KarachiPAKISTAN ASSOCIATION OF CREDIT MANAGEMENT6-Apr-15
    187KarachiPAKISTAN DEAF SPORTS COUNCIL6-Apr-15
    188KarachiPAKISTAN EYE FOUNDATION6-Apr-15
    189KarachiPAKISTAN GENERAL HAWKER’S UNION6-Apr-15
    190KarachiPAKISTAN HONG KONG BUSINESS FORUM9-Jul-15
    191KarachiPAKISTAN INSTITUTE OF CITY & REGIONAL PLANNING6-Apr-15
    192KarachiPAKISTAN JOCKEYS ASSOCIATIONS LIMITED6-Apr-15
    193KarachiPETROLEUM FOUNDATION6-Apr-15
    194KarachiPOLKA FOUNDATION6-Apr-15
    195KarachiPROFESSIONAL EDUCATION FOUNDATION6-Apr-15
    196KarachiSAFI QURESHEY FOUNDATION6-Apr-15
    197KarachiSHARF-E-HAYAT FOUNDATION6-Apr-15
    198KarachiSHIKARIS ASSOCIATION6-Apr-15
    199KarachiSULTAN MOHAMMAD SHAH FOUNDATION6-Apr-15
    200KarachiTHE HAVEN FOUNDATION6-Apr-15
    201KarachiTHE SOLAR ENERGY AWARENESS SOCIETY6-Apr-15
    202KarachiTRADE & TRANSPORT FACILITATION COUNCIL6-Apr-15
    203KarachiUNITED RELIEF AND DEVELOPMENT FOUNDATION6-Apr-15
    204KarachiVERA FOUNDATION6-Apr-15
    205KarachiYADGARE HUSAINI COUNCIL6-Apr-15
    206KarachiYAQEEN EDUCATION FOUNDATION6-Apr-15
    207KarachiYOUNG MEN’S CHRISTIAN ASSOCIATION6-Apr-15
    208KarachiZAIDI ABID FOUNDATION6-Apr-15
    209PeshawarPINE RURAL AREA DEVELOPMENT ORGANIZATION14-Apr-16
    210IslamabadRADIO LIVESTOCK PAKISTAN14-Apr-16
    211IslamabadROOTS EDUCATION FOUNDATION1-Apr-16
    212IslamabadSOHNI DHARTI FOUNDATION24-Mar-16
    213KarachiTEACH FOR PAKISTAN15-Jun-16
    214IslamabadUMEED-E-SAHER FOUNDATION24-Mar-16
    215IslamabadWHITE CRESCENT FOUNDATION8-Jun-16
    216KarachiZAKRIA FOUNDATION14-Apr-16
    217IslamabadMAIRAJ FOUNDATION22-Jul-16
    218IslamabadPRIME MINISTER’S EDUCATION ENDOWMENT FUND FOR BALOCHISTAN23-Aug-16
    219SukkurGENCO EMPLOYEES HOUSING FOUNDATION10-Nov-16
    220IslamabadFATA RURAL SUPPORT PROGRAMME9-Jul-15
    221IslamabadABDUL SATTAR FOUNDATION1-Nov-16
    222IslamabadRADIANCE WELFARE FOUNDATION1-Nov-16
    223PeshawarMalakand Welfare Foundation26-Dec-16
    224IslamabadNAFEES FOUNDATION26-Dec-16
    225LahoreRESEARCH INSTITUTE OF NATURAL RESOURCES OF PAKISTAN30-Jan-17
    226KarachiBENAZIRABAD INDUSTRIAL ESTATE DEVELOPMENT AND MANAGEMENT COMPANY30-Jan-17
    227LahoreAL-JEHAN WELFARE FOUNDATION13-Feb-17
    228LahoreASIAN SOCIETY OF NEUROLOGICAL SURGEONS13-Feb-17
    229IslamabadPAKISTAN YOUTH ALLIANCE13-Feb-17
    230LahoreTHE INSTITUTE OF INTERNAL AUDITORS-PAKISTAN4-Sep-15
    231IslamabadTHE COMPETITIVENESS SUPPORT FUND (CSF)25-Dec-13
    232IslamabadAASARA-E-ADAL O NOOR3-Sep-15
    233FaisalabadArshad Welfare Association6-Aug-17
    234IslamabadCNFA Pakistan Center for Enterprise and Development.12-May-17
    235KarachiVictim Assistance Foundation6-Feb-17
    236KarachiTHE MIND SPORTS ASSOCIATION OF PAKISTAN8-Jul-17
    237LahoreBUKSH FOUNDATION29-Jan-16
    238KarachiComputer Society of Pakistan13-Sep-17
    239IslamabadINTERFAITH HARMONY INTERNATIONAL12-Oct-17
    240LahoreHum Pakistani Foundation13-Oct-17
    241PeshawarASSOCIATION FOR SUSTAINABLE INTEGRATED DEVELOPMENT12-Oct-17
    242KarachiSind Industrial Trading Estate Limited12-Dec-17
    243IslamabadSocial Development Enterprise19-Mar-18
    244KarachiSLEEP RESEARCH FOUNDATION27-Mar-18
    245IslamabadDEVELOPYST27-Mar-18
    246IslamabadDEVELOPMENTAL INITIATIVE AND EMPOWERMENT AXIS27-Mar-18
    247IslamabadDHAKA AHSANIA MISSION PAKISTAN27-Mar-18
    248IslamabadSABA KHIDMAT FOUNDATION27-Mar-18
    249IslamabadGOVERNANCE SUPPORT INITIATIVE26-Mar-18
    250IslamabadSaba Orphanage Foundation11-Mar-16
    251IslamabadRelief Pakistan18-Apr-18
    252MultanALFAUZ WELFARE FOUNDATION10-May-16
    253IslamabadThe One Foundation8-May-18
    254IslamabadTVO SOCIAL LINK8-May-18
    255KarachiHalaal Foundation15-Jan-18
    256IslamabadPASHUMA HEALTH FOUNDATION7-Feb-18
    257IslamabadHKS Foundation15-Jan-18
    258IslamabadFEDERAL LIVER TRANSPLANT ENDOWMENT FUND15-Jan-18
    259IslamabadBelous Foundation15-Jan-18
    260IslamabadUROLOGY AND TRANSPLANTATION FOUNDATION26-Mar-18
    261IslamabadA BETTER LIFE29-Jun-18
    262PeshawarUMEED RURAL DEVELOPMENT ORGANISATION29-Jun-18
    263IslamabadMISSAL FOUNDATION29-Jun-18
    264IslamabadGUL-E-ARZU DEVELOPMENT ORGANIZATION2-Jun-16
    265IslamabadMy Biz Pakistan Foundation7-Aug-18
    266KarachiAGA KHAN UNIVERSITY HOSPITAL15-Sep-18
    267KarachiFOUNDATION FOR STRENGTHENING OF LOCAL PARTNERS10-Sep-18
    268IslamabadHIMALAYAN CONSERVATION AND RURAL SUPPORT PROGRAMME (HCRSP)10-Sep-18
    269IslamabadTHE CARING SOCIETY10-Sep-18
    270LahoreDASTAK FOUNDATION10-Sep-18
    271MultanEmperor Foundation10-Sep-18
    272MultanSATLUJ WELFARE FOUNDATION10-Sep-18
    273IslamabadWATER AND SANITATION SUPPORT PROGRAM10-Sep-18
    274LahoreINSTITUTE OF PROFESSIONAL LEARNING27-Sep-18
    275IslamabadAFZAL & AFZAL LAW REFORMS INSTITUTE5-Oct-18
    276IslamabadSilk Source19-Oct-18
    277IslamabadPAKTURK EDUCATION FOUNDATION1-Jan-19
    278IslamabadAkberia Foundation2-Jan-19
    279PeshawarKHYBER PAKHTUNKHWA PRIMARY HEALTHCARE INITIATIVE24-Jan-19
    280IslamabadZTBL Foundation20-Feb-19
    281IslamabadDONNA BOYD FOUNDATION15-Feb-19
    282LahoreHEALTHCARE VOLUNTEER PAKISTAN15-Feb-19
    283IslamabadZoya Science Schools Network20-Mar-19
    284FaisalabadGLOW FOUNDATION FOR HUMAN RIGHTS AND WOMEN LITERACY25-Mar-19
    285LahoreChildren’s Foundation of Pakistan25-Mar-19
    286IslamabadVICTIM SUPPORT AND DEVELOPMENT FOUNDATION4-Apr-19
    287IslamabadCARE WITHOUT BORDERS4-Apr-19
    288QuettaAlhamd Foundation4-Apr-19
    289MultanPIYAR FOUNDATION4-Apr-19
    290IslamabadBRAC PAKISTAN4-Apr-19
    291IslamabadSUPPORT WITH WORKING SOLUTIONS19-Apr-19
    292IslamabadAMANUT HANDS16-May-19
    293IslamabadALFURQAN HUMANITARIAN RELIEF FOUNDATION9-May-19
    294IslamabadCOMSATS Technologies28-May-19
    295IslamabadCOMSIANS foundation28-May-19
    296IslamabadCOMSATS EMPLOYEES HOUSING FOUNDATION28-May-19
    297IslamabadMaryam Foundation21-Jun-19
    298IslamabadBabar Foundation2-Jul-19
    299IslamabadAAP Ki Sehat1-Jul-19
    300IslamabadTAKBEER FOUNDATION22-Jul-19
    301IslamabadVISIONS AND ACTIONS22-Jul-19
    302LahorePolaris Leaders2-Aug-19
    303KarachiFOUNDATION FOR FAIZAN AULIA PAKISTAN5-Aug-19
    304IslamabadAl Mustafa Educational Network9-Aug-19
    305LahoreAgrihealth Association9-Aug-19
    306KarachiMalnutrition Care Foundation9-Aug-19
    307LahoreHopian Foundation9-Aug-19
    308IslamabadCenter for Sustainability and Governance9-Aug-19
    309IslamabadCare Plus Welfare Organization27-Aug-19
    310IslamabadA. Hakim Siddiqui Foundation29-Aug-19
    311IslamabadCome Foundation29-Aug-19
    312IslamabadRADIANT BUSINESSMEN FORUM30-Aug-19
    313IslamabadGUL JAN WELFARE30-Aug-19
    314LahoreNaymet Pakistan30-Aug-19
    315MultanAAS DEVELOPMENT FOUNDATION3-Sep-19
    316SukkurIndus Crafts Foundation12-Sep-12
    317IslamabadMOH18-Sep-19
    318IslamabadCHILDREN’S LITERATURE FESTIVAL16-Sep-19
    319IslamabadAKS FOUNDATION26-Sep-19
  • SECP proposes mandatory filing of monthly statements for securities brokers

    SECP proposes mandatory filing of monthly statements for securities brokers

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) proposed to make it mandatory for securities brokers to file monthly statements of net capital balance and liquid capital.

    The SECP issued draft amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016 issued on Monday. The regulator invited suggestions from the stakeholders within 14 days of draft amendments dated September 25, 2019.

    The SECP proposed amendment in regulation 6, in place of sub-regulation (3), the following shall be substituted, namely:

    “(3) A securities broker shall file monthly statements of net capital balance and liquid capital with the securities exchange and clearing house computed in a manner specified in Schedule II and III respectively, immediately after coming into force of these regulations, and shall also submit an audited statement of net capital balance as on close of second quarter of its year of accounts and shall also disclose the net capital balance in its annual audited financial statements in accordance with regulation 34.”

    In sub-regulation (2) of regulation 34, the following new clause (h) shall be inserted namely:

    “(h) amount of net capital balance and its computation in the manner specified in Schedule II.”

  • SECP board approves amendments to exchange traded fund regulations

    SECP board approves amendments to exchange traded fund regulations

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved amendments to Exchange Traded Funds Regulations and other regulations at its policy board meeting which met in Islamabad under the chairmanship of Professor Khalid Mirza, said a statement on Wednesday.

    The Policy Board welcomed the new Chairman, SECP, Aamir Khan and accredited his joining to the improvement in the stock market and development of new initiatives.

    The Policy Board reviewed the implementation of its decisions of previous meetings and was satisfied with the overall workings of the Commission. The Chairman and the Board commended Aamir Khan for ensuring that the decisions have been implemented in an expeditious and progressive manner.

    In order to facilitate launch of ETFs, the Policy Board, amongst several other recommendations of the Regulations Committee of the Board, approved amendments in the Exchange Traded Funds Regulations which have been revamped to add flexibility for fund managers to appoint separate intermediaries for performing the functions of market maker and authorized participant.

    This shall enable fund managers for on-boarding market makers easily which are now subject to rationalized regulations that aim to reduce cumbersome requirements and decrease the cost of doing business for market makers.

    In addition to regulatory changes, system level modifications have also been made to enable market makers for performing their functions seamlessly with minimum inventory.

    The approved regulatory amendments aim to provide maximum facilitation to fund managers and market makers through streamlined regulatory requirements based on international benchmarks.

    Other approvals of the Policy Board include:

    (i) Amendments in Futures Brokers (Licensing & Operations) Regulations, 2018 which provide relaxation in education requirement of CEO, elimination of the requirement of NCB, deletion of the requirement of wealth statement, and reduction in frequency of reports by compliance officer,

    (ii) Amendments in the Securities Brokers (Licensing & Operations) Regulations 2016 extending the timeline for complying with financial resource requirements till December 2019, and deletion of requirement to submit NICL Building, 63 Jinnah Avenue, Islamabad certificate of commencement of business,

    (iii) Amendments in CDC Regulations – Reforms in CDC Regulatory Framework for ease of doing business by direct credit of securities in the CDS issued by way of right issue of public unlisted and private companies; relaxation in appointment of independent Transfer Agent by private and single member companies, and

    (iv) PSX to act as the sole frontline regulator and may draw upon the assistance of NCCPL and CDC to outsource the compliance function of PSX, to the extent of supervision or conducting any investigation, inspection or enquiry and monitoring compliance of securities brokers.

    The Policy Board was also given a presentation by the Commission pertaining to the implementation of the FATF Recommendations including instances of penalties imposed in various cases.

    The Policy Board directed that the FATF guidelines should be followed but the focus should remain on the areas that are critical to curb the menace of financing of terrorism/money laundering and we should take care not to affect business activity.

    The Securities and Exchange Policy Board, in pursuance of Section 12 of the Act 1997, comprises ex-officio members of the Ministries of Finance, Commerce, and Law, SBP, SECP and persons of eminence from the private sector.

  • SECP makes tax return filing compliance certificate mandatory for companies

    SECP makes tax return filing compliance certificate mandatory for companies

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has made mandatory for companies to submit certificate of income tax returns.

    The SECP issued SRO 1048(I)/2019 dated September 11, 2019 to notify Companies (Submission of Information regarding Income Tax Return) General Order, 2019.

    The regulator further said that the order would apply to companies for the financial year ended / ending or after June 30, 2018.

    The SEPC said that each company specified in the order shall file a compliance certificate with the registrar in a prescribed format with respect to its status of compliance with the requirement of filing of income tax return under the Income Tax Ordinance, 2001.

    “The compliance certificate shall be signed by the chief executive officer of the company or by the person duly authorized by the company to sign annual return.”

    Presently the SECP has 104,030 registered companies. However, the compliance level in return filing by the companies is very low.

    Under Section 114 of Income Tax Ordinance, 2001 every SECP registered company is required to file annual income tax return.

    The SECP in the latest notification said that any contravention of the requirements would be an offence and liable to penalty.

    A single member company or a private company having paid up capital of not more than Rs3 million where there is no change of particulars in the last annual return filed with the registrar and is not required to file return. The SECP said in this case compliance certificate of filing requirement is mandatory.

    Further, a company (other than a company mentioned above) where there is no change of particulars in the last annual return filed with the registrar and is not required to file annual return. “Compliance certificate as per Schedule II Shall be filed along with Form C (Annual return of companies in case there is no change of particulars since last annual return filed with the registrar).”

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    Total SECP registered companies increases to 104,030 by August

  • Total SECP registered companies increases to 104,030 by August

    Total SECP registered companies increases to 104,030 by August

    ISLAMABAD: The total registered companies with Securities and Exchange Commission of Pakistan (SECP) has reached to 104,030 by end of August 2019, a statement said on Thursday.

    The SECP registered 1,187 new companies in August 2019, out of which 94 percent companies were registered online through eService and 52 percent within same day.

    The increasing trend in registration of new companies is due to simplified and hassle free procedures of company incorporation, the SECP said.

    The SECP has recently undertaken series of reforms for providing ease of business registration. Following reforms, a company can be registered in SECP within four hours through eService.

    The SECP has recently combined the process for name reservation and incorporation to introduce a single application form for company incorporation. Moreover, the company incorporation and other regulatory fee has been reduced significantly and facility provided for payment of fee through mobile and internet banking.

    “To facilitate and guide people, the SECP has also established facilitation desks at company registration offices of Islamabad, Karachi and Lahore,” the statement said.

    The most significant development is the integration of SECP’s eServices with Federal Board of Revenue (FBR), Employees Old-Age Benefits Institution (EOBI) and business registration portals of Punjab and Sindh. Resultantly, SECP eServices is offering a one window facility for company incorporation, NTN registration and registration with EOBI, provincial social security institution, excise and taxation department and labor department of Punjab and Sindh.

    The SECP said that the new companies registered in August 2019, include 71 percent private limited companies, 26 percent single member companies and three percent were registered as public unlisted companies, not for profit associations, trade organizations, foreign companies and Limited Liability Partnership (LLP).

    Trading sector took the lead with 192 companies followed by, services with 148, construction with 132 and IT with 120.

    The SECP said that 595 companies were registered in tourism, real estate development, education, food and beverages, engineering, corporate agricultural farming, marketing and development, chemical, mining and quarrying, textile, pharmaceutical, transport, fuel and energy, and healthcare, auto and allied, and communication, logging, power generation etc.

    The SECP said that foreign investment has been reported in 38 new companies. These companies have foreign investors from China, Denmark, Ireland, Italy, Korea South, Mauritius, Norway, Saudi Arabia, Switzerland, the UK and the US.

    The highest numbers of companies, i.e. 434 were registered in Islamabad, followed by 316 and 189 companies registered in Lahore and Karachi respectively.

    The CRO in Peshawar, Multan, Gilgit Baltistan, Faisalabad, Quetta and Sukkur registered 81, 56, 47, 45, 13 and six companies respectively.

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    Total number of SECP registered companies increases to 102,864

  • Total number of SECP registered companies increases to 102,864

    Total number of SECP registered companies increases to 102,864

    ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) has increased to 102,864 by end of July 2019, said a statement on Saturday.

    The SECP said that in July it registered 1,525 new companies. As compared to the corresponding month of last financial year, it represents a growth of 41 percent raising the number of total registered companies to 1,02,864.

    The massive increase is the result of series of recent reform measures undertaken by the SECP.

    Around 71 percent companies were registered as private limited companies, while around 25 percent were registered as single member companies.

    Four percent were registered as public unlisted companies, not for profit associations, foreign companies and Limited Liability Partnership (LLP) whereas 96 percent of these companies were registered by using online facility including applications received from overseas subscribers through eService and around 49 percent of these companies were registered on same day.

    The SECP has also upgraded its browser’s compatibility and now in addition to Internet Explorer, other browsers like Google Chrome, Mozilla Firefox and Microsoft Edge, Safari and Opera can be used for name reservation and company incorporation process.

    The trading sector took the lead and 266 new companies are registered in this sector, construction with 186, Information Technology with 183, Services sector with 177, Tourism with 69, Real Estate Development with 59, Food and Beverages with 56, Engineering with 44, Education with 43, Marketing and Advertisement with 40, Textile with 39, Corporate Agricultural Farming with 36, Pharmaceutical with 30, Healthcare with 29, Transport with 28, Chemical with 27, Mining and quarrying with 24, Communication with 21, Auto and Allied with 18, Fuel and Energy with 16, Logging with 14, Broadcasting and Telecasting with 12, Paper & Board, and Power Generation with 11 each and 86 companies were registered in other sectors.

    Foreign investment has been reported in 58 new companies. These companies have foreign investors from, Australia, Austria, Canada, China, Denmark, Germany, Hong Kong, Iran, Italy, Korea South, Norway, Saudi Arabia, Serbia, Sweden,, Turkey, the UAE the UK and the US.

    The highest numbers of companies, i.e. 603 were registered in Company Registration Office-Islamabad, followed by 378 and 283 companies registered in Lahore and Karachi respectively.

    The Company Registration Offices in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered, 100, 76, 41, 27, 10 and 7 companies, respectively.

  • Naqvi to make capital market attractive place for investors: PTBA

    Naqvi to make capital market attractive place for investors: PTBA

    KARACHI: Pakistan Tax Bar Association (PTBA) on Saturday welcomed the appointment of Syed Masoud Ali Naqvi as Chairman Policy Board of the Securities and Exchange Commission of Pakistan (SECP).

    In a statement, the tax bar said that Naqvi would able to guide the SECP effectively on various matters and challenges that the commission was facing as a regulator.

    The tax bar particularly pointed out that Naqvi would able to make the capital market an attractive avenue for local and foreign investors.