CROs to stay closed: SECP stops inspection of cos' record

The Securities and Exchange Commission of Pakistan (SECP) has stopped inspection of documents/record of companies and announced continuation of closure of its Company Registration Offices (CROs) across Pakistan.

According to the SECP's circular number 13 of 2020 issued here on Tuesday, the commission has announced preventive measures against the COVID-19.

The SECP said that the current outbreak of the COVID-19 in a substantial number of countries and the evolving situation in Pakistan has posed significant threat to workforce involved in public dealing.

In order to protect well-being of employees of the SECP deputed at the Company Registration Offices (CROs) and facilitation centres, preventive measures have been taken as detailed as follows: The CROs and facilitation centers shall remain closed, as per advice of the local authorities for public dealing, until further instruction, the SECP said.

Inspection of documents/record of companies as provided in regulation 19 of the Company (Registration Offices) Regulations, 2018, has been stopped.

However, in dire need, only online inspection may be allowed by respective CROs in-charges on case-to-case basis.

As the companies are facing difficulties in responding to the queries/letters of the CROs, the time limit of response has been enhanced to 30 days, the SECP added.