SECP launches inter-CRO electronic inspection service

RECORDER REPORT

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched an inter-Company Registration Office (CRO)—electronic inspection service—which would enable the stakeholders to electronically inspect the record of the companies including scanned/archived version of physical record.

In this connection, the SECP has issued circular number 14 of 2012 here on Friday.

According to the circular, in spirit of extending facilitation to stakeholders, Corporatisation and Compliance Department (CCD) is pleased to launch Inter-Company Registration Office (CRO)—electronic inspection service. Through subject service stakeholders can now electronically inspect inter-CRO record of companies, which includes scanned/archived version of physical record of companies, i.e. a stakeholder in Islamabad, intending to inspect record of any company registered at CRO Karachi, can now inspect such record electronically at CRO Islamabad and so on, subject service is available at all CROs of SECP, across Pakistan.

Features/Conditions of inter-CRO Electronic Inspection service (the “Service”) are as below:

1. The Service is available for all “recorded/registered” documents only, filed by the companies.

2. Inspection fees are applicable, as per Sixth Schedule to the Companies Ordinance, 1984 (the “Ordinance”).

3. Stakeholder intending to inspect record of any company registered with SECP shall make an application to in charge of the CRO, where he desires to electronically inspect the record.

4. On receipt of application as above, the registrar shall permit the applicant to inspect such documents as under the Ordinance he is entitled to inspect.

5. The inspection of the documents shall be allowed during the time specified for transaction of business with the public in the presence of the registrar concerned or an authorised official.

6. The Registrar concerned or authorised official may permit notes of the inspected documents to be taken, but verbatim copies of the document inspected shall not be allowed.

7. The service is available for electronic inspection only. For obtaining certified copies of record maintained by the CROs, the applicant shall make separate application along with prescribed fees at the concerned CRO, where the company is registered.

Meanwhile, a press release of the SECP said, to further facilitate stakeholders, the SECP has launched inter-Company Registration Office (CRO)—electronic inspection service.

Through this service, stakeholders can electronically inspect inter-CRO record of companies, which includes scanned/archived version of all recorded/registered documents of companies, i.e., a stakeholder in Islamabad, intending to inspect record of any company registered at the Karachi CRO can now inspect such record electronically at Islamabad CRO. This service is available at all CROs of the SECP across Pakistan. The service is available for all “recorded/registered” documents, received through both online and offline mode of submission. The detailed procedure is available in Circular No. 14 of 2012, placed on the SECP website, it added.