Companies (Registration Offices) Regulations, 2018: SECP notifies draft amendments

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has reduced the processing time for disposal of 28 different types of matters of companies by the SECP officials in the field formations.

The SECP on Monday issued an SRO 66(I)/2023 to notify the draft amendments to the Companies (Registration Offices) Regulations, 2018.

The comparison of the old and revised regulations revealed that the SECP has considerably reduced the time period for the processing of documents filed electronically by the companies. Prior to amendments, there was a uniform time period for processing of documents filed electronically or manually by the companies.

Time frame for the disposal of various matters has been revised to improve the efficiency of the SECP officials working in the field formations, the SECP officials said.

For example, the application for issuance of certificate of registration of documents filed by a foreign company has to be processed by the SECP officials in four hours.

According to the new time frame for the disposal of various matters issued by the SECP on Monday, the officials have to process the application for reservation of name within four working hours.

The SECP officials are bound to incorporate companies (Subject to adoption of standardized Memorandum and Articles of Association) within four working hours.

The conversion of the status of a private company to a public company would be done within two days in case the documents are submitted electronically. In case the documents are submitted in physical form, the SECP officials should convert the status of a private company to a public company in six-day period.

The SECP should mortgage or charge in one day after submission of documents electronically. If the documents are submitted manually, time for processing of the said document is three days.

In case the documents are submitted electronically, the SECP officials within one day have to grant extension in period for holding AGM and laying therein financial statements - a public unlisted company or a private company. For manual cases, the time period is 3 days for grant of extension in period for holding AGM and laying therein financial statements.

The application for obtaining the status of an inactive/active company has to be processed in three days period in case of electronic submission of applications. In case application is filed manually, the time period is nine days for the application for obtaining the status of an inactive/active company.

The application for inspection of documents kept by the Registrar has to be processed in one hour in case the application is filed electronically. For manual applications, the time period for processing of documents is two days.

Copyright Business Recorder, 2023