ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Thursday issued consolidated “Companies Regulations, 2024” to facilitate local and foreign companies operating in Pakistan.
The SECP has issued S.R.O. (I)/2024 on Thursday notified Companies Regulations, 2024 which shall come into force at once.
The consolidated single set “Companies Regulations 2024” covered regulations for company incorporation, post-incorporation compliance and reporting, issuance of license under Section 42 of the Companies Act, 2017, further issue of share capital, group registration, easy exit of companies, buyback of shares, registration of intermediaries, etc. The regulations also contain standard forms and application samples for ease of compliance.
The Companies Regulations, 2024 will be implemented in a phase-wise manner. After introduction of Companies Regulations, 2024, the SECP has repealed certain regulations including Companies (Incorporation) Regulations, 2017; Companies (General Provisions and Forms) Regulations, 2018 except Sr. Nos. 16, 19, 20, 22, 23, 46 to 50 of Regulation-4, Regulation-16A, Regulations 19A (1) to 19A(4), 19A(6) & 19A(7). Moreover, Sr. No. 17 of Regulation-4 shall also be renumbered as Form-11A.
The SECP has also repealed Companies (Registration Offices) Regulations, 2018 except Regulation 8(c) of Chapter-II, Regulation-13 of Chapter III to the extent of sections 106, 109, 426 and Chapter XII of the Act, Regulations 15(2) & 16 of chapter-IV and Annexures-C, H, I & J.
The SECP has repealed Associations with Charitable and Not for Profit Objects Regulations, 2018; Intermediaries (Registra-tion) Regulations, 2017; Group Companies Registration Regulations, 2008; and unlisted Companies (Buy-Back of shares) Regulations, 2023.
The provisions of these regulations shall have effect notwithstanding anything contained in the memorandum or articles of a company, or in any contract or agreement executed by it, or in any resolution passed by the company in general meeting or by its directors, whether the same be registered, executed or passed, as the case may be, before or after coming into force of the said provisions and any provision contained in the memorandum, articles, agreement or resolution aforesaid shall, to the extent to which it is repugnant to the aforesaid provisions of these regulations, become or be void, as the case may be.
These regulations shall come into force at once except the specified regulations which shall come into force on such date as the Commission may, by notification in the official Gazette, appoint, and different dates may be so appointed for different regulations, SECP added.
Copyright Business Recorder, 2024
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