Digital verification of directors: SECP revises procedure for Form-9 filing

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has revised procedure for filing of return (Form-9) for digital verification/e-registration of directors of companies.

In this regard, the SECP has amended Companies Regulations, 2024 through an SRO 409 (I)/2024 here on Tuesday.

According to the revised regulations, the company shall file a return with the registrar as per Form-9.

In case of appointment or election of a director, or appointment of a chief executive, or resignation or retirement of a director or chief executive, as the case may be, the specified return shall be filed by the company through eZfile only which shall contain digital verification from the incoming or outgoing director or chief executive.

Provided that in case digital verification from outgoing director or chief executive is not received within five days, the company shall report impediment through eZfile to the registrar and the registrar on receipt of such impediment may allow the company, to file the specified return, after due diligence, as deemed appropriate.

The digital verification shall not be applicable upon cessation of nominee directors or Chief Executive and the company shall attach a notification or Board resolution, whichever is relevant, from the nominating body along-with specified return.

The existing directors or chief executive officers of the companies who are currently not registered with the Commission through eZfile, shall get themselves registered within three months from the date of notification or earlier before their resignation or retirement, the SECP added.

The existing directors or chief executive officers of thecompanies who are currently not registered with the Commission through eZfile, shall get themselves registered within three months from the date of notification or earlier before their resignation or retirement, the SECP maintained.

In case of vacation of office of director, the specified return shall be filed by the company through eZfile only accompanied by a copy of minutes of the meeting in which the resolution was passed.

In case of death of a director or a Chief Executive Officer, the specified return shall be filed by the company through eZfile only accompanied by a copy of death certificate issued by the relevant authority, the SECP added.

The registrar, upon acceptance of return, shall intimate the incoming and outgoing director or the Chief Executive, about the fact of his induction or resignation or retirement or removal or vacation of office through eZfile or in any other manner, as deemed appropriate by the Registrar.

The expression “eZfile” refers to the online service provided by the Commission for lodging or filing of electronic documents,” the SECP added.

Copyright Business Recorder, 2024