Register of debenture holders: SECP enhances punishment for making fraudulent changes

The Securities and Exchange Commission of Pakistan (SECP) has increased punishment of imprisonment from one year to two years for anyone making fraudulent changes in the register of members or register of debenture holders of the companies.
Sources said that the SECP''s new provision i.e. 127 of the new Companies Ordinance 2016 deals with the punishment for fraudulent entries in and omission from register. Under the new Companies Ordinance 2016, the punishment of imprisonment has been increased from one year to two years keeping in view the sensitivity of the offence.
The new provision (127 punishment for fraudulent entries in and omission from register) of the Companies Ordinance 2016 said: Anyone who fraudulently or without sufficient cause enters in, or omits from the register of members or the register of debenture holders the name or other particulars of any person, shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to one million rupees, or with both.
The old provision of Companies Ordnance 1984 said: Anyone who fraudulently or without sufficient cause enters in, or omits from the register of members or the register of debenture holders the name or other particulars of any person shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to ten thousand rupees, or with both, the old provision added.