The Securities and Exchange Commission of Pakistan (SECP) received an overwhelming response from the corporate sector to the companies regularisation and companies easy exit schemes. The schemes not only generated huge revenue but also enhanced the corporate compliance rate and have thus opened avenues for future revenue generation.
During the period of July to September, 1,264 companies regularised their defaults under CRS through filing 6,736 returns, while 1,376 companies applied for easy exit under CEES. The total revenue generated during the first phase was over Rs 25 million. During the extension phase of schemes, ie October to January 3, 588 companies filed overdue returns under CRS and 516 companies applied under CEES, generating about Rs 15 million revenue.--PR