The Securities and Exchange Commission of Pakistan (SECP) has organized three awareness sessions in Karachi and Lahore for securities and commodities dealers, insurance / takaful companies and non-banking finance.
The sessions gave knowledge about the terrorist financing framework and how it differed from money laundering.
A statement said on Wednesday, Participants were briefed on the SECP’s reforms introduced in partnership with the Punjab Information Technology Council (PITB), the Sindh Investment Department and the Senior Employee Old Age Benefits Institution (EOBI) to reduce delays, procedures and costs of starting a business.
These reforms include the integration of SECP eServices with EOBI, the Punjab Business Registration Portal and the Sindh Business Registration Portal. The integration of SECP eServices into the Federal Revenue Board (FBR) for the purposes of allocating national tax numbers has been effective since March 2018.
From now on, a company, via SECP eServices, can also register online with FBR (for NTN), EOBI, Punjab Employees Social Security Institution (PESSI) / Sindh Employee Social Security Institution (SESSI), Department of Labor, Punjab and Sindh and Excise and Taxation Department, Punjab and Sindh.
Moreover, the SECP has also started providing copies of certificates of incorporation through email instantly with company incorporation.
After these reforms, SECP’s eservices have become a virtual one-stop shop for registering a business with all federal and provincial registration authorities, which simplifies and speeds up the registration process.
A large number of lawyers, business consultants, accountants and representatives of businesses attended the sessions.
The representatives of FBR, SBP, EOBI, PITB, Investment Department Sindh, SESSI and Labour Department Sindh were also there.
The SECP team also briefed participants on the current legal and regulatory framework for the protection of minority investors, recent developments in this area and proposed reforms to further strengthen the protection of minority investors.
Latest developments in legal framework for corporate insolvency laws, ie Corporate Rehabilitation Act, 2018, and Corporate Restructuring Companies Act, 2016 were also shared.
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