Documentation vital for economic progress: SECP chairman

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) chairman Aamir Khan has said that the documentation of the economy is vital for economic progress and building a vibrant corporate sector, a statement said on Tuesday.

The commission has adopted the method of regulatory guillotine to review and simplify old regulations and eliminate those that are no longer needed.

It results in economically-significant regulatory cost reductions for businesses. Khan made these comments at the inauguration of the SECP’s facilitation desk in Lahore Tax Bar, the first-of-its-kind at any tax bar.

In his address, the SECP chairman appreciated the proactive approach of the Lahore Tax Bar Association in establishing the facilitation desk that will help redress the practical problems being faced by the business community concerning the company law.

Khan also briefed the participants about numerous reforms introduced by the SECP to promote a healthy corporate culture, including digitalisation and standardisation of the company incorporation process and integration with other government agencies, which have resulted in 51 per cent growth in new incorporations during FY20/21.

Mubashar Saeed Saddozai, registrar of companies, informed the participants that the facilitation centre will provide requisite assistance to promoters of the new companies, as well as management of existing companies, and expressed the hope that such outreach measures will further improve the overall user experience for the public.