SECP takes several measures to facilitate end users in 2020

Web Desk BOL News

05th Oct, 2021. 11:08 am

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has taken several initiatives to facilitate the end users during the last fiscal year, a statement said.

To achieve the target of end-to-end digitalisation, the commission established state-of-the-art business centre at its head office, Islamabad to ensure swift incorporation of companies and to improve turnaround time.

The business centre is equipped with dedicated and thorough professional team to facilitate the users to their satisfaction and possesses an up to-date technology designed to efficiently and promptly handle any company incorporation application.

The SECP, to further enhance efficiency of handling such applications and to support uniform decision making, has in a phased manner centralised the process of the company registration at its business centre.

Subsequently, the commission in its pursuit to achieve end-to-end digitalisation, has taken the initiative to issue digital certificates of incorporation. To reduce the overall turnaround time and cost for starting a business in Pakistan, it has launched a single combined digital certificate evidencing registration with the SECP and some provincial departments, where upon the issuance of single combined certificate upon incorporation of the company through a single window, the company will simultaneously be registered with the provincial departments, including Punjab Employees Social Security Institution (PESSI), Sindh Employees Social Security Institution (SESSI), Labour and Human Resource Department and Excise and Taxation Department of Punjab and Sindh.

The SECP to enhance end users’ experience also introduced an online facility for the issuance of digital certified true copy of documents, which is filed through an online mode by e-Services users.

Now, any person/individual, by simply signing up to its e-Services account and upon submission of an online application, can obtain any document instantly without human intervention, i.e., registration documents or any other online filed return of the company; thus, replacing the traditional old practice of obtaining certified true copies physically.

To promote ease of doing business and digitalisation of processes, the commission launched a portal for bank account opening of the newly-incorporated companies.

Through this online facility, any bank can get real time access to the companies records; thus, enabling them to obtain required documents of any company for opening a bank account, without physically obtaining certified true copies of such documents from the corporate customers.

To-date, around 38 banks have obtained the access of this facility and are successfully using it.

Going forward towards the end-to-end digitalisation of statutory processes, the SECP achieved another milestone by launching a facility for digitalisation of acknowledgements/certificates of statutory returns for internal officers such as annual returns, reporting change of director through Form 29, Form 28 and returns related to mortgage/charge, i.e., Form 10, Form 11, Form 16 and Form 17.

Subsequently, upon acceptance of these returns, the digital acknowledgement/certificate will be issued to the companies on their registered email address.

By issuance of such digital acknowledgement/certificate of these forms, the commission has ensured smooth filing of these processes by reducing the turnaround time, paper work and human interaction between the company and the Company Registration Office.

All the stakeholders are encouraged to use the commission’s e-Services to avail the abovementioned facilities. The SECP remains available to assist in the best possible manner.

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