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SECP holds session on digitalisation processes at PHMA

SECP holds session on digitalisation processes at PHMA

SECP holds session on digitalisation processes at PHMA

SECP holds session on digitalisation processes at PHMA

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KARACHI: The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) in collaboration with the Securities and Exchange Commission of Pakistan (SECP) has organised an awareness and informative session on “Corporate Compliances and Digitalisation of SECP Processes” at the PHMA House, Karachi, a statement said.

A large number of textile exporters, especially the registered companies participated in the session.

The SECP team headed by Kashif Mahmood, additional joint registrar, accompanied by Akhtar Hussain, assistant registrar, made presentation in the joint session and briefed about the salient features of end-to-end digitalisation of the company incorporation process with the launch of digital certificate through e-Services portal.

The SECP officials highlighted the importance of corporatisation and corporate compliance. They described the measures taken by the commission.

A presentation was given to the textile exporters to create awareness about the online system of the SECP for registration and filing of the statutory compliances.

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Muhammad Babar Khan, central chairman of PHMA, welcomed the SECP officials.

He said PHMA and the SECP jointly believe in facilitating the exporters to contribute in the economic prosperity of Pakistan.

He also appreciated the SECP’s contribution in the development of corporate sector, as well as corporate culture and ethics aligned with the global corporate ethics and standards.

SECP Joint Registrar Mahmood said that Pakistan has improved its position in the World Bank’s latest rankings and has also been placed at the second position in South Asian countries in terms of ease of starting a business, mainly due to the SECP reforms.

The measures taken by the SECP through amendments in the regulatory framework, help facilitate the startups to focus on improving the ease of doing business and in raising capital.

The objective of an online system was to provide certified true copy without human intervention. This system will help the companies and individual users to get certified true copies from a predefined list of data extracts as soon as the payment is verified, he added.

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He also divulge on the importance of Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, 2017 in Pakistan to bridge the gap between small organisational units like sole proprietorships and partnerships, which are mostly unregistered.

Akhtar Hussain apprised the textile exporters about the post-incorporation statutory filing through e-Services portal and the applicable financial requirements under the Companies Act, 2017 for clear understanding to avoid any discrepancy in the future.

The SECP officials informed that the commission being the apex regulator of the corporate sector had always collaborated with the trade bodies in the past and believes in the maximum facilitation to companies and exporters, especially in corporate compliances, enabling them to enhance the exports to ultimately benefit the country to earn foreign exchange.

The SECP has been continuously working to improve and develop the reforms and automation. In this connection, automation has been enhanced and public dealing has become limited, particularly for the exporters.

During the interactive session, the exporters asked several questions and queries related to the digitalisation of the SECP processes, which were answered and responded to by the SECP officials.

PHMA Zonal Chairman Khizer Mehboob, former chairman Aslam Karsaz and Mahmood Nara, PHMA executive committee members and various leading exporters also exchanged views and participated in the session.

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