ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has clarified that the prior security clearance of investors /promoters of other countries from the Ministry of Interior (MOI) is not required except for India and Afghanistan.
In a clarification statement on Wednesday, the SECP said that a baseless impression has been created by a section of the press that all the companies incorporated with the SECP having foreign directors/promoters are required to obtain prior approval from Ministry of Interior before incorporation.
In this regard, the SECP clarified that in case of investors/promoter of other countries documents for security clearance are sent to MOI and simultaneously incorporation and statutory returns of these companies are processed by the SECP on the basis of the undertaking.
It is further clarified that the SECP follows the directions issued by the MOI from time to time in true spirit and the proposed Companies (Compliance & Reporting) Regulations, 2017, are in line with the directions and the existing policy of the MOI.
