SECP withdraws Forms 31, 32 filing requirements in case of nil report

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KARACHI: In order to facilitate the corporate sector and streamline the filing of specified forms under Section 452 of the Companies Act, 2017, the Securities and Exchange Commission of Pakistan (SECP) has withdrawn the filing requirement of Forms 31 and 32 on the companies in case of a nil report.

SECP through its circular No 21/2018 made amendments to its previously issued circulars, meanwhile, para 4 of circular No 19/2017 dated August 11, 2017, and para 5 of circular No 32/2017 dated December 4, 2017, have been deleted. According to the new instructions issued by SECP, there is no requirement to file specified forms in case of a nil report.

Under section 452 (Companies’ Global Register of Beneficial Ownership) of the Companies Act, every substantial shareholder or officer of a company incorporated under the Company law, who is a citizen of Pakistan within the meaning of the Citizenship Act including dual citizenship holder whether residing in Pakistan or not having shareholding in a foreign company or body corporate shall report to the company his shareholding on a specified form within 30 days of holding such position or interest.