SECP Board approves amendments to Companies Act 2017

ISLAMABAD: The Securities and Exchange Commission of Pakistan’s (SECP) Policy Board has approved a proposal to amend the company law in order to facilitate startups.

The board met in Karachi under the chairmanship of Prof Khalid Mirza, according to a press statement issued on Saturday.

The SECP Board approved amendments to the 3rd Schedule to the Companies Act, 2017, prescribing an appropriate definition for the term ‘startups’.

Meanwhile, the SECP submitted for approval its Annual Report for the year ended 2018-19. The board decided that it will be looked at by all members and possibly be cleared in the next meeting.

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In response to an FBR request, the policy board directed the commission to issue a letter to all companies, asking them to ensure that annual tax returns are filed in accordance with the law.

The board again expressed concern over the fact that secretary-level officials of the government, who are ex-officio members of the board, do not attend the board meetings and instead send their nominees for the same.

“This dilutes the efficacy of the board,” the members lamented while reissuing a letter addressed to the Ministry of Finance (at the highest level) requesting that they urge the officials concerned to do their best to attend all Policy Board meetings.

Moreover, the policy board finalized the commission’s performance evaluation for the year ending June 30, 2019.

The board members discussed several matters pertaining to prima facie wrongful actions by various departments of the commission and issued appropriate policy directives to SECP in this regard.

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