SECP improves security of electronic filings, company registration process

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has improved the security of electronic filings as well as company registration process.

According to a statement, the SECP has integrated its e-services with Pakistan Mobile Number Portability (MNP) Database (Guarantee) Limited to verify the cell number of applicants against their CNICs. The verification of the cell phone number of directors and sponsors of a company will also eliminate the chances of misuse of CNIC or cell number of any individual for fraudulent purposes.

Verification of CNICs with NADRA databases is already in practice.

The whole verification process is fully electronic and instant. It is an important development in the context of challenges posed by AML and CFT also.

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The SECP had stated the facility of online submissions of returns in 2008. Since then, it has been continuously working on the improvement of its online portal “e-services” in order to ensure secure and efficient service delivery to the entrepreneurs and the corporate sector.

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