SECP proposes amendments to NBFC regulations

ISLAMABAD: In order to safeguard the interest of investors, the Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Non-Banking Finance Companies (NBFC) and Notified Entities Regulations, 2008.

The proposed amendments, which focus on training, disciplining, and monitoring the sales force of non-banking finance companies, have been made available on the SECP website, a statement issued on Monday read.

Meanwhile, the SECP has registered 2,201 new companies during the month of January, raising the total number of registered companies to 134,797.

“The newly-established business centre of SECP in Islamabad recorded 24pc growth, as it registered 837 new companies in January, which is the highest ever incorporation by a single company registration office (CRO),” said a press statement issued on Monday.

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Of the total new incorporations, 98pc companies were registered online and around 30pc applicants completed the incorporation process the same day.

“Around 69pc companies were registered as private limited companies, whereas 28pc were registered as single member companies. Similarly, three per cent were registered as public unlisted companies, not for profit associations, foreign companies and Limited Liability Partnership (LLP),” the statement read.

During the month, an many as 66 foreign users completed their registration from overseas.

The top five sectors for the month of January included trading sector with 314 incorporations, information technology with 269, construction 227, services and allied 188, and e-commerce with 79, while 1124 companies were registered in other sectors. Foreign investment was reported in 44 new companies from China, Malaysia, Sweden, South Africa, Norway, Netherlands, Turkey, the UK and the US.

The highest numbers of companies were registered at Business Centre Islamabad, followed by 623 and 319 companies registered in CRO Lahore and Karachi, respectively. The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered 156, 122, 56, 53, 22 and 13 companies, respectively.

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