SECP withdraws filing requirement in nil report cases

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Wednesday announced to withdraw the filing requirement of Forms 31 and 32 on the companies in case of a nil report in order to facilitate corporate sector.

 

 

The SECP has vide its circular No 21 of 2018 has made amendment to its previously issued circulars and 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.

“Now there is no requirement to file specified forms in case of a nil report,” the regulator said.

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 thirty days of holding such position or interest.

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