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SECP verified FBR data of compliant companies

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ISLAMABAD:  The Securities and Exchange Commission of Pakistan (SECP) has responded to the Federal Board of Revenue’s query and apprised it about the companies that had satisfied its compliance requirements but had not filed tax returns with the FBR. The FBR wanted to confirm their filing status with the SECP for the year 2014. The FBR had shared a list of 9,721 companies with the SECP on January 5. These companies did not e-filed income tax returns as of January 5, 2015, but had filed tax returns for the tax … Read More…

Posted in : Business, Economy, Islamabad, Law in Pakistan, Media, Pakistan

SECP, CDC organize investor awareness seminars

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The strategic objectives of the Securities and Exchange Commission of Pakistan (SECP) include developing an efficient and dynamic regulatory framework that fosters the  principles of good governance in the corporate sector, ensuring proper risk management procedures in the capital market, and protecting investors through responsive policy measures and effective enforcement practices.   While recognizing that the investor education is crucial for sustainable growth of the financial markets, ensuring investor protection and bolstering confidence in the markets, the SECP—in collaboration with Central Depository Company (CDC) — has organized investor awareness seminars … Read More…

Posted in : Business, Economy, Islamabad, Karachi, Lahore, Law in Pakistan, Media, Pakistan, Pakistan Business

SECP granted licences to 10 non-profit associations in 3 months

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The SECP granted licences to 10 non-profit associations under Section 42 of the Companies Ordinance, 1984, from January to March. Of the 10 licences, 3 associations each were granted licences in the social services and healthcare sector, 2 each in art and education sector. In the social services sector, Wishes Foundation intends to develop the rural areas, while CNFA Pakistan Center for Enterprise and Development has been established to work for economic development of the under-privileged classes of the society and Institute of Development and Economic Alternatives has been formed … Read More…

Posted in : Business, Economy, Islamabad, Media, Pakistan

SECP makes regulatory framework conducive to mutual funds growth

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The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the NBFC and Notified Entities Regulations, 2008. The SECP held detailed consultative sessions, especially with the Mutual Funds Association of Pakistan (MUFAP) and trustees of the mutual funds as key stakeholders. As part of its continuous efforts for development of the capital markets, and mutual funds in particular, the amendments are aimed at strengthening the existing regulatory framework as well as extend operational flexibility to fund managers. It is an important step forward for a more conducive regulatory … Read More…

Posted in : Business, Economy, Islamabad, Pakistan

SECP to start on-site inspection of brokerage houses

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In order to ensure a fair and transparent capital market, the Securities and Exchange Commission of Pakistan (SECP) has developed an inspection policy to ensure regulatory compliance by the participants of the securities market. Additionally, an inspection manual and standard operating procedures for the implementation of the policy have also been developed. All the statutory requirements along with best practices have been included in these documents. The SECP aims at strengthening market oversight and enforcement through a blend of off-site reporting and on-site inspection. The off-site element comprises of periodic … Read More…

Posted in : Business, Karachi, Pakistan

SECP to take measures to curb front-running

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ISLAMABAD: Integrity, transparency and fairness in the capital markets are critical for protection of investors and enhancing their confidence. However, market abuses and unfair trading practices such as front-running/insider trading negatively affects this basic essence of the markets. Front-running, a form of insider trading arises when a person engaged in processing or making investment decision/order in his official capacity uses that information for his personal benefit directly or indirectly. This undesirable activity usually takes place in institutions active in the capital markets such as brokerage houses, mutual funds, financial institutions … Read More…

Posted in : Business, Economy, Islamabad, Pakistan

SECP rebuts criticism on cotton futures contract

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ISLAMABAD: Answering criticism in respect of approving trading of futures contract in cotton at the Pakistan Mercantile Exchange Limited (PMEX), the SECP has reiterated that the concerns raised in this regard are unsubstantiated. The SECP granted this approval after the PMEX had undertaken an extensive process of stakeholder consultation, which includes textile mills and cotton traders/brokers. Also, the said approval was granted by the SECP in accordance with its mandate to regulate matters relating to listed securities that include derivative products like futures contracts in commodities, under the 1969 Securities … Read More…

Posted in : Business, Economy, Islamabad, Pakistan

SECP fines six defaulting companies

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As part of its enforcement and regulatory function, the Securities and Exchange Commission of Pakistan passed 6 orders, fining defaulting listed and unlisted companies. In order to safeguard the interests of investors and stakeholders and to develop corporate governance culture in the country, the SECP took action against non-compliant companies by issuing 40 show-cause notices for non-compliance with various provisions of the 1984 Companies Ordinance. In addition, the proceedings against four companies were closed with warnings. Forty-two investors’ complaints were also resolved during the month.

Posted in : Pakistan

SECP about to take penal action against defaulter companies

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is about to take penal action against defaulter companies. The SECP’s amnesty schemes of the Companies Regularization Scheme (CRS) and the Companies Easy Exit Scheme (CEES) remained in effect from July to December 2010. During this period the companies were repeatedly advised to benefit from the schemes, either by regularizing their defaults through filing of their overdue returns under the CRS or strike their companies off the register under the CEES. The defaulter companies were also warned that a strict penal … Read More…

Posted in : Pakistan

FBR, SECP to interface data for broadening tax base

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Federal Board of Revenue (FBR) and Security Exchange Commission of Pakistan (SECP) have agreed to work closely to exchange data for broadening the tax base, says a press release issued Tuesday. The agreement to create an interface of data between the two organisations was achieved at a recent meeting attended by Member Inland Revenue Service (IRS) FBR, Mr. Khawar Khursheed Butt and SECP Chairman Muhammad Ali Ghulam Muhammad. The two sides agreed to work out modalities for sharing of data within the legal framework. A Memorandum of Understanding (MoU) between … Read More…

Posted in : Pakistan
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