About Us• The Securities & Exchange Commission of Pakistan (SECP)• Regulator of the corporate sector, capital markets, insurance and non-banking finance sectors• Eight regional offices
SECP’s Functions & ResponsibilitiesThe regulatory functions of SECP fall under following four broad categories: Registration & Licensing Supervision (prudential and regulatory) Enforcement (civil and criminal) Market development including; • Revamping of existing and framing of new legal framework • implementation of Corporate Governance, Corporate Social Responsibility and Anti Money LaunderingIn addition to above SECP also performs following functions: Appellate Bench Investor awareness and education Administration of professionals like chartered accountants, cost accountants and corporate secretaries Permanent seat on councils of ICAP and ICMAP Pakistan Institute of Corporate Governance (PICG) Institute of Capital Markets (ICM)
Corporatization and Compliance Department• The Corporatization and Compliance Department (CCD) is responsible for administration of the Companies Ordinance 1984 (Ordinance), and the rules and regulations made there along with other relevant laws.• Its primary functions include registration of companies, regulating their statutory functions, and monitoring of corporate compliance through examination of statutory returns and accounts.• These functions are performed by the eight regional offices of the SECP, the Company Registration Offices (CROs).
Corporatization and Compliance Department• The CCD supervises, coordinates, and monitors the workings of the CROs. Besides, the CCD performs a number of other functions, i.e., – licensing of non-profit associations, – developing legal framework, – performing delegated powers of the Commission and statutory powers of the Registrar of Companies, – improving facilitation mechanism and – processing appeals, review and revision applications.
Statistics• Total corporate portfolio: 63,179 companies• Total companies registered in last 12 months: 4,098• Online incorporation rate: 60%
Organogram and staffing of CCD Commissioner (CL) Tahir Mahmood Executive Director (CCD) Nazir Ahmed Shaheen Corporate, Legal Registration, Licensing, Framework, Litigation, Advisory Regulating and Research & MIS and Complaints Compliance Wing Wing Wing Muhammad Mubasher Saeed Muhammad Musharraf Khan Siddique Saddozai Additional Director (CCD) Registrar of Registrar of Companies Companies Company Registration OfficesKarachi Lahore Islamabad Khi Peshawar Multan Faisalabad Quetta Sukkur Staff at Head Office: 27 Staff at CROs: 139
Latest Features• Introduced Fast Track Registration Services (FTRS), which ensures incorporation of company, registration/modification/satisfaction of charge, availability of name and change of name services in just four hours• SECP introduced eServices in 2008, with the aim of gradual shift towards automation of its services. In a phased manner, mandatory online filing regime is being undertaken. From April 2013, it will be made mandatory for Listed companies
Risks/Concerns• Relatively discouraging tax regime for corporates hampering corporate portfolio growing to its potential• Low quality of filing by small companies• Law and order situation in some key cities of the country impeding our working and growth of corporate portfolio