ISLAMABAD, Jan 02 (APP):The Securities and Exchange Commission of Pakistan (SECP) organized an awareness session at the Islamabad Chamber of Commerce and Industry (ICCI) on ezifiling and the Companies Regulations 2024.
This session aimed to inform the business community about the newly introduced filing system and regulations, which provide a unified regulatory framework for company registration and post-incorporation compliance.
The session was well-attended by ICCI executive members and other business professionals seeking guidance on company incorporation and post-incorporation compliances and easy compliance with the updated regulations, said a press release issued here Thursday.
In his welcome address, the acting President of ICCI, Abdul Rehman Siddiqui, commended the SECP for taking proactive steps to modernize and simplify business operations.
He highlighted the importance of the SECP’s initiatives in promoting incorporation and introducing e-filing systems, which have streamlined processes and enhanced ease of business.
He brought Pakistan’s practices in line with international standards.
The acting President expressed confidence that the session would benefit the business community and facilitate smoother business operations.
He further suggested that the SECP consider setting up a dedicated desk at the ICCI, similar to other service desks like NADRA, IESCO, Police, FTO, and TDAP, for greater convenience and support for businesses.
Saeedullah Khan, the Registrar at SECP, said that the session underscores SECP’s commitment to making business operations more efficient and transparent while providing the tools necessary for businesses to comply effectively with the new regulations.
He noted that the SECP had reviewed existing regulations, reduced the number of forms required for filing from 75 to 28, and eliminated redundancy, ensuring greater clarity.
He highlighted that the drive towards corporatization and e-filing is key to fostering a transparent and efficient business environment.
He also stressed that these reforms are crucial for promoting sustainable economic growth, improving governance, and making Pakistan more competitive globally.
Khan explained that the core aim of these initiatives is to minimize human intervention and formalize the informal economy.
Amir Saleem, Additional Registrar Licensing and Registration Division at SECP provided an in-depth presentation on the SECP’s digitization initiative titled LEAP (Leading Efficiency through Automation Prowess).
He explained that LEAP aims to enhance organizational efficiency, improve business efficiency, and increase transparency by fully digitizing the registration process.
The new interface, named file, is designed to simplify the navigation through the registration process, improve accessibility to information, and streamline the submission of returns and documents.
Saleem noted that ezi-file would also feature communication tools, such as alerts, notifications, and announcements, informing users about corporate registry matters.
Special Advisor to the ICCI President, Naeem Siddiqui, moderated the session and raised important challenges, such as limited digital literacy, restricted access to technology, and concerns about regulatory scrutiny.
He suggested that SECP conduct more sessions to educate businesses and address these concerns.
:The Securities and Exchange Commission of Pakistan (SECP) organized an awareness session at the Islamabad Chamber){kind=link}