Posts Tagged SECP
The Securities and Exchange Commission of Pakistan (SECP), Pakistan’s apex regulatory body, has launched web consultation forum aims to achieve border consultation of public at large and stakeholders over the SECP’s proposed regulations, policies and initiatives.
In its press release, SECP invited stakeholders, professionals, academia and general public to participate in ongoing, in-depth discussions on specific topics and issues related to capital market, non-banking financial sec
March 15, 2013
No Comments Full Story
Securities and Exchange Commission of Pakistan, in its attempt to adopt technological changes, allows directors residing outside Pakistan to attend board meetings through video conference.
As per previous corporate rules, it was not necessary to give notice of directors’ meeting to any director who was out of country for the time being.
Now, owing to the recent amendments to Tables A and C of the First Schedule, it has been made easier to send notice to directors, whether in the co
March 15, 2013
No Comments Full Story
By Ali Ahmad
The Securities and Exchange Commission of Pakistan (SECP) has taken various regulatory and punitive actions against companies’ directors and auditors to safeguard the interests of the investors.
On the abuse of powers by directors of listed and un-listed companies, the Securities and Exchange Commission of Pakistan (SECP) issued show-cause notices to 23 companies in the month of November.
It was revealed during the inspection of annual reports and financial statements, th
December 16, 2012
No Comments Full Story
By Ali Ahmad
Pakistan's apex Corporate Regulator - Securities and Exchange Commission of Pakistan (SECP) has notified draft of accounting rules and regulations for the Life and non-Life Insurance companies.
The drafted revised accounting formats and regulations for published financial statements and regulatory returns by insurance entities have been notified in the official gazette of Pakistan to elicit public and stakeholders comments.
By issuing these accounting formats and regulation
December 5, 2012
No Comments Full Story
The Securities and Exchange Commission of Pakistan (SECP) has got the `Letter of Agreement to Ijarah’ approved from the Religious Board for Modarabas.
The SECP circular stipulates that the Modarabas extend Ijarah financing facility to their clients on the basis of Ijarah agreement duly approved by the Religious Board, said a statement issued by the Commission here Friday.
However, sometimes Ijarah assets are not readily available and the Modarabas have to make advance payment to suppli
June 4, 2012
No Comments Full Story
In order to safeguard the investors' interests, the Enforcement Department of the SECP took various regulatory and punitive actions during March and April.
According to the press release issued by SECP, it was informed that severe penalties were imposed on the statutory auditors of 13 unlisted companies for failing to act in conformity with the statutory requirements. The audit reports issued did not bring out material facts about the affairs of companies.
Although SECP did not disclose
May 25, 2012
3 Comments Full Story
Just weeks ago, Pakistan's apex regulatory body Securities and Exchange Commission directed all insurance companies to consult Audit firms in Pakistan in order to enhance transparency in their audit products and policies resulting in a new stream of business.
PakistanACCA was the first to report it.
This month is another healthy addition for Audit firms' businesses. SECP has directed all non-listed companies categorized as economically significant companies to appoint their statutory
March 20, 2012
3 Comments Full Story
The Institute of Chartered Accountants of Pakistan (ICAP) is a premier accounting body committed to ensure accountability, transparency and serving public interest and shoulders the responsibility with deep gravity playing its role in strengthening the regulatory framework in Pakistan.
Being the regulator of the accounting and auditing profession in the country, the Institute works in cooperation with important policy making institutions including the State bank of Pakistan, the Securities
March 15, 2012
No Comments Full Story
In an interesting action by the Securities and Exchange commission's vigilance task force, two auditors, which were not named so far by any party, were penalized for not following ICAP's Quality Control Review and Code of Corporate Governance.
According to its press release, SECP has finalized the penal actions against the statutory auditors of two companies for their failure to act in conformity with the statutory requirements. The audit reports issued by them did not bring out materia
February 21, 2012
No Comments Full Story
The SECP registered 356 companies in January as compared to 271 companies during previous month, showing an increase of 31%. During the current financial year, a total of 1,942 companies have been registered compared to 1,700 during corresponding period of previous financial year, reflecting an increase of 14%.
An increase in incorporation of companies has been witnessed which is a sign of healthy growth and development of the corporate sector. The private companies have the highest sha
February 12, 2012
No Comments Full Story
« Older Entries