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SECP reduces number of

forms for companies to 25
Sohail Sarfraz 31 May 2021

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ISLAMABAD: Taking a major step to

⇧
facilitate the corporate sector, the Securities
and Exchange Commission of Pakistan
(SECP) has decided to drastically reduce the
number of forms, applications, declarations
and returns for different types of
companies for ease of doing business.

The SECP has issued SRO 604(I)/2021 to

issue draft amendments to the Companies
(General Provisions and Forms)
Regulations, 2018.

Under the companies (General Provisions

and Forms) Regulations, 2018, the number
of forms and returns to be filled by different
companies stood at 45. It has been proposed
to reduce the number from 45 to 25 forms
and returns.

The draft companies (General Provisions

and Forms) Regulations, 2018 has also
⇧
issued more simplified forms and
declarations, replacing the existing forms.

Sources told Business Recorder that the

reduction in the number of returns and
forms for the companies to reduce the
compliance requirement for the corporate
sector, reduce their cost, avoid duplication,
ease of doing business, reduce the post
registration compliance requirements and
withdraw unnecessary conditions under
different forms and returns.

Under the revised rules, pursuant to the

provision of section 506 of the Companies
Act, formats of forms and returns are
specified which shall be used in all matters
to which those forms and returns refer. The
draft revealed that now there would be a
Form-A and Forms 1-25 as compared to
⇧
existing 45 forms and applications.
According to the draft rules, the SECP has
also issued a procedure for issuance of
notice of rectification of register of
members / directors. The SECP stated that
when the court makes an order for
rectification of the register of members or
register of directors in respect of a
company, the company shall file notice of
the rectification with the registrar within
fifteen days from the receipt of the order,
giving therein, in addition to other facts, if
any, the name of the court, the date of
order, case number and case title, details of
rectification ordered by the court and the
rectification as made in compliance with
the order. The company shall file relevant
statutory returns with the registrar which
becomes due for filing after rectification is
made in accordance with court order, SECP
added. ⇧