Company credentials verification started

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has started verifying the credentials of the promoters / directors of companies through the online CNIC (Computerised National Identity Card) Verification Service (VERISYS) of National Database and Registration Authority (Nadra).
A notice issued Tuesday said that this verification will be made on all new registrations of companies and Section 42 companies.
This is a web-based real-time activity displaying the front and rear image of the CNIC for verification of the genuineness of the applicants.
The aim is to ensure authenticity of information of the promoters / directors filed during the incorporation of companies through the statutory returns with the offices of the registrars. It will help to counter identity theft and further bring in transparency and ensure validation of information, besides eliminating instances of fraud and forgery. It will also be helpful in supporting the government’s anti-terrorism efforts. The verification service will also be extended for validating information of sponsors of the non-profit sector.