SECP withdraws filing requirement

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday withdrew the filing requirement of form 31 and 32 on the companies in case of nil report.

This decision has been taken to facilitate the corporate sector and streamline the filing of specified forms under Section 452 of the Companies Act, 2017.

The SECP through its circular No 21/2018 has made amendment to its previously issued circulars, whereas paragraph four of circular No 19/2017 dated August 11, 2017, and paragraph five of circular No 32/2017 dated December 4, 2017, have been deleted. Now there is no requirement to file specified forms in case of a nil report. Under section 452 (Companies' Global Register of Beneficial Ownership) of the Companies Act, every substantial shareholder or officer of a company incorporated under the company law, who is a citizen of Pakistan within the meaning of the Citizenship Act, including dual citizenship holder whether residing in Pakistan or not having shareholding in a foreign company or body corporate shall report to the company his shareholding on a specified form within thirty days of holding such position or interest.