SECP takes climate steps

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Tuesday urged corporate sector to adopt digitalisation, saying it not only improves efficiency and ease of doing business, but also helpful for the environment.

The regulator logged up to 55 percent reduction in its overall stationary usage and 27 percent depletion in the quantity of paper consumed at SECP, following a vision to have a digitized and eco-friendly work environment.

According to SECP, it automated certificate of incorporation discouraging the old practice of issuing paper-based certificates. Moreover, external regulatory processes such as form 45 (UBO), form (IV) - Limited Liability Partnership (LLP), AML – notification and tracking directive, list of shareholders, registration of alteration in documents – foreign company, Form 3, annual risk and control compliance, and change/rectification of LLP name and many others SECP has shifted online.

Furthermore, internal processes such as applications of provident fund, gratuity, fleet management, and house building loan; appraisal management system, promotion management, payroll, and salary approval process; all have gone online at SECP in line with its initiative to promote digitization and improve organizational efficiency.

According to assessments by Food and Agriculture Organization (FAO research), it takes 24 trees to make one ton of paper. As per the estimates, SECP shared that it contributed to save at least 38 trees in 2021 by slashing paper usage.