5 hours Ago By NEWS WIRE
ISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) has announced the establishment of a dedicated Licensing Facilitation Desk at its Head Office, in line with its commitment to regulatory facilitation, ease of doing business, and market development. This initiative aims to assist applicants seeking licenses under Section 42 of the Companies Act, 2017, by providing hands-on guidance, analysing applications for completeness on the spot, and minimising unnecessary delays in the licensing process, said a press release issued here. To further streamline the application process, the SECP has introduced a standardised, which will serve as a single point of contact for all applications and related correspondence pertaining to Section 42 company licenses.
This centralised communication channel is designed to enhance efficiency and ensure timely responses to stakeholder inquiries. In a significant move to promote inclusivity and women empowerment, the SECP has mandated that medium and large-sized Section 42 companies must have at least one female director on their Board. This requirement will take effect from the next election of directors following the promulgation of the Companies Regulations, 2024.
Small-sized Section 42 companies are also encouraged to adopt this practice to foster gender diversity and inclusive governance. To assist applicants in preparing their submissions, the SECP has made comprehensive resources available on its website. These include a detailed checklist of required documents and a Guide on Licensing of Association with Charitable and Not-for-Profit Object Companies under Section 42.
These measures are part of SECP’s broader efforts to streamline regulatory processes, enhance transparency, and ensure efficient handling of licensing matters. The commission remains dedicated to modernising regulatory frameworks, promoting transparency, and facilitating the establishment of not-for-profit associations under Section 42 of the Companies Act, 2017. The SECP is committed to fostering a well-regulated, transparent, and investor-friendly corporate sector.
These initiatives underscore its ongoing mission to improve ease of doing business and strengthen regulatory efficiency. For further information or assistance, applicants may contact the Licensing Department at: Email: section42.licensing@secp.
gov.pk..
