SECP proposes amendments to Companies (Registration Offices) Regulations, 2003

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ISLAMABAD, Oct 31 (APP): The Securities and Exchange Commission of Pakistan (SECP) has proposed necessary amendments to the Companies (Registration Offices) Regulations, 2003.
The draft notification has been published in the official gazette to obtain comments within 14 days from the date of its issue.
The said notification has also been placed on the SECP’s website, said a statement here on Monday.
The existing regulations, which regulate the internal working of the Company Registration Offices (CROs), were notified in September 2003, and necessary modifications were made from time to time.
In order to ensure that the existing regulations sufficiently meet the present-day requirements, the SECP reviewed the same holistically before proposing the said amendments.
The SECP recently set up its ninth CRO in Gilgit-Baltistan (GB). It has also established its facilitation centers in Sialkot and Abbottabad while a facilitation center in Gwadar shall start working soon.
Therefore, an enabling provision for the establishment of CRO and facilitation centers is proposed to be made part of the regulations.
An amendment regarding preservation and destruction of companies’ records is also being proposed, whereby the registrar shall preserve the records of existing companies for ten years and those of the dissolved ones for five years.