'71 licenses issued to NPAs during 2014-15'

The Securities and Exchange Commission of Pakistan (SECP) issued 71 licenses to non-profit associations including 21 NPAs engaged in social services under section 42 of the Companies Ordinance during 2014-15. The annual report (2014-15) of the SECP revealed that during the financial year 2014-15, 71 licenses were issued to non-profit associations under Section 42 of the Ordinance.
Relevant statistics pertaining to non-profit associations disclosed that 7 NPAs were related to the commerce sector, one new company (science), 21 (social services), 3 NPAs (charity) and 39 NPAs were registered under the category of 'others'. The SECP disposed of 922 cases of dissolution of companies. Of these, 11 companies wound up voluntarily, 2 companies liquidated under court orders and 909 companies were struck off from the register under section 439 of the Ordinance. The dissolved companies had a cumulative paid-up capital of Rs 1,466,108,790.
According to the report, the SECP monitors trading activities of beneficial owners of listed companies through returns filed by them, prescribed information/annual returns filed by listed companies and trading data of stock exchanges. The primary objective of this monitoring is to detect the instances, where the beneficial owners have made a gain by purchase and sale or sale and purchase of shares of issuer companies within a period of less than six months. The SECP received 2,312 returns during the period under review.