KARACHI: The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) in collaboration with the Securities and Exchange Commission of Pakistan (SECP) on Monday organised an awareness session on “Corporate Compliances and Digitalisation of SECP Processes” at the PHMA House, Karachi.
A large number of textile exporters, especially the representatives of registered companies, attended the session.
The SECP team headed by Kashif Mahmood, Additional Joint Registrar accompanied by Akhtar Hussain, Assistant Registrar briefed the participants about the end-to-end digitisation of company incorporation process with launch of Digital Certificate through e-Services portal.
The SECP officials highlighted the importance of corporatisation and corporate compliance. They informed the session about the measures which the SECP has taken to increase corporatisation and corporate compliance.
A presentation was given to the textile exporters to create awareness about the online system of the SECP for Registration and Filing of statutory compliances.
Muhammad Babar Khan, Central Chairman PHMA, welcomed the SECP officials to enlighten member exporters about main features of its digitalisation processes especially the introduction of e-Services portal.
He appreciated the SECP’s contribution to the development of corporate sector as well as corporate culture and ethics aligned with global corporate ethics and standards.
Addressing the session, Kashif Mahmood said that Pakistan has improved its position in World Bank's latest rankings with second position in South Asian countries in terms of ease of starting a business.
He said the SECP measures through amendments in regulatory framework to facilitate start-ups to improve business and raise capital.
He highlighted that the objective of an online system was to also provide Certified True Copy without human intervention. This system will help companies and individual users to get certified true copies from a predefined list of data extracts as soon as payment is verified.
Kashif Mahmood explained the importance of Limited Liability Partnership (LLP) under Limited Liability Partnership Act, 2017 in Pakistan to bridge the gap between small organizational units like sole proprietorships and partnerships which are mostly unregistered.
Akhtar Hussain, Assistant Registrar SECP explained the textile exporters about Post Incorporation Statutory Filing through e-Services portal and the Applicable Financial Requirements under the Companies Act, 2017 for clear understanding to avoid any discrepancy in future.
The SECP officials informed that the Commission being the apex regulator of corporate sector has always collaborated with the trade bodies in the past and believes in maximum facilitation to companies and exporters especially in Corporate Compliances enabling them to enhance exports to ultimately benefit the country to earn foreign exchange.
The SECP has been continuously working to improve and develop the reforms and automation. In this connection, automation has been enhanced and public dealing has become limited particularly for the exporters.
During the interactive session, the exporters asked several questions and queries related to the Digitalisation of SECP Processes which were answered and responded by the SECP Officials.
PHMA Zonal Chairman Khizer Mehboob, former chairmen Aslam Karsaz and Mahmood Nara, PHMA Executive Committee Member and various leading exporters also exchanged their views.
Copyright Business Recorder, 2023
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