KARACHI: To further improve the security of electronic filings and company registration process, the Securities and Exchange Commission of Pakistan (SECP) has integrated its eServices with Pakistan Mobile Number Portability (MNP) database (Guarantee) Limited to verify cell number of applicants against their CNICs.

The verification of cell phone number of directors and sponsors of a company will also eliminate the chances of misuse of CNIC or cell number of any individual for fraudulent purposes. Verification of CNICs with NADRA databases is already in practice. The whole verification process is fully electronic and instant. It is an important development in the context of challenges posed by AML and CFT also.

The SECP has provided the facility of online submissions of returns since 2008. Since then it has been continuously working on improvement of its online portal “eServices” in order to ensure secure and efficient service delivery to the entrepreneurs and the corporate sector.—PR

Copyright Business Recorder, 2021