ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has changed the classification of large-size companies and medium-size companies to facilitate the corporate sector.

The SECP has issued SRO 602(I)/2022 to amend the Third Schedule (Classification Criteria of Company) to the Companies Act, 2017. Through the new SRO, the SECP has changed the definitions of the large-size companies and medium-size companies for this purpose.

The turnover requirements for the large-size companies and medium-size companies have been changed under the revised classification of companies. According to the revised Third Schedule, within the category of Large Sized Company (LSC), the Non-listed Company would also cover companies having turnover greater than Rs.800 million. Earlier, the turnover was Rs1 billion or more within the said category of LSC.

Copyright Business Recorder, 2022