The Securities and Exchange Commission of Pakistan (SECP) is planning to make it mandatory for all the companies to file forms/returns through online system in a phased manner. Sources told Business Recorder here on Monday that the SECP has finalised the future plan for its eServices project.
One of the initiatives is the mandatory online filing of returns in a phased manner. With the objective of boosting paperless/online services, the SECP is considering introduction of next phase that is mandatory online filing. To further enhance the services' delivery to the corporate sector and to invoke the true spirit of online services regime, the option of direct transfer from the depositors' accounts to the SECP account, in case of fee for online applications, is being considered for implementation. Furthermore, the availability of online payment options is also being considered which will greatly enchance stakeholders facilitation.
Sources said that the eServices modules for voluntary winding up, licensing under Section 42 of the Ordinance for non-profit associations and adjudication are being developed. According to sources, the SECP is working on provision of online access to company records through universal online inspection facility. Once this facility is made available, stakeholders will be able to view filings made by companies to the SECP. In order to improve the efficiency and compliance, an alert system is being proposed through which automated alerts will be sent to the internal and external stakeholders, sourecs added.