The Securities and Exchange Commission of Pakistan (SECP) has decided to charge Rs 3000 (online) and Rs 5000 (physical submission) as fee for filing statements/returns of beneficial ownership and annual returns. Sources told Business Recorder here on Thursday that the SECP policy board has given approval of the fee to be charged under section 21(g) of the Securities and Exchange Commission of Pakistan Act 1997 for filing of statement of beneficial ownership and annual returns under Reporting and Disclosure of Shareholding (by Directors, Executive Directors and Substantial Shareholding in Listed Companies) Regulations, 2015. In case of online submission, the fee for filing statements/returns has been proposed to be Rs 3000. In case of physical submission, the fee for filing statements/returns has been proposed to be Rs 5000.
Details of the issue revealed that the SECP had briefed the Oversight Committee that the Reporting and Disclosure (of Shareholding by Directors, Executive Officers and Substantial Shareholders in Listed Companies) Regulations, 2015 were prescribed by the Commission in terms of section 169 (4) of the Securities Act, 2015 read with section 101 to 107 thereof. In this context, it was pointed out that prior to promulgation of the Securities Act, 2015 the matters relating to reporting and monitoring of beneficial ownership in listed companies were dealt under Section 220-224 of the Companies Ordinance, 1984. With the promulgation of the Securities Act, inter alia Section 220 to Section 224 of Companies Ordinance stand omitted and replaced by Section 101 to 106 of the Securities Act.
These Regulations prescribe the manner for calculation of tenderable gain, provided in Section 104 of the Securities Act. The regulations further prescribe the information which would be required to be filed by the listed companies annually pursuant to Section 107 of the Securities Act and the manner and procedure for reporting of beneficial ownership by Beneficial Owner to the listed company and the Commission.
Before omission of section 220-224 of the Companies Ordinance, 1984, filing fee of statements/returns of beneficial ownership was charged by the Commission in accordance with the fee prescribed in 6th Schedule to the said Ordinance. The Commission, keeping in view that there is no relevant specific provision in the Securities Act, has granted approval for issuance of directive separately with the approval of the Policy Board for fee to be charged under the Securities Act, 2015 in terms of section 21(g) of the Securities and Exchange Commission of Pakistan Act, 2015.
The Oversight Committee in its 9th meeting held on 20th October, 2015, decided that the Board be recommended to grant approval for the issuance of directive separately for fee to be charged for filing of statement of beneficial ownership and annual returns reporting and disclosure by Directors, Executive Officers and Substantial Shareholders in Listed Companies under the Securities Act, 2015 in terms of section 21(g) of the Securities and Exchange Commission of Pakistan Act, 2015, sources added.