The Securities and Exchange Commission of Pakistan (SECP) has placed the revised draft of the Companies Bill 2016 on its website for comments and feedback. The public/stakeholders are requested to submit their feedback by May 6. The SECP submitted the first draft of the Companies Bill to the Minister for Finance, Senator Mohammad Ishaq Dar, in November 2015. In accordance with his advice, a series of consultative sessions were conducted in Karachi, Lahore, Islamabad, Peshawar, Faisalabad, Multan and Quetta.
The participants of the session included chartered accountants, cost and management accountants, professionals related with the corporate sector, eminent lawyers, office-bearers of chambers of commerce and industries, businessmen and representatives of the professional bodies and the financial institutions.
The significant provisions of the draft of Companies Bill and feedback received from professionals, legal experts, businessmen and the representatives of various chambers and financial institutions were discussed and debated at a seminar organised by the SECP on March 26, in Islamabad.
This event was chaired by the Finance Minister Ishaq Dar. Dr Tariq Hasan Advocate, Asad Ali Shah, FCA, Hafiz Muhammad Yusuf, President ICAP, and Mian Muhammad Adrees, Chairman, Sitara Group of Companies, were the main speakers. They highlighted the key features of the Bill and gave their candid feedback. The participants also made useful suggestions.
While appreciating efforts of the SECP, Finance Minister Dar indicated that the main objective of the event was to get expert opinion before finalising the draft laws so that it could be made a vibrant, modern and effective piece of legislation.
He advised the SECP to revise the draft law in light of the feedback received so far from various quarters and then to post the draft on the Commission's website for another month.
In order to give another chance to experts, professional bodies and all the other stakeholders to improve the draft law, it has been posted on the SECP's website (www.secp.gov.pk). Feedback may be sent at companylaw.bill@secp.gov.pk by May 6, 2016.-PR