Things you need to know about security and exchange commision of Pakistan
Pakistan is a developing country where multiple businesses and corporations operate. To keep a check and balance on these entities and to make sure that their goals align with the national goals, a regulatory body must keep a watchful eye on them.
For this purpose, the security and exchange commission of Pakistan operates in the country. It not only keeps an eye on the corporate sector but also enrolls them in their database.
This blog brings you all the critical pieces of information needed to understand SECP and its primary goals.
What is the security and exchange commission of Pakistan?
The Securities & Exchange Commission of Pakistan (SECP) is a regulatory body in Pakistan whose primary goal is to develop a modern and efficient corporate sector and a capital market based on sound authority principles to encourage investment and foster economic growth and prosperity in Pakistan.
The Securities and Exchange Commission of Pakistan (SECP) was set up to pursue the Securities and Exchange Commission of Pakistan Act, 1997.
Initially, the primary goal of this regulatory body was to regulate the corporate sector and capital market. However, over time, its scope expanded, and now it also supervises and regulates insurance companies, non-banking finance companies, and private pensions. It also caters to the external service providers in the corporate and financial sectors, including chartered accountants, credit rating agencies, corporate secretaries, brokers, surveyors, etc.
The vision of SECP:
To develop a fair, efficient, and transparent regulatory framework based on international legal standards and best practices for protecting investors and mitigation of systemic risk aimed at fostering the growth of a robust corporate sector and broad-based capital market in Pakistan.
Markets and businesses regulated by SECP:
Following is the list of businesses and markets regulated by SECP.
- Stock & Commodity Exchanges.
- Depository and Clearing Institutions.
- Stock & Commodity Brokerage Business.
- Asset Management Business.
- Investment Advisory Business.
- Investment Banking Business.
- Insurance Companies.
- Insurance Brokerage Business.
- Leasing Companies.
- Mutual Fund Distributors.
- Credit Rating Companies.
How to check the authenticity of a company:
Sadly, a lot of people launch fake real estate projects and rip off people. But, with careful steps and good decisions, it is easy to stay far away from such projects.
In Pakistan, the SECP handles the registration process of different companies and businesses. All the registered companies appear in the database of SECP, which you can access by visiting the website. Visit the SECP website, enter the business name in the search bar, and you will be able to see the search results. If the business is not available on the SECP website, it means it is not registered.
Registration Status of Pakistan Based Company:
To see the registration status, you need to follow the following steps.
- Go to the SECP company name search website page. Once the box is opened, select Name containing words.
- In the Registered section, type the company name.
- Click the search icon or press enter. If the company is registered then, SECP will display its Information.
- If not then, that company is not registered in Pakistan.
This simple step will take you no time, and you will be able to save your resources and time by not investing in illegal projects and companies.
Important Information Regarding any Company:
Every person needs to have basic knowledge about how to track a reliable company or business. A registered company can be easily distinguished from other companies based on certain qualities and behavior attributes. They maintain the trust of their employees and customers by providing as much information as they can.
Some of the attributes a company should have are:
- The registered companies do not mind providing details about their company. They are open to their customers and usually share their financial year statements with the public as well.
- The job location matches the address on their website. Hence, you will not find any discrepancy between their exact location and the location mentioned by them online. Also, legit companies have proper contact details, including address, phone number, and email address.
- They have business pages on all major social networks with the same Information.
- They should have an active contact point. You can get their official email address.
- They don’t communicate via free email services such as Gmail, Hotmail, Yahoo. They follow a very formal communication channel.
SECP has introduced an online app known as the SECP’s Service Desk Management System (SDMS). The primary purpose of the mobile app is to make the registration process easy and convenient for the masses.
The Securities and Exchange Commission of Pakistan has recently started its online Service Desk Management System. It is a toll-free number and SMS service inaugurated on June 1, 2017.
This user-friendly Application helps you perform multiple tasks such as lodging your query/complaint by using SECP SDMS Mobile App. Through this Application, people will be able to solve their issues within a short period. People can also check the status of their complaints by logging into the Application. Moreover, you can also find the contact details of the relevant company registration Office.
Important contact details:
Following are the contact details of important offices of the Security and Exchange Commission of Pakistan.
1.Company Registration Office,
State Life Building, 7-Blue Area, Islamabad.
Phone No.: 051-9208740 Fax No: 051-9208740
2.Company Registration Office,
4th Floor, SLIC Building No.2,
Wallace Road, Karachi.
Phone No: 021-99213272 Fax No. 021-99213278
3.Company Registration Office,
3rd & 4th Floor, Associated House,
7-Egerton Road, Lahore
Phone No. 042-99204962 – 6 Fax No: 042-99202044
4.Company Registration Office,
63-A, 2nd Floor,
Abdali Road, Multan.
Phone No: 061-9200530/9200920 Fax No: 061-9200920
5.Company Registration Office,
356-A, Akram Plaza, Small D ground.
Peoples Colony No. 1, Faisalabad.
Phone No: 041-9220284 Fax No: 041-9220152
6.Company Registration Office,
1st Floor, State Life Building, The Mall,
Phone No: 091-9212178, Fax No: 091-9213178
7.Company Registration Office,
382/3, (IDBP House), Shahrah-e-Hali,
Phone No: 081-2844136 Fax No: 081-2899134
8.Company Registration Office,
28-D, Hamdard Housing Society,
Airport Road, Sukkur,
Phone No: 071-5630517 Fax No: 071-5633757
So, these are some of the crucial things you need to know about SECP and it’s operation in Pakistan. Undoubtedly, the regulatory body ensures transparency and safeguard the interests of people and the nation in general.
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