SECP tells holding cos to enhance public disclosure

Group Companies Registration Regulations 2008 were issued by the Securities and Exchange Commission of Pakistan (SECP) in 2008 to provide a regulatory framework for the formation of group companies, comprising a holding company and its subsidiaries and to streamline the group ownership structures.

The Regulations provided a registration mechanism of holding companies along with their subsidiaries as a group with the SECP and also provided an enabling framework for the group companies intending to avail themselves of tax relief from the FBR.

From: Daily Times

SECP registers 21 companies in May

The Securities and Exchange Commission of Pakistan (SECP) registered 21 companies having foreign investment during May.
These 21 companies have investment by foreign nationals from the UK, China, Canada, Denmark, South Korea, Romania, Russia, Turkey, Jordan, Norway, the Netherlands, Singapore and Afghanistan.

Among these, 8 companies were registered in Lahore, 7 in Islamabad and 6 in Karachi.
The sector-wise breakdown of the new incorporations shows that 5 companies are in trading, followed by 2 companies each in services, mining, and transport, and one company each in education, power generation, sugar, chemical, fertilizer, information technology, fuel and energy, steel, seed processing and miscellaneous sector.

SECP issues warning to company owners for late filing of returns

The Securities and Exchange Commission of Pakistan (SECP) has issued 21 warning lettersto the directors and beneficial owners of 13 listed companies for late filing of returns.

It also served 19 show-cause notices on the directors and beneficial owners of seven listed companies for non-compliance with 224 (2) of the Companies Ordinance.

A statement issued by SECP here Wednesday said that in order to foster a transparent and efficient securities market and to safeguard the investors’ interest, the Securities Market Division SECP took enforcement actions and penalized the market participants for grave violations of fair market practices in May.

SECP registered 344 companies in May

The Securities and Exchange Commission of Pakistan (SECP) has registered 344 companies during May, whereas 338 companies were incorporated in last month and 285 in corresponding month of last year.
A statement issued by the Commission here on Tuesday said that a growing trend in incorporation of new companies has been witnessed continually since November.

Of the 344 companies, private companies had the major share totaling to 305 companies. Other companies include 25 single-member companies, 5 public unlisted companies, 7 non-profit associations, 1 company limited by guarantee and on foreign company.

From: Ftpapp

SECP asked to allow KCE hedge trading

A meeting of cotton brokers advisory committee of Karachi Cotton Association (KCA) asked the Securities and Exchange Commission of Pakistan (SECP) to give approval to Karachi Cotton Exchange (KCE) for hedge trading.

The representatives of All Pakistan Textile Mills Association (APTMA) KCE, KCA and Pakistan Cotton Ginners Association (PCGA) said cotton trade was directly related to textile sector as its buying share in total cotton crop stands at 95 percent.

Nearly 320 registered members of KCA were of the view that KCA has complete delivery and trading system along with complete coordination with allied bodies like APTMA, KCE, KCA and PCGA.

SECP officer gives presentation at OECD meeting in Seoul

The 6th meeting of the Asia Network of the Organisation for Economic Cooperation and Development (OECD) on corporate governance of State-Owned Enterprises (SOE) was held in Seoul, South Korea. The event was organised by the OECD jointly with the Korea Institute of Public Finance.

Nazir Ahmed Shaheen, Executive Director (registration), Securities and Exchange Commission of Pakistan attended the meeting and gave a presentation on the draft corporate governance regulations for public sector companies in Pakistan.

From: Daily Times

SECP proposes CVT exemption on redeemable capital

To encourage the trading in modaraba certificates and instruments of redeemable capital at the stock exchanges, Securities and Exchange Commission of Pakistan (SECP) has proposed to remove Capital Value Tax (CVT) on purchase of modaraba certificates or any other instruments of redeemable capital in the budget 2011-12, official sources informed Friday.

SECP in it’s budget proposals has suggested the government to provide a level playing field and encourage trading in modaraba certificates and instruments of redeemable capital, the CVT on purchase of modaraba certificate and instruments of redeemable capital of a public company listed on a registered stock exchange should also be withdrawn.

SECP suspends trading in InterAsia Leasing

Karachi Stock Exchange (KSE) has suspended the trading in the shares of InterAsia Leasing Company Ltd for a further period of 60 days for the violation of listing regulations.

According to KSE , the trading in the shares of InterAsia Leasing will remain suspended with effect from May 17.

From: Brecorder

SECP moves against non-compliance

The Securities and Exchange Commission of Pakistan (SECP) has taken action against the non-compliant market participants, a statement said on Wednesday.

As a part of its mandate to regulate the capital markets, in April the Securities Market Division of the SECP issued two orders against MRA Securities Ltd and Adam Securities Ltd, the statement said.

A show cause notice was issued to official of a listed company under section 15-E of the 1969 Securities and Exchange Commission Ordinance, it said.

The SECP directed a beneficial owner of a listed company to tender gain of Rs9.78 million due to regulatory non-compliance under the 1984 Companies Ordinance.

SECP registered 338 companies in April

The Securities and Exchange Commission of Pakistan (SECP) has registered 338 companies in April, whereas 342 companies were incorporated last month and 322 in the corresponding month of last year.

The private companies have a major share in new incorporation totaling 306 companies. In addition, 22 single-member companies, 2 public unlisted companies, 5 non-profit associations and 3 foreign companies have been registered, says a statement of the Commission issued here Tuesday.

The highest new incorporation of 97 companies took place at the Company Registration Office (CRO) Lahore followed by CRO Islamabad and Karachi registering 89 and 88 companies, respectively.