SECP’S NEW ROLES AND RESPONSIBILITIES

SECP will be have a new set of responsibilities under the

Companies Act 2017. These new set of duties include:

 Verification of Sharia sector

 Real estate registration
 Authorization of merger of companies
In addition, it also makes it mandatory for all the overseas
Pakistanis – holding nationality or occupation – to declare all
their assets and liabilities before the SECP, and register their
companies in accordance.

SECP will be responsible for handling the real estate sector.

When the National Assembly approves the new Act, no real
estate firm would be allowed to promote new projects or book
new plots without the SECP authorization.

Securities and Exchange Commission will be responsible for

reporting of such information, maintenance of the Global
Register of Beneficial owners as a combined record and
delivering record copies to the FBR and other related
organizations.

Once the new Act is passed, the Anti-Money Laundering Act

2017 will also be put into action. Under this Act, all the heads of
all companies will be responsible for keeping an eye on money-
laundering.

SECP’S AUTHORITIES

The status of watchdog granted to SECP will assist in playing a

vital role in investigations. Through these powers, SECP can
stop fake real estate deals, secure investor’s welfare, and
support legitimate projects of estate agencies.

Additionally, practicing Islamic banking will be forbidden without

ensuring SECP’s new protocols. According to the Act, a
Pakistani living abroad, having Pakistani passport, owning
shares or any company would be responsible for forwarding a
shares report.

For the first time, the Parliament has advised major firms to
have at least one female director on their board. The have also
insisted on reserving a 2% quota for special people.