SECP encourages online submission of documents
The Sixth Schedule to the Companies Ordinance has been revised to encourage online submission of documents.
KARACHI:
The Sixth Schedule to the Companies Ordinance has been revised to encourage online submission of documents as well as to cover rising regulatory costs primarily incurred in cases requiring deeper examination of complex, non-recurring and event-based statutory returns as well as those requiring thorough analysis in specialised cases, the Securities and Exchange Commission of Pakistan (SECP) said on Wednesday.
This revision will not affect smaller private limited companies, constituting over 80 per cent of the total corporate sector, a press release said.
The SECP said the increase in fee structure for physical submission of documents has been made to encourage transition to online service delivery through eServices.
This offers multiple benefits to the companies by ensuring prompt disposal of cases, delimiting territorial jurisdiction for filing of returns, curtailing visits of end-users to company registration offices and avoiding the cost of hiring the services of corporate consultants for meeting their statutory requirements, the commission said.
It further streamlines the regulator’s activities by avoiding data repetition, ensuring data accuracy, securing the data entered and offering an efficient, reliable and prompt paper-free working environment.
In this way, the SECP said it does not have to convert physical filings into electronic form. Consequently, lower fees have been suggested for registration and filing under eService regime, the release added.
The revision in fee structure has not increased the cost ratio between online and offline modes under existing fee heads significantly, but only from 1:2 to 1:2.5, on an average, the SECP said.
Published in The Express Tribune, July 22nd, 2010.
The Sixth Schedule to the Companies Ordinance has been revised to encourage online submission of documents as well as to cover rising regulatory costs primarily incurred in cases requiring deeper examination of complex, non-recurring and event-based statutory returns as well as those requiring thorough analysis in specialised cases, the Securities and Exchange Commission of Pakistan (SECP) said on Wednesday.
This revision will not affect smaller private limited companies, constituting over 80 per cent of the total corporate sector, a press release said.
The SECP said the increase in fee structure for physical submission of documents has been made to encourage transition to online service delivery through eServices.
This offers multiple benefits to the companies by ensuring prompt disposal of cases, delimiting territorial jurisdiction for filing of returns, curtailing visits of end-users to company registration offices and avoiding the cost of hiring the services of corporate consultants for meeting their statutory requirements, the commission said.
It further streamlines the regulator’s activities by avoiding data repetition, ensuring data accuracy, securing the data entered and offering an efficient, reliable and prompt paper-free working environment.
In this way, the SECP said it does not have to convert physical filings into electronic form. Consequently, lower fees have been suggested for registration and filing under eService regime, the release added.
The revision in fee structure has not increased the cost ratio between online and offline modes under existing fee heads significantly, but only from 1:2 to 1:2.5, on an average, the SECP said.
Published in The Express Tribune, July 22nd, 2010.