SECP extends deadline for amnesty schemes

Last date for availing the schemes moved to November 30.


November 03, 2012

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) – the equity market watchdog – has extended the deadline for the Companies Regularisation Scheme (CRS) and Companies Easy Exit Scheme (CEES) for another month up to November 30, 2012.

The regularisation scheme, which is applicable to all unlisted companies, provides defaulting firms an opportunity to file their overdue statutory returns and annual accounts.

The amnesty schemes were initially valid for two months, from July 2, 2012, to August 31, 2012, said a statement issued here on Friday.

The purpose of this initiative was to provide both facilities to the companies at the same time, either to get their defaults regularised under CRS, or benefit from the exit facility under CEES, if the company was defunct, not doing any business or not in operation and intends to cease its existence.

Upon receipt of requests for extension in the time period of the schemes from relevant quarters, the SECP subsequently extended validity period up to October 31, 2012. So far, over 3,000 companies had taken advantage of the schemes.

The fee structure shall remain the same as was applicable in the month of October 2012 for the schemes.

It may be noted that this is the last and final extension and any request for further extension shall not be entertained.

Published in The Express Tribune, November 3rd, 2012.

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