SECP prepares draft of Companies Act 2015

January 9, 2016 | By More

Securities and Exchange Commission of Pakistan – SECP has prepared a draft of Companies Act 2015. After public consultation, the final draft of new act shall be submitted to the government by April 2016.

company actIt is said that new act and regulation shall help provide conducive corporate environment to investors in the country to ensure transparency and accountability in system.

The Companies Act 1913 was adopted as company law of the country, which was replaced by the Companies Ordinance in October 1984. In order to encourage the growth of industrialization and promote the prioritization, the ordinance was later amended in 1991, 1999 and 2002.

SECP in April 2015 decided to constitute an in-house committee headed by a former commissioner for the purpose of reviewing the existing Companies Ordinance 1984 in light of the developments, which had taken place in various developed jurisdictions. The committee completed its assignment within a period of six months and submitted the draft Companies Bill 2015 to the commission.

On the draft, seminars and workshops shall be conducted to create awareness among public regarding the new Companies Act 2015 and other regulations.

Click to download the draft of new Companies Act 2015.

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