SECP directs firms with Rs200m+ capital to appoint legal advisers

MG News | October 22, 2026 at 03:48 PM GMT+05:00

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October 22, 2026 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has directed companies to appoint legal advisers in compliance with the Lawyers Welfare and Protection Act, 2023, and submit their details to the relevant registrar.

Under Section 10 of the Act, every incorporated company with paid-up capital exceeding Rs20 million is required to appoint at least one practising advocate as a legal adviser on a retainership basis.

The law also restricts an advocate from serving as a legal adviser to more than three such companies at the same time.

The SECP has advised all companies falling under this requirement to appoint legal advisers in accordance with Section 10 of the Act and submit the particulars of their appointed advisers to the Registrar on Form-9 under Section 197 of the Companies Act, 2017.

The commission warned that action would be initiated against companies failing to comply with these requirements under the relevant provisions of the applicable law.

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