February 13, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) is all set to launch a new corporate registry, "eZfile," a more sophisticated, advanced, and user-friendly online portal for company registration and post-incorporation filings.
The new corporate registry is envisioned in SECP’s digital transformation program, namely LEAP—Leading Efficiency through Automation Prowess, launched to position SECP as a role-model regulator through end-to-end automation of its business processes.
eZfile, a modern corporate registry with a user-friendly interface and several advanced features, is ready to replace the SECP’s existing online filing system, ‘eServices’.
The "eZfile" portal offers comprehensive ease to its users while incorporating, and filing statutory returns through built-in checks, and pop-up guidance messages.
The SECP has considerably simplified the regulatory framework by reviewing existing regulations and merging multiple forms, reducing the number of filling forms from 75 to 28, eliminating duplication, and ensuring clarity.
The consolidated single set “Companies Regulations 2024” is issued, covering the regulations for company incorporation, post-incorporation compliance and reporting, issuance of license under Section 42 of the Companies Act, 2017, further issue of share capital, group registration, easy exit of companies, buyback of shares, registration of intermediaries, etc.
The regulations also contain standard forms and application samples for ease of compliance.
The Companies Regulations, 2024 will be implemented in a phased manner starting from the launch of the LEAP project, as per the Commission's notification.
