SECP organizes second awareness session for registered intermediaries

May 11, 2022: The Securities and Exchange Commission of Pakistan (SECP) conducted an awareness session on the Associations with Charitable and Not for Profit Objects Regulations, 2018.

This is the second webinar of the awareness/training series being done by the SECP to raise awareness about the Associations with Charitable and Not for Profit Objects Regulations, 2018. During the session, the attendees were informed about these regulations that are primarily aimed at regulating registered not-for-profit companies in Pakistan.

SECP officials also shed light on the recent amendments in these regulations that have simplified licensing requirements for not-for-profit companies.

Under the new amendments, the requirements have been made concise as the template to NFP Form 1 has been simplified, the number of appendices has been reduced, and NFP Form 2 and 3 have been removed.

Furthermore, the requirement of Appendix C to NFP Form 1 i.e. Statement of Future Annual Income and Expenditure, has been abolished.

Previously, companies licensed under Section 42 of the Companies Act, 2017 were required to apply to the Commission for renewal of the license after every three years. Now the renewal of the license is no longer required as well.

A presentation about obligations applicable to promoters and intermediaries for seeking a license under section 42 of the Companies Act, 2017 was also part of this awareness session. The interactive webinar was followed by a dedicated Q&A session.

Participants from multiple segments of society took part in the awareness session. The PowerPoint presentation from the session is also available on SECP’s website and can be accessed at https://www.secp.gov.pk/document/regulations-for-associations-with-charitable-and-not-for-profit-objects-2018/?wpdmdl=44571&refresh=6279f56adb5c21652159850

Press Release