KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has revoked the license of Rawalpindi-Islamabad Customs Agents Association on the pretext of not complying with the rules of law.
The Commission has also revoked the licenses of 99 non-government organizations (NGOs) this month.
These NGOs include Abdul Foundation, Aims Foundation, Akbar Zubaidah Ghani Foundation, All Pakistan kite flying association, Allied Foundation, Al-noor welfare Foundation, Amin Mohiuddin Foundation limited, Anjuman Akhwan us Safa, Anjumane Qaum e Marwariyan, Ansari Welfare Foundation of Pakistan, Arshad welfare association, Asasah, Asian Institute of Trade and Development, Association of Family Physicians of Pakistan, Awan Foundation, Bahadur Yar Jang Foundation, Bait- ul- Quran, Bilawal Foundation, Centre for Policy Alternatives, Chaudhri Mohammad Ali Foundation, Children first, Citizen Communiuty Coordination for Developmet, Clay Pigeon Shooting Association of Pakistan, Computer Society of Pak, Concern for Mental Health, Dhai Education Foundation, Educacy Foundation, Engineers’ Foundation, Fata Rural Support Programme, Foresight Institute for Education and Leadership Development, Foundation for Health Care Improvement, Foundation for Socio Economic Empowerment and Development, Foundation for Intellectual Property Awareness and Research, Friends Humanity Trust, Funds for Inclusion of People with Disabilities, Global Organization for Human Empowerment and Rights, Green View Foundation , Habib Foundation, Health and Education Foundation, Hina and Nayha Disaster Services, Hospital Waste Management, Hum Logue, Human Safety Foundation, Idrak, IKI human Welfare Foundation, Institute of Architects Pakistan, Institute of Social Analysis and Research, Islamic Welfare Foundation, Jamila Sultana Foundation, Javed Foundation, Karachi Chamber Hospital, Karachi Cricket Association, Karachi Golf Club, Karachi Race Club, Kassim Dadda
Education and Welfare Foundation, Kurram Rural Support organisation, Livestock Breeders & Dairy Farmers Association , Majilis -e- ilmi Foundation, Mir Khalil ur Rehman Foundation, Mullach Forest and Community Development Organization, Naseem Hijazi Social Development Network, Naseem Sattar Foundation, Nazariya Pakistan Council, Nishtar Medical Foundation, Pakistan Bridge Federation, Pakistan Heart Foundation, Pakistan Hong Kong Business Forum., Pakistan Horse Breeders Association, Pakistan Institute of Fashion and Design, Pakistan Japan Business Forum, Pakistan Poland Business Forum, Pakistan Rural Support Project, Pakistan Scrabblers Association, Peace and Development Foundation, Peace Education Foundation, Pepsi Foundation Pakistan, Pmks Foundation, Quomi Welfare Foundation, Rajput Bhatti Association of Pakistan, Rashida Muhammad Ali Foundation, Rawalpindi-Islamabad Customs Agents Association, Razzaque Basit Welfare Trust, Safari & Outdoor Club of Pakistan., Sarwar Foundation, Shaheed Zulfikar Ali Bhutto Foundation, Sir Adamjee Institute of Technology, Social and Moral Awarness , Society of Mechanical Engineers of Pakistan, Sufna Foundation, Support for Health Development Endeavours , Surveyors & Adjusters Association of Pakistan, Syngery for Health and Development, The Development of Existing Resources Trust, The education Foundation, The financial markets association of Pakistan, The Old Gallians Association Pakistan, The Pakistan Rugby Union, Ultrasound Society of Pakistan, WTR Foundation and Zulfiqar Ali Bhutto Sports Foundation.
Meanwhile, out of the total 643 NGOs registered under Section 42 of the Companies Ordinance 1984, 423 NGOs were required to renew their licenses. Out of these NGOs, the government has revoked the licenses of 208 NGOs in last few months.
In the first phase, 108 were found to be in default in filing of annual returns and accounts in April this year. They also failed to apply for renewal of their licenses within the specified time. Therefore, the licenses of these NGOs were revoked. Now, in the second phase, the licenses of 100 NGOs, which were partially compliant in filing their annual returns but have failed to apply for the renewal of licenses, despite notices, have been revoked.
It may be added that the SECP had issued circular numbers 2 and 4 of 2015, directing all NGOs licensed under section 42 of the 1984 Companies Ordinance, which had completed five years of their existence to apply for renewal of license. In response to the circulars, 193 NGOs applied to the SECP for the renewal of their licenses.
The SECP registers non-profit organisations under Section 42 of the Companies Ordinance and grants them license for a definite period of five years.
