ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has cancelled the licences of 108 companies for not filing the mandatory annual documents and reapplying for registration after every five years.
The companies, mostly non-governmental organisations (NGOs), were registered with the SECP under section 42 (4) of the Companies Ordinance, 1984, under which, they were required to file certain documents annually.
Earlier, the regulator was not strict but after the announcement of the National Action Plan, the SECP launched a fresh drive on Jan 1, 2015 for the scrutiny of all registered NGOs. The SECP demanded that all NGOs needed to revalidate their licences, and comply with all conditions under the relevant provisions of the law.
In the first stage, show-cause notices to 136 companies were issued which had not filed any accounts or applied for renewal of licence. After hearings and detailed scrutiny the commission revoked licences of 108 companies. The list has been placed on the SECP’s website. The registrars concerned of the company registration offices have been instructed to initiate legal proceedings.
