ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has ruled out to regulate real estate business.
The SECP issued the statement while rejecting Association of Builders and Developers (ABAD) statement about SECP’s role in real estate sector in draft Companies Bill.
In a statement the SECP said that a section of the press has carried a statement of the ABAD about the SECP’s role proposed in the draft Companies Bill for regulating the real estate sector. The statement is completely misplaced.
“The SECP does not in any manner intends to regulate the business of real estate per se, but its focus is to ensure that the companies registered with the SECP having real estate as their principal line of business, operate under certain rules and regulations in order that they gain confidence of the public,” the SECP said.
The SECP would like to clarify that the provision relating to companies’ real estate projects in the draft Companies Bill, 2016, is restricted to the companies which run real estate as their principal business after obtaining the necessary NOC from the relevant local authorities.
