ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has begun verification of the credentials of directors of companies through online CNIC (Computerised National Identity Card) Verification Service (VERISYS) of National Database and Registration Authority (NADRA).
This verification will be made on all new registrations of companies and Section 42 companies. This is a web-based real-time activity displaying the front and rear image of the CNIC for verification of the genuineness of the applicants. The measure is aimed to ensure authenticity of the information of the promoters/directors filed during the incorporation of companies through the statutory returns with the offices of the registrars.
It will also be helpful in countering the fraudulent activities committed through fake identity of individuals who are at the helm of affairs to run a company.
It will further bring in transparency and ensure validation of information, besides eliminating instances of fraud and forgery. Not the least, it will be helpful in supporting the anti-terrorism efforts of the government by ensuring validity of identity information.
The verification service will also be extended for validating information of sponsors of companies in the non-profit sector while applying to the Commission for licence as an association not for profit under section 42 of the Companies Ordinance, 1984.
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