The Securities and Exchange Commission of Pakistan (SECP) has revoked the licenses of another 100 NGOs which were not complying with the corporate laws. A few months ago, the licenses of 108 NGOs had been cancelled for the same reason.
As many as 423 NGOs, which had completed five years of their existence, were required by the circular to apply for renewal of their licenses and the deadline for applications was February 16. Out of these NGOs, 108 were found to be in default in filing of annual returns and accounts. 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compliant in filing their annual returns but failed to apply for the renewal of licenses despite notices, have been revoked. The list of revoked NGOs shall be placed at the SECP’s website.
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.
