The Securities and Exchange Commission of Pakistan (SECP) is about to introduce new companies law incorporating significant changes in the existing law to make it relevant to current economic environment.
The in-house committee, constituted by SECP Chairman Zafar Hijazi in April 2015 to review and revamp the existing company law, has completed its critical review of the substantial part of the existing law and is expected to complete the task by the end of current month.
The SECP will present the draft of the new law for public consultation. For this, a series of roundtables have been tentatively scheduled for November 2015 in Karachi, Lahore and Islamabad wherein, chartered accountants, representatives of professional bodies, bar councils, trade and manufacturing associations, chamber of commerce and industries, financial institutions and other stakeholders from the corporate sector will be invited to deliberate on the draft of new companies act.
