ISLAMABAD, July 29: Securities and Exchange Commission of Pakistan (SECP) here on Monday announced a number of concessions for the Modaraba companies in respect of filing of their annual audited accounts.

The SECP, an official source stated, had received suggestions in this regard from the Modaraba Association of Pakistan (MAP). After considering these and other matters, the SECP has decided to streamline the submission/circulation of quarterly accounts.

Accordingly, the Registrar of Modarabas has issued the following directions:

1. Modarabas that are able to circulate their audited accounts within three months of the close of their financial year may not be required to circulate quarterly accounts for the fourth quarter. However, the Modarabas opting for circulation of audited annual accounts within three months shall have to inform the Registrar’s Office latest by July 31, 2002.

2. Modarabas, finding it difficult to circulate quarterly accounts to their certificate holders may, in lieu thereof, publish quarterly accounts in two leading daily newspapers, one in English and the other in Urdu language, having wide circulation in the province where the stock exchange on which the modaraba is listed, is situated.

3. Notwithstanding the option given in (2) above, quarterly accounts must be submitted to the Registrar of Modarabas and the stock exchanges concerned as required by the Circular No. 7/2001 dated December 13, 2001.