ISLAMABAD, Jan 20: The Securities and Exchange Commission of Pakistan (SECP) has reframed the format of the Annual Return which is to be filed by companies registered under the Companies Ordinance, 1984.

According to the SECP, this has been done with a view to making the Annual Return form simpler to fill in, irksome details have been done away with and duplication of information has been eliminated, reducing the size of the Return from nineteen pages to six pages.

Every company registered under the Companies Ordinance, 1984 has to file an Annual Return with SECP.

The disclosure requirements for the Annual Return are contained in the Third Schedule to the Companies Ordinance, 1984.

These requirements previously extended to nineteen printed pages and against the length of the requirements and difficulty in preparation and submission of this Return.

It had particularly been emphasized that the Annual Return was repetitive of the information most of which is provided to the SECP from time to time when the changes actually take place during a calendar year.

Taking cognizance of this difficulty faced by corporate managements and consultants, SECP has totally reframed the requirements in the Third Schedule to the Ordinance.

In due course of time, SECP intends to further facilitate submission of this Annual Return electronically. SECP hoped that the simplification of the requirements and Form of the Annual Return would greatly facilitate the corporate sector in the country in compliance with the statutory requirements.—APP