09 January 2004	Friday	16 Ziqa'ad 1424

ISLAMABAD, Jan 8: Securities and Exchange Commission of Pakistan considers the promotion of small and medium enterprises (SMEs) pivotal to the development of corporate sector.

In this connection, the SECP Chairman, Dr Tariq Hassan told Dawn, the Commission had initiated a research study to review the impact on SMEs of the prevailing laws and regulations and suggest appropriate measures in the legal and regulatory framework.

In reply to a question, he recounted a plethora of measures already adopted by the SECP including changes in the Companies Ordinance, 1984, for introducing the concept of single member companies and the framing of rules for such companies in favour of the SMEs.

Moreover, the basic fee slab for registration of companies had been reduced by half by way of relief from the cost burden at the time of incorporation.Other measures for facilitation of SMEs include the availability of names through the internet, requirements for incorporation of companies on the SECP's website and incorporation of companies in three days.

Its focus had also been on creation of an efficient automated environment at the Company Registration Offices so as to further expedite the company incorporation process, maintain easy-to- access records and facilitate online registration of companies. Corporatization, he pointed out, afforded a number of significant benefits to the entity as well as to economy as a whole.