ISLAMABAD, Oct 7: A conference of the registrars of all the Company Registration Offices (CROs) has reviewed the progress of the reforms in the corporate registration and drawn future strategy to improve performance especially in compliance areas.
The moot was held here on Friday and presided over by Securities and Exchange Commission of Pakistan chairman Dr Tariq Hassan and was participated by the heads of the eight CROs located at Karachi, Lahore, Islamabad, Peshawar, Multan, Faisalabad, Quetta and Sukkur, Commissioner (Company Law Division), Executive Director (Company Law Division), Registrar of Companies and other senior officials of the Registration Department.
According to a press release, presentations were made by all the CROs on the recent achievements in their respective jurisdiction and the views were exchanged on the current issues in the corporate registry management.
The eight CROs formulated their future strategic targets keeping in view the SECP’s mid-term strategy to augment the corporatization and strengthen enforcement of corporate laws.
Deliberations were also made on the plans to attain the desired objectives., Nazir Ahmad Shaheen, SECP Registrar of Companies, presented the synopsis of the first generation reforms, corporate sector overview and the market development initiatives under taken by the SECP.
Speaking on the occasion, SECP chairman Dr Tariq Hassan appreciated the efforts of the CROs to implement the reform agenda of the commission and to encourage corporatization of businesses and trade.
He urged the participants to continue the efforts on awareness development regarding the corporatization and to maximize corporate compliance by the registered entities. “To achieve the targets, the registrars at CROs must take proactive initiatives for the education and awareness development of businesses on corporatization. Your concerted efforts are needed, through maximum facilitation to the corporate sector and development of simple and adoptive internal procedures, to effectively enforce corporate laws and enhance corporate compliance in your respective jurisdiction”, the SECP chief added.
Earlier, Commissioner Company Law Rashid I. Malik, while presenting the welcome note highlighted that the commission’s first generation reform significantly accelerated the growth momentum in the corporate sector. “The unprecedented growth witnessed in the recent year in companies’ registration has put behind years of sluggish incorporation activity.”
For ensuring harmonized procedures in the enforcement of corporate laws by the regulators, he also emphasized and affirmed the necessity of regular interface between the Office of Registrar of Companies and the CROs through such interactive forums.
The registrars also discussed the second generation reforms and devised the strategy for their implementation.
