ISLAMABAD, May 16: The Securities and Exchange Commission of Pakistan (SECP) and National Institutional Facilitation Technologies (NIFT) here on Tuesday signed an agreement to enable the e-services initiative for the corporate sector in Pakistan.

The Information Services and Technology (IS & T) Department of the SECP was working on the e-services initiative and would complete it by August 2006, officials of commission told journalists at the signing ceremony.

Through e-services all companies will be able to communicate electronically over the internet with the SECP with complete confidentiality, authentication and non-repudiation, using digital signatures generated through digital certificates issued by NIFT.

It will enable these companies to register, apply for licences, submit their monthly, quarterly, and annual returns, as well as submit any information that is required by law, such as change of directors, change of address, change in authorised and paid-up capital etc., electronically over the internet.

The e-services initiative will enhance transparency in relationships and will create fine balance between trade facilitation and enforcement of corporate laws. The enhanced transparency through this project will strengthen good corporate governance.

The SECP believes that by implementing e-services using digital signatures was an excellent example of the kind of initiative that were needed to enable our nation to meet the challenges of a rapidly growing economy, stated an SECP announcement.

“The possibilities offered by this facilitation will ease the interface between businesses and the regulator. The SECP believes that this initiative will bring in greater transparency and efficiency in its functioning”, it added.