ISLAMABAD, Sept 9: Securities and Exchange Commission of Pakistan has asked the listed companies to set up their website and intimate compliance to the commission.

The last date for this is October 15, 2003.

The regulator, taking into account practical difficulties experienced by these companies and keeping in view the convenience and cost-effectiveness of this medium, advised them vide its Circular No. 13 of 2003 listed May 26, 2003, to maintain their websites.

These websites would absolve the listed companies of the need to circulate their periodical financial statements among shareholders and incur a lot of expenditure thereon, because these can be placed on the website.

While ascertaining the compliance position, the SECP observed that so far only 74 listed companies have complied with the directive.

Since the SECP desires to ensure timely transmission of financial information to shareholders at a lower cost, the spokesman again emphasised upon all the listed companies to take necessary steps by the due date in this regard.