ISLAMABAD, Nov 11: The Securities and Exchange Commission of Pakistan (SECP) has launched two new online systems for Non-Banking Finance Companies (NBFCs) and online name reservation facility for the stakeholders.

SECP chairman Dr Tariq Hassan inaugurated the facilities here on Friday.

The NBFC online system encompasses a wide range of functions, including online submission of returns, a comprehensive reporting to facilitate auditing, analysis and comparisons of various reports, an SECP statement said. Through this system companies would be able to gauge their performances.

It said that the system would also act as a data warehouse enabling quick information retrieval and informed decision-making. The SECP itself would benefit from quick access to information leading to improved monitoring, analysis, auditing and reporting of pertinent information.

The statement said that in order to facilitate companies seeking registration with the SECP, the online name reservation facility had been made available on the website of the SECP. The purpose of this system was to reduce delays associated with the name registration processes.

The system would allow promoters to check name availability and also reserve the name for a period of 10 days.

The aim of the SECP in developing these systems was to facilitate all stake-holders through a judicious use of information technology and increase the organisation’s efficiency in routine matters.

Both the systems were developed in-house by the SECP’s Information Technology and Services unit.