ISLAMBAD: The Securities and Exchange Commission of Pakistan (SECP) has introduced fast track registration services (FTRS) at its eight company registration offices throughout the country.

In order to facilitate prospective promoters, corporate consultants and management of the companies, especially in urgent cases and peculiar situations, the SECP has launched the service for processing incorporation of a company, availability of name, change of name and charge registration, modification and satisfaction cases. The fast track registration service shall ensure swift disposal of cases on the same day or in four hours as against three days earlier.

The new service is available for both online and offline filing after obtaining digital signatures through NIFT in online cases and on verification of fee challans.

Since the real-time challan verification has been established at the bank, challans are being verified instantly by the SECP officials.

For the incorporation cases, the FTRS will be applicable to cases where standardised memorandum and articles of association already available at the SECP’s website are adopted.

An official of the SECP said that the FTRS is beneficial for both the regulator and its regulatees in the manner that all applications under FTRS will be disposed of instantly on the same day, resulting in provision of services in hours and enhancing public facilitation.

“This initiative is expected to increase corporatisation in the country and encourage shift from informal sector to the documented formal sector due to swift registration services offered under the FTRS,” the official said. The SECP is planning to bring the remaining functions under the umbrella of FTRS based on the feedback on FTRS.