According to the SECP, the SECP is hereby directs that all the associations licensed by the Commission under section 42 of the Companies Ordinance, 1984 (the Ordinance) and registered with the Commission, are required to provide information regarding cumulative funds received amounting to Rs 5 million or above from any single source of funding during a financial year on the given format.
The aforementioned information shall be submitted on monthly basis within ten days from the close of every month, SECP said. The requirement of the said SECP directive is not applicable to public sector companies as defined in the Public Sector Companies (Corporate Governance) Rules, 2013 and licenced by the Commission under section 42 of the Ordinance. Details of funding including company name, donor name/address, transaction date, amount received, in foreign currency, if any, US$ etc, equivalent in Pak rupees, bank branch name where funds are received, bank account number where funds are received, SECP added.
Copyright Business Recorder, 2017