The major focus of the Companies Bill is the facilitation to the corporate sector and other stakeholders as well as the strengthening of the corporate regulatory framework. Keeping in view the increasingly important role of information and communication technologies, various provisions have been introduced to ensure maximum utilization of such technologies to the benefit of all the stakeholders. Unnecessary and redundant requirements and defects in the existing law have been removed. The new law has also ensured to bring greater clarity in language of the provisions, wherever required. There is a softer regime for the companies having no stake of the general public. In an increasingly global world, new concepts have been adopted by studying and analyzing various international jurisdictions.
SECP would now focus on the issuance of subordinate legislation as a number of new and evolving concepts have been introduced in the new law which would be administered through housekeeping rules. It would also be ensured that the new regulations ensure to improve doing business environment in the country by reducing time, cost and number of procedures to register and run a company. All such regulations would be issued after consultation with the stakeholders to ensure smooth implementation of the law as well as facilitation to the regulatees.
SECP has a vision which aligns with the broader mission of the Government to engage the public and stakeholders in formulating legislation and policy. SECP acknowledges and place on record the valuable comments/suggestions made by various stakeholders including industry and business associations, professional institutions, corporate practitioners and other experts. SECP also expresses its gratitude to the honorable members of the standing committees of National Assembly and Senate whose guidance ensured that the law is framed in a manner that the genuine difficulties that may be faced by the stakeholders are duly addressed. I am thankful to the entire SECP team who has worked hard to make this happen.