The Securities and Exchange Commission of Pakistan (SECP) has defined that the sub-categories of "public interest companies" cover listed companies and certain types of non-listed companies. According to SRO 360(I)/2018 issued here on Friday by the SECP, in exercise of powers conferred by section 40B of the Securities and Exchange Commission of Pakistan Act, 1997, read with clause (i) of section 36H thereof, the Securities and Exchange Commission of Pakistan is pleased to notify that "public interest company" shall mean a company which falls under the criteria of 'public interest company' as laid down in the Third Schedule to the Companies Act, 2017.

Under the Third Schedule of the Companies Act, 2017, Sub-categories of Public Interest Company (PIC) covered listed company and non-listed company which is a public sector of company as defined in the Act; or a public utility or similar company carrying on the business of essential public service; or holding assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension fund, mutual fund or investment banking entity.

Under the Third Schedule of the Companies Act, 2017, Sub-category of PIC also included non-listed company having such number of members holding ordinary shares as may be notified; or (v) holding assets exceeding such value as may be notified.

Copyright Business Recorder, 2018