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SECP Launches New User Registration System Under e-Services

Discussion in 'Technology & Science' started by SherDil, Mar 31, 2017.

  1. SherDil

    SherDil FULL MEMBER

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    SECP launched a new User Registration System under eServices. The new system will reduce the incorporation cost from Rs. 1,500 per user to Rs. 100 per user besides reducing the turnaround time from days to minutes for registration of users of eServices.



    The new simplified User Registration System under eServices replaced the cumbersome process of obtaining digital signatures from NIFT. The user registration under eServices now can be obtained simply by employing user login, password and PIN code.

    The user registration under eServices are required for incorporation of new company through online and for signing of the documents to be submitted to the Commission and the registrar concerned.

    This will also be a one-time registration without any renewal and associated cost as is presently required on an annual basis.

    This facility will be a great incentive for potential promoters of companies, and is likely to further propel corporate growth.

    The salient reform measures which are being taken to further ease doing business environment in the country include revamping of eServices and integration of corporate registry with the provincial authorities, etc.

    The SECP Chairman, Zafar Hijazi inaugurated the new user registration system during the Financial Reporting Workshop for economic journalists organized by the SECP on Thursday. The SECP’s senior officials spoke defaulting members of the stock exchange, its legal perspective, the SECP’s surveillance and supervision system for the capital market in the workshop.

    Hijazi said that the SECP is implementing the Capital Market Development Plan (2016-18) with vigor and focus that is providing a clear direction to the market. He said that the SECP efforts are aimed at preventing market abuses and manipulative practices, promoting public confidence in the market and establishing a robust compliance regime.

    Consequently, he said, risk management, transparency, governance of capital market infrastructure institutions and investor protection have been greatly improved. With regards to recent defaults of a few brokerage houses, the SEP Chairman said the there is a complete surveillance department at the SECP to monitor trading at stock exchange, check insider trading and market manipulation. However, proving and establishing an insider trading is a difficult and time taking task.

    https://propakistani.pk/2017/03/30/secp-launches-new-user-registration-system-e-services/
     
  2. SherDil

    SherDil FULL MEMBER

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    In line with the agenda of combating money laundering and terrorist financing activities, the Securities and Exchange Commission of Pakistan (SECP) has established an Anti-Money Laundering (AML) Cell to effectively address any potential of money laundering within the capital markets, insurance, the NBFCs and the not-for-profit corporate sector.



    The SECP has approved thresholds for various sectors for reporting of investments made in securities markets, the NBFCs and the insurance sector. The AML cell comprises of senior SECP officers from each supervisory area.

    For life insurance products, the defined threshold is the annual premium of Rs. 5 million for a single life policy. For securities brokers the threshold shall be Rs. 5 million for an individual investor, Rs. 25 million for corporate entity and Rs. 20 million for propriety broker.

    For AMCs/modarabas/NBFCs, the threshold is of 100 million for corporate entities, 50 million for trusts and Rs. 10 million for individual investment.

    No reporting will be required of financial institutions, public listed companies, licensed entities, AMCs, mutual funds, insurance companies and government administration/entities investing in AMCs/modaraba/NBFCs.

    Further, any donation of Rs. 5 million and more from a single source to a not-for-profit section 42 company will also be reported to the SECP.

    The AML Cell will develop a database of such reports for its analysis on a consolidated basis and initiate further probe wherever needed. The efforts are expected to curb the potential of any ill-gotten money finding its way into the capital markets, the NBFCs, corporate not-for profit and the insurance sector of the country.

    The establishment of AML Cell and consolidated supervision by the SECP will bolster its efforts to curb the ML/TF menace and will help Pakistan attain a compliant assessment from the money laundering international assessors during the upcoming AML/CFT mutual evaluation assessment due in 2018.

    https://propakistani.pk/2017/03/30/secp-sets-anti-money-laundering-cell/
     
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