Securities and Exchange Commission of Pakistan directs non listed company to maintain websites by December positively
Islamabad, November 04, 2015 (PPI-OT):Taking serious note of non-compliance, the Securities and Exchange Commission of Pakistan (SECP) has issued directions to 496 public non-listed companies to ensure maintenance of the company’s functional website in accordance with the notification by the end of December 2015. The SECP in November directed all Public non-listed Companies to comply with the mandatory requirement of maintaining a functional website, within 30 days.
The commission had earlier notified all companies (listed or non-listed) vide its Statutory Regulatory Order No. 634(1)/2014 dated July 10, 2014. to maintain a functional website having detailed information about the company, its objectives, governance structure, election of directors and financial position to benefit its members, potential investors, and the general public. In a subsequent notification No. S.R.O No. 684 (1) 2015 dated July 1, 2015, the companies were further required to place the web link of JamaPunji on their websites. The notification for maintenance of mandatory website and placement of JamaPunji link therein are placed on the Commission’s website.
This mandatory updated website will serve as a valuable tool for current and potential investors for making informed decisions. Further, an updated website will be mutually beneficial for the companies giving them an effective platform to provide all relevant material information to stakeholders and seek their feedback wherever required. The SECP has been constantly drawing attention of the companies towards compliance of this mandatory requirement and believes that this is a step towards aligning participants of capital market, i.e. non-listed companies with global technological progress and international best practices.
The SECP has initiated the verification process of the maintenance of mandatory website by the Company along with the required contents that pointed out the non-maintenance of functional website by the public companies including public unlisted companies on a larger scale.
For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)