ISLAMABAD (BMZ REPORT )
The Institute of Chartered Accountants of Pakistan (ICAP), in collaboration with the Securities & Exchange Commission of Pakistan (SECP), held an informative seminar for the ICAP members, to create awareness about the new concepts and major changes introduced vide the Companies Ordinance, 2016.
The Ordinance was promulgated on November 11, 2016to strengthen the supervisory and adjudicatory ambit of the SECP and in turn work towards a better corporate culture, for promoting the business environment of Pakistan.
A large number of learned speakers and experts attending this forum, highlighted the important aspects of this new regulatory framework for businesses. The key stakeholders observed that: The new ordinance will attract fresh ventures, by eliminating the unnecessary and cumbersome requirements. Some adverse and tedious regulations were previously enforced through the Companies Ordinance, 1984, which were becoming a reason for hindrances in the economic growth of the country, by discouraging fresh investments.
The Chief Guest of this seminar was Mr Rashid Ibrahim FCA – Council Member of ICAP, while the distinguished panel of speakers included: The Executive Director of SECP – Mr. Jawed Hussain, Joint Registrar of the SECP – Mr. Faisal Lateef Khawaja and the Deputy Registrar of SECP – Mr. Akram Qureshi.
The opening remarks were presented by the Executive Director – ICAP – Mr. Mohammad Razi Khan. He appreciated the new concepts introduced by the ordinance and updated the provisions based on previous experience. In his closing remarks Mr. Rashid Ibrahim said that there is a need to reconsider certain provisions in the new Ordinance particularly those related to statutory audit and financial reporting.