The Securities and Exchange Commission of Pakistan (SECP) has initiated a comprehensive legislative reform initiative to modernize the Companies Act, 2017, aimed at decriminalizing outdated provisions and significantly reducing the regulatory burden on the corporate sector.
The move on Monday comes as the regulatory body was recognized as a “Champion of Reforms” by Prime Minister Muhammad Shehbaz Sharif at the launch ceremony of National Regulatory Reforms. This recognition underscores SECP’s continuous efforts to improve the ease of doing business and foster a modern, compliance-focused regulatory framework.
The reform initiative is a collaborative effort with the Board of Investment (BOI). An agreement on the proposed changes was reached following extensive consultations with the BOI team, led by the Special Assistant to the Prime Minister, and international consultants.
These amendments are collectively aimed at simplifying business operations, strengthening corporate governance, enhancing regulatory oversight, and accelerating the country’s digital transformation. The changes are designed to ensure that the legislation remains aligned with global standards and the dynamic needs of Pakistan’s economy.
Key outcomes of the proposed amendments include streamlining compliance protocols, removing outdated regulatory hurdles, and improving public access to corporate data. The ultimate goal is to establish a more transparent, predictable, and welcoming framework for investors.
The SECP reiterated its commitment to fostering a progressive and efficient corporate system that encourages investment, supports sustainable economic expansion, and enhances the country’s competitiveness globally.