SECP Centralizes Company's Name Reservation Function

ISLAMABAD, Mar 4 (UrduPoint / Pakistan Point News - 4th Mar, 2021 ) :The Security and Exchange Commission of Pakistan (SECP) Thursday announced the institution had centralized the function of approving applications of company's name reservation.

The SECP, to further speedup the processing and bring uniformity in decision making, decided to centralize the function of approving applications of company, said a press release issued here.

This is the first step towards centralization of various regulatory functions, currently performed at company registration offices (CROs).

To ensure standard application of law, the complete process of company's incorporation will be gradually centralized.

Reservation of proposed company name is a first and pivotal step for registration of a company.

The Company's law prescribes key considerations to ensure that a company's name shall not, in any way, be exploitative of existing companies or susceptibilities of the general public.

Thus, there is considerable subjectivity involved in interpretation of the law.

In the decentralized model, approval of company's name, through respective CROs, was susceptible to arbitrary decision-making.

The centralization of name reservation process will ensure that the regulatory objectives are met with increased efficiency while ensuring end-user satisfaction.

A separate email contact, business[email protected] has been dedicated to address the queries of applicants to ensure smooth transition, besides availability of support through SECP Service Desk Management System (SDMS).