Tag: SECP

  • SECP registers over 400 new IT companies in Pakistan in one month

    SECP registers over 400 new IT companies in Pakistan in one month

    The Securities and Exchange Commission of Pakistan (SECP) registered 2,617 new companies in September 2024, marking a 5.7 per cent increase compared to the same month last year.

    This brings the total number of registered companies in Pakistan to 231,111.

    Of the companies registered in September, 55 per cent were private limited companies, while 41 per cent were single-member companies. The remaining 4 per cent included public unlisted companies, not-for-profit associations, trade organizations (TO), and limited liability partnerships (LLP).

    The majority of these companies—99.8 per cent—were registered online, with only 0.2 per cent registered offline.

    The information technology sector saw the highest number of new companies, with 410 being incorporated in September. Following closely were trading companies with 377 new firms and the services sector, which registered 306 companies.

    Other key sectors included:

    – Real estate development and construction: 237 new companies

    – Tourism and e-commerce: 125 new companies each

    – Food and beverages: 112 new companies

    – Education: 101 new companies

    – Mining and quarrying: 98 new companies

    – Marketing and advertising: 73 new companies

    Additional sectors that showed notable activity included:

    – Corporate agricultural farming: 60 new companies

    – Engineering: 57 new companies

    – Healthcare: 49 new companies

    – Textile: 49 new companies

    Smaller sectors, such as cosmetics and toiletries (46 companies), chemicals (42 companies), and transport (39 companies), also contributed to the overall growth, with a total of 82 companies incorporated in various other sectors.

    With over 400 new IT companies registered in Pakistan in just one month, the benefits are immense. This growth means more job opportunities, driving employment and boosting economic activity and innovation across the country.

    The rise of these IT firms also enhances Pakistan’s tech exports, bringing in much-needed foreign revenue and attracting international investments. On top of that, it helps improve digital infrastructure, inspires more people to start their own businesses, and boosts the skills of the local workforce.

  • Here’s the list of illegal loan apps banned in Pakistan

    Here’s the list of illegal loan apps banned in Pakistan

    The Ministry of IT and Telecom of the government responded to numerous reports and took decisive action against illegal loan apps, resulting in the banning of over 40 such applications. The severity of the issue prompted the ministry to intervene and curb the proliferation of these apps.

    In a statement released on Monday, Federal Minister Aminul Haque directed the Pakistan Telecommunication Authority (PTA), led by Chairman Major General Hafeez-ur Rehman, to promptly address the situation. As a result, 43 applications were immediately blocked in accordance with the ministry’s instructions.

    Additionally, the PTA is collaborating with the Securities and Exchange Commission (SECP) to seek consultation and support in tackling this concerning matter.

    Here’s the list of loan apps recently banned:

    • Superb Loans
    • Fair Loans
    • Plati Loans
    • UrCash
    • MyCash
    • Debit Campsite
    • Loan Credit Cash
    • Easy Mobile Loans
    • Fori Qarz Online Personal Loan
    • Easy Loans Credit Fast Pay
    • Little Cash- Mobile Loans
    • FinMore- Online Credit Loans
    • ZetaLoan- Easy Credit Wallet
    • Qarza Pocket -Personal Funds
    • Asaan Qarza- credit loans
    • Fast Loan
    • Harsha Tube – Quick Money
    • Loanclub
    • Tazza Centre – Get Money Soon
    • Aasan Lab – Easy Apply Money
    • CashCredit-Online Loan money bee
    • Galaxy Loan
    • TiCash
    • CashPro-Immediate Approval
    • Rose Cash – Loan Cash
    • HamdardLoan
    • Bee Cash
    • Yocash
    • Sallam Loan – Online Loan App
    • Whale
    • Zenn Park -Easy Instant Help
    • Get Welfare
    • LendHome
    • QuickCash
    • Mrloan
    • 567 Speed Loan
    • Rico Box – Easy Apply Online
    • Fori Instant Loans
    • 99 Fast Cash Loan
    • Apple Qist Qarz
    • BG Loan
    • Swift Loans
  • Google is officially registered as a company in Pakistan

    Google is officially registered as a company in Pakistan

    Google has opened a liaison office in Pakistan and registered with the Securities Exchange Commission of Pakistan (SECP), according to Brecorder.

    A spokesman for SECP stated that the company “has been registered as a foreign company” in Pakistan, while a Google representative also verified that the liaison office had been opened.

    A liaison office is a foreign company’s office set up to promote its products, offer technical support and advice, consider potential joint ventures, and promote exports.

    The Ministry of Information Technology and Telecommunication (MoITT), according to insiders, was in contact with foreign companies and made arduous attempts to attract them to Pakistan, but the businesses hesitated owing to the political unrest.

    However, there has been a breakthrough in this regard with Google and TikTok agreeing to set up offices in the country, while the talks between the ministry are ongoing with Meta.

  • Earlier missing SECP official Sajid Gondal says was vacationing in northern areas

    Earlier missing SECP official Sajid Gondal says was vacationing in northern areas

    Securities and Exchange Commission of Pakistan (SECP) Joint Director Sajid Gondal, who had gone missing from Islamabad last week, returned home on Tuesday night and said was vacationing in northern areas.

    Gondal, after confirmation by his family and friends, himself also took to Twitter to announce his return, saying he was back and safe, and thankful to all those who were worried.

    Meanwhile, a report quoted him as saying that he had gone to the northern areas for recreation.

    Police sources involved in the investigation of his disappearance told Dawn that the abductors had set him free.

    He was released near Rawat, a suburb of the federal capital. Upon being freed, he contacted his family members through a phone call and informed them that he was arriving home shortly, sources added.

    Gondal had gone missing on Thursday night and his car was found from Park Road in the capital the next morning.

    His wife had submitted a complaint of the incident at the Shahzad Town police station, expressing suspicion that her husband had been “kidnapped by unidentified persons”. She had urged the police to ensure his return, adding that the family “did not have any enmity”.

    The Shahzad Town police had registered a case over the official’s disappearance under Section 365 (kidnapping or abducting with intent secretly and wrongfully to confine person) of the Pakistan Penal Code (PPC) on the complaint lodged by his wife.

    The FIR stated that Gondal left his house on Thursday at around 7:30 pm in his official car but did not return. Later his car was found parked at Chak Shahzad Town road near the National Agriculture Research Centre (NARC) but he was missing from there, the FIR stated, adding that his mobile phone was found switched off since then.

    The issue of Gondal’s disappearance was taken up by the federal cabinet on Tuesday, with Prime Minister (PM) Imran Khan expressing “serious concern” over such an incident taking place in the capital.

    On Monday, Chief Justice Athar Minallah of the Islamabad High Court (IHC) had also expressed serious concern over the rising number of enforced disappearances in the federal capital and directed the interior secretary to take up the issue with the PM in order to devise a policy for the protection of fundamental rights of citizens.

  • FBR to regulate real estate, jewellers trade to comply with FATF agenda

    FBR to regulate real estate, jewellers trade to comply with FATF agenda

    The investigation against money laundering now extends to real estate, gold, gems, and jewellery, as the federal board of revenue is making new rules to stop the financing of terrorism and money laundering in these areas, DAWN reported

    What does this mean?

    Jewellers will have to document and record the value of their sales and the information will be shared with the FBR. Any suspicious transactions such as buying of selling of gold and precious stones will also have to be reported. Jewellers will also submit a ‘special return form’ with their data. 30,000 jewellers will be recorded by the FBR.

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    Law division and Securities and Exchange Commission of Pakistan (SECP) will also monitor services provided by lawyers and chartered accountants.

    “We have sent these rules to the law division for vetting,” FBR spokesperson and Member Policy Dr Hamid Ateeq confirmed. After vetting, he said, the rules would be notified for implementation.

    These rules will also apply to housing authorities and sub-registrar offices for real estate. Property agents will not be covered under these rules.

    The reason for these new regulations is because Pakistan needs to implement new Financial Action Task Force (FATF) rules.The implementations of these rules will help Pakistan get off the FATF grey list.

    FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020.

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