For companies registered in Pakistan, maintaining compliance with the Companies Act, 2017 is crucial. One important regulatory requirement is the SECP Form 28 submission, which deals with company resolutions and filing updates with the Securities and Exchange Commission of Pakistan (SECP). Understanding the process ensures smooth corporate governance and avoids penalties.
What Is SECP Form 28?
SECP Form 28 is used for submitting resolutions passed by a company’s board of directors or members. It is typically filed when:
Approving appointment or resignation of directors
Changes in company secretary or auditors
Any special resolutions passed during meetings
Amendments to the Memorandum or Articles of Association
Filing Form 28 ensures that the SECP’s records reflect the latest decisions and changes within the company.
Why SECP Form 28 Submission Is Important
Legal Compliance: Mandatory under the Companies Act, 2017.
Record Maintenance: Keeps corporate records updated with SECP.
Transparency: Demonstrates adherence to governance standards.
Avoid Penalties: Late or incorrect filings may lead to fines.
Corporate Credibility: Ensures smooth operations for contracts, banking, and investor relations.
How to Submit SECP Form 28 Online
Access SECP eServices Portal: Log in with your company credentials on the SECP online portal.
Select Form 28 Submission: Navigate to the form under the filings section.
Fill in Required Details: Include company name, registration number, resolution type, and dates.
Attach Supporting Documents: Upload board resolutions, meeting minutes, or any relevant approvals.
Review and Submit: Check all information carefully before submitting the form online.
Receive Confirmation: SECP will provide an acknowledgment confirming successful submission.
Documents Required for SECP Form 28 Submission
Board resolution or special resolution
Minutes of the meeting approving the resolution
CNIC copies of directors (if applicable)
Any amendments to Articles or Memorandum of Association
Company registration certificate
Benefits of Online Form 28 Submission
Time-Saving: File resolutions without visiting SECP offices physically.
Secure: Protects sensitive corporate information digitally.
Fast Processing: Online submissions are reviewed quickly compared to manual filing.
Compliance Assurance: Reduces risk of penalties or legal issues.
Efficient Record-Keeping: All submissions are digitally stored for future reference.
Conclusion
The SECP Form 28 submission is a vital part of corporate governance in Pakistan. By filing resolutions online, companies can ensure compliance with legal requirements, maintain accurate records, and copyright transparency with regulators and stakeholders. Timely and accurate submission of Form 28 not only avoids penalties but also strengthens the credibility and operational efficiency of the company.