form 29 SECP services

form 29 SECP services

Blog Article

Form 29: SECP Services in Pakistan

Introduction

Form 29 is an important document used for the registration and maintenance of companies in Pakistan. The Securities and Exchange Commission of Pakistan (SECP) is responsible for regulating and overseeing corporate and business affairs in the country. Form 29, in particular, is used for the submission of company-related information such as the appointment of directors, change of company secretary, or other key changes related to the company's structure and management.

This article provides a detailed overview of Form 29, its purpose, and how it fits into the regulatory framework of the SECP.

What is Form 29?

Form 29 is a prescribed document required by the Securities and Exchange Commission of Pakistan (SECP) to record certain corporate changes or appointments. It must be submitted to the SECP whenever a company undergoes structural changes, such as changes in its directors, secretaries, or any other key position or aspect of the company. The purpose of this form is to provide the SECP with updated information about the company's management and structure.

Key Purposes of Form 29

Form 29 is used for several specific purposes, including:

1. Appointment or Removal of Directors:
   
   
   
   • Companies must submit Form 29 to notify the SECP of the appointment, resignation, or removal of a director. This helps maintain transparency in the company's management and governance structure.
   
   
   
   


2. Appointment of Company Secretary:
   
   
   
   • If a company appoints a new company secretary or makes changes to the existing position, Form 29 must be filed to update the SECP with the new secretary’s details.
   
   
   
   


3. Changes in Other Key Company Officers:
   
   
   
   • Any changes in other key officers of the company, such as the Chief Executive Officer (CEO) or Chief Financial Officer (CFO), must also be reported using Form 29.
   
   
   
   


4. Registered Office Address Changes:
   
   
   
   • If there is a change in the company’s registered office address, it must be communicated to the SECP through Form 29.
   
   
   
   


5. Changes in Shareholding:
   
   
   
   • Form 29 may also be used to notify the SECP of changes in the shareholding structure, such as when shareholders buy or sell shares that affect the overall ownership structure. For more
   
   
   
   

Process for Filing Form 29 with SECP

The process of filing Form 29 with SECP involves the following steps:

1. Prepare the Required Information

To complete Form 29, the company must have the following information ready:

• Details of the directors, company secretary, and other officers being appointed or removed.


• Any relevant documents, such as resignation letters, board resolutions, or appointment letters.


• The company’s updated registered office address, if applicable.


• Supporting documents, such as proof of address, national identity cards, and other identification documents for the appointed individuals.

2. Fill out Form 29

Form 29 is available for download on the official SECP website or can be filled out online through the SECP eServices portal. The form requires the following details:

• Name of the company


• Company registration number


• National Tax Number (NTN)


• Details of the director(s), secretary, or other appointed officers (name, CNIC, designation, etc.)


• Effective date of the change or appointment


• Signature of the authorized person (e.g., CEO or company secretary)

3. Submit the Form

Once the form is filled out and signed, it can be submitted either through the SECP eServices portal or in person at the SECP office.

• Online Submission: If submitting online, create an account on the SECP's eServices portal (https://eservices.secp.gov.pk) and log in. After logging in, select the relevant form and upload the required documents.


• Offline Submission: If submitting manually, you can visit the SECP regional offices and submit the form along with the necessary supporting documents.

4. Payment of Fees

Depending on the nature of the filing, there may be a nominal fee for submitting Form 29. The fee is typically paid at the time of submission. SECP provides payment options online via the eServices portal or offline at the SECP offices.

5. SECP Review and Confirmation

Once the SECP receives the submitted Form 29 and supporting documents, they will review the details for accuracy and compliance with relevant regulations. If everything is in order, the SECP will issue an updated Certificate of Incorporation or an updated record reflecting the changes.

Important Points to Remember

• Timely Filing: It is important to file Form 29 as soon as any changes occur within the company to ensure compliance with the SECP regulations and avoid any legal issues.


• Accuracy: Ensure that all the information provided in Form 29 is accurate and complete. Incorrect or incomplete forms can delay the processing or result in the rejection of the submission.


• Supporting Documents: Ensure that all necessary supporting documents (e.g., resignation letters, appointment letters, resolutions) are attached as per the requirements.


• SECP Fees: There may be filing fees associated with the submission of Form 29. Make sure to check the SECP's current fee schedule on their website.

Common Scenarios for Using Form 29

1. Change in Director:
   
   
   
   • A company decides to appoint a new director, or a director resigns. Form 29 is required to notify the SECP of the change.
   
   
   
   


2. Company Secretary Appointment:
   
   
   
   • A new company secretary is appointed to fulfill legal and regulatory requirements, and Form 29 is submitted to update the SECP.
   
   
   
   


3. Change in Registered Office:
   
   
   
   • A company moves its registered office to a new location. The SECP must be notified of this change using Form 29.
   
   
   
   


4. Change in Shareholding Structure:
   
   
   
   • If there is a significant change in the shareholding structure, such as the transfer of shares, Form 29 is used to update the SECP records.
   
   
   
   

Conclusion

Form 29 is a vital document for updating the Securities and Exchange Commission of Pakistan about any changes in a company’s structure or management. Whether it’s the appointment of new directors, changes in company secretaries, or alterations to the registered office address, Form 29 ensures that the SECP has up-to-date information about companies operating in Pakistan. Proper filing of this form not only ensures compliance but also helps maintain transparency and good corporate governance.

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