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The SECP (Securities and Exchange Commission of Pakistan) through SRO 634 (I)/ 2014 (“notification”) dated July 10, 2014 directed every public listed company and public unlisted company to maintain a functional website with effect from August 30, 2014.These guidelines apply to every public listed company and public unlisted company is required to maintain functional website regardless of the status of their operations and profitability.
Who is excluded?
Listed and public unlisted companies that are yet to obtain certificate of commencement of business, are loss making (current and/or accumulated losses), operationally inefficient or operations have closed shall maintain mandatory website and provide all available information as per Section A, B, C and D of the aforementioned notification.
What your company is required to do for compliance?
- Every Company shall ensure that financial statements, reports and other information, as applicable, are available internationally acceptable user friendly electronic format. (Reference may be drawn from the requirements of Electronic Transmission Ordinance, 2002.)
- Each listed company, for ease of users, shall ensure that financial statements and reports can be copied to or saved in preferably MS- Word, Excel or PDF format.
- The requisite financial statement, reports, notices shall be placed on the website simultaneously with the dispatch of the same to the shareholders.
- Each Company shall take adequate steps for website security. (Reference, if deemed appropriate, may be drawn from local and international standards for e.g. principles for security of information systems and networks as recommended by Organization for Economic Cooperation and Development (OECD) and National Institute of Standard and Technology (NIST) Guidelines on securing public web services.)
- As per the requirements of Section 3 (a) of the said notification, listed companies shall place the financial statements and reports on website simultaneously with the dispatch of the notice of annual general meeting to the shareholders.
- The compliance certificate duly signed by the Chief Executive Officer of the Company shall be sent to the Commission within seven days of placement of annual financial statements after duly adopted by the members. Any other changes/ placement of information on the website may be communicated to the Commission by the Company Secretary.
- The preferable format of compliance certificate, in accordance with the requirements of this notification, is given in Annexure A to these Guidelines.
The SECP has been very strict regarding compliance so far.If you are looking for relaxation, we can advise you on the matter once you contact us.The following list notes situations where compliance requirements can be relaxed
- The application for relaxation from the requirements of the notification shall be made in a manner prescribed under Rule 30 of the Companies (General Provisions and Forms) Rules, 1985 (the “Rules”) alongwith application fee as prescribed under sixth schedule to the Companies Ordinance, 1984.
- Companies seeking relaxation shall specifically highlight the reason, circumstances, specific nature of the deficient information and time period until the said information (where applicable) shall be available.
If you need help with the above-mentioned compliance mechanism, please email us at [email protected] or call us at +92-51-8442922