The Securities and Exchange Commission of Pakistan (SECP) has decided to grant relief to the corporate sector due to the ongoing pandemic of COVID-19. Keeping in view the current situation SECP has advised the companies to prioritize public safety while ensuring corporate compliance.
A general relaxation of 30 days has been granted in regards to holding annual general meetings on annual financial statements and filing deadline for first quarter financial statements. Moreover, the SECP shall facilitate companies for grant of extension in filing of first quarter financial statements on application sent to the SECP via email.
The requirement to hold board of directors (BOD) meeting every quarter is also being relaxed. Although the law does not provide for any specific relaxation but SECP has stated that “SECP shall give due consideration to all underling circumstances while enforcing regulatory compliance.”
Furthermore as safety of employees is priority of the companies during the coronavirus (COVID-19) outbreak, the companies are being encouraged by the SECP to make necessary arrangements for the, use of technology and related applications in order to enable them to work from home to meet the regulatory compliances.