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The Securities and Exchange Commission of Pakistan while monitoring the insurance sector is also endeavouring to remove bottlenecks that hamper its growth and is attempting to bring it at par with international standards. The SECP protects the interest of the policyholders and ensures that the companies have the ability to pay claims to consumers, even when there is a slowdown in investment growth. Vide a previous circular, the Commission put a ceiling on life insurers and family takaful operators registered under the Insurance Ordinance 2000, in respect of management expense limits which include operating expenses, business acquisition costs i.e. commission to agents etc., ensuring that they are maintained at the optimum levels. Recently, taking cognizance of the operational difficulties being faced by a few life insurance companies, the SECP has reviewed and prescribed new maximum management expense limits for two years, i.e., 2011 and 2012. Whilst granting the relaxation, the SE...

Islamabad, November 13: The Securities and Exchange Commission of Pakistan (SECP) has extended the last date of filing Form 29 to Monday, Nov 15 to facilitate the corporate sector. The last date for filing Form 29 for most of the companies, which closed their accounts on June 30, was Nov 13 or Nov 14, which falls on Saturday and Sunday (public holidays). So the SECP decided to keep the CROs open on November 13 and 14, exclusively for accepting of documents. However, in order to further facilitate the companies, the SECP has now extended the last date of filing Form 29. Consequently, the Form 29 shall now be accepted by 8 pm on Monday, Nov 15. This facility shall be applicable to both online and offline filing of Form 29. The companies are also required to file annual returns on Forms A/B within 45 days, in case of listed companies and 30 days in case of other companies, of holding of annual general meetings (AGMs). The annual audited accounts have to be filed within 30 days of holdi...