RegAlert2025-08-21
Added · Updated
Circular No. 21 of 2025 – Company Responsibility under Section 123A of CA 2017 read with Regulation 48 of CR 2024
Companies incorporated under the Companies Act, 2017, including foreign companies, must maintain an adequate and accurate Ultimate Beneficial Owner (UBO) register in compliance with Section 123A and Regulation 48. This register must identify natural persons exercising beneficial ownership or control through direct or indirect means, such as chain of ownership, joint control arrangements, or senior managerial positions, using minimum data from Form-16 and additional details from Form-17. Companies are required to verify the identity and status of beneficial owners using reliable documents and open-source information, updating the register within one month of any changes or identification of outdated data. Additionally, companies must provide UBO information to the Securities and Exchange Commission of Pakistan, other authorized authorities, and financial institutions, while reporting any shareholders who refuse to provide required information.
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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Licensing & Registration Division Corporate Registry Department * No. SY/SECP/8/13 August 08, 2025
Circular No. 21 of 2025
Subject: Company’s responsibility under Section 123A of the Companies Act, 2017 read with Regulation 48 of the Companies Regulations, 2024
The Securities and Exchange Commission of Pakistan, in exercise of the powers conferred under Section 510 of the Companies Act, 2017 (“the Act”), issues this circular to promote transparency in the maintenance and reporting of ultimate beneficial owner (“UBO”) information of companies incorporated under the Act, including foreign companies as defined under sub-section (35) of Section 2(1) thereof, to prevent the misuse of these entities for money laundering or terrorist financing, and to ensure the availability of adequate, accurate, and up to date UBO information is maintained and made available when required under the applicable laws, by the Securities and Exchange Commission of Pakistan or other authorities empowered to obtain such information.
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.