On Monday, the Securities and Exchange Commission of Pakistan (SECP) has ordered the listed companies to electronically file (E-file) the annual and quarterly financial statements. For the same, the SECP also issued a circular number 24 of 2017.
The circular issued by SECP read:
“Pursuant to the provisions of section 223(7) of Companies Act, 2017 (the “Act”), a listed company shall, besides filing hard copies of its annual audited financial statements, auditor’s report, director’s report and chairman’s review report, send electronically a copy of the annual financial statements together with the aforesaid reports to the commission”
According to the section 237 (2) of the Act, each and every listed company is entitled to electronically file its quarterly financial statements to the SECP.
SECP provides email address and other facts
The listed companies have been provided an email address from the commission. They can email the annual and quarterly financial statements to the following email address:
Moreover, SECP has also directed the listed companies to submit the financial statements in either PDF or MS Excel format.
The email address as reported by a company in its annual report, i.e., Form A/B shall be treated as the official email address of the company.
According to SECP, the system would be able to receive emails only from the official email addresses. The commission further added:
“Receipt of the annual and quarterly financial statements in the prescribed electronic formats from official email address of a company at the Commission’s designated email address, within stipulated time, shall be considered as compliance with the provisions of section 223(7) and 237(2) of the Act respectively, so far as those relate to electronic transmission of financial statements to the commission”