ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday said foreign directors from only Afghanistan and India require prior security clearance.
The corporate watchdog said, “No foreign sponsors other than nationals of the two countries [Afghanistan and India] are required to seek prior security clearance from Ministry of Interior.”
An incorrect impression had been created by a section of the press that all the companies incorporated with the SECP having foreign directors/promoters were required to obtain prior approval from Ministry of Interior before incorporation. In this regard, the SECP clarified that in case of investors/promoter of other countries, documents for security clearance are sent to Ministry of Interior and simultaneously incorporation and statutory returns of these companies are processed by the SECP on the basis of undertaking.
Published in Daily Times, November 2nd 2017.
