SECP Lawyers

Attended a very well presented session by the Security and Exchange Commission Pakistan on upcoming Private Equity rules.

In the last five years one of the most amazing public sector success story is SECP (the other amazing story being State Bank of Pakistan). They have gone through an amazing transformation from the Corporate Law Authority to Security Exchange Commission Pakistan. The inhouse talent that they have been able to put together and the work they have done is nothing short of remarkable.

Two sound bytes from the session:

a) From registering 200 new private limited companies every month, SECP is now doing 1100 new applications every months. They have just crossed the 52,000 private limited company threshold.

b) You can't pass through tax losses to members and there is no concept (so far) of an LLC.