In light of the necessary amendments to the Companies Act 2017, which will replace the 33-year old Companies Ordinance 1984. The real estate sector will be handed over to the SECP. After the passage of the new Act by the National Assembly, the real estate companies would not be able to advertise new projects or book plots without the SECP approval.
The SECP will be bound to bring on record all such information, maintain the Global Register of Beneficial Owners as a centralized record, and provide copies of the record to the FBR and other concerned agencies.
Officials of all companies will be bound to check money-laundering, under the Anti-Money Laundering Act 2017, once the new legislation is implemented.
SECP will be granted the watchdog status, so it could play a crucial role in investigations. It will be empowered to block the businesses of fake real estate agents, safeguard the interests of investors, and help promote legal real estate projects.
Moreover, no company would be permitted to practice Islamic banking without following SECP's new regulations.
Under the new Act, a Pakistani with dual nationality, a person with Pakistani passport living in any country of the world, owning shares of a Pakistani or foreign company and company directors would be liable to submit a shares report.
The Parliament, for the first time, has made large companies to have at least one female director on their board as a social obligation, and reserve a two percent quota for differently abled people.
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