Form 28

Form 28 Compliance Required by SECP

In managing a company in Pakistan it is critical to observe the rules and regulations of the Securities and Exchange Commission of Pakistan (SECP). One of the key requirements highlighted includes filing form 28 which is a fundamental tool in governing your company. 

While this mode may look fairly complex, it can be a little overwhelming for many, but with the help of our experts at Ways Tax, this course of action will be as smooth as butter.

In this article, you will find more about Form 28 itself, its purpose in SECP, and how Ways Tax can assist you in compliance in just a few clicks.

Form 28

What is Form 28 SECP?

Form 28 is the legal and legal document that needs to be submitted to the SECP in accordance with the Companies Act of 2017. 

It is used to inform the SECP of any time there is a new appointment of directors, managers, or CEOs in a particular company if there is a change of guard, or if somebody has resigned from the position. 

This makes them in compliance with the corporate governance laws as well as promoting versatility.

Purpose of Form 28:

  1. Keeps track of appointment or resignation, or any changes in managerial positions of an organization.
  2. Continues updating the SECP on the organization structure of the company.
  3. Strengthens corporate governance and provides checks on improper appointments.

The filing of this form known as Form 28 is also obligatory for all companies operating in Pakistan. Avoiding filing this form or filing it later than the set time will attract penalties and lead to complications with the law.

When is Form 28 Required?

You need to submit Form 28 to SECP under the following circumstances:

  1. Appointment of a Director, CEO, or Manager: The SECP should be formally informed of any new managerial appointment in the company.
  2. Resignation or Removal: It must also be filed in case a director, the CEO, or the manager has resigned or has been removed from his/her position.
  3. Changes in Designation: If there are changes in the designation or role of a director, manager, or Chief Executive Officer of an organization.

This form needs to be filed within 15 days of the event and it is very important to do that.

Why is Filing Form 28 Important?

Filing Form 28 serves several critical purposes for your company:

Legal Compliance:

The regulations of SECP make it necessary that all changes in the management of a company should be recorded formally.

Transparency:

It makes sure that shareholders and other regulatory bodies are aware of changes in the leadership of that entity.

Avoid Penalties:

Filing on time helps to avoid legal issues and even forfeiture.

Credibility:

It also improves the corporate image because it shows a firm’s concern with carrying out its business with the right standards of governance.

For these reasons, it is advisable to consult a professional in case one has to complete Form 28 to avoid legal consequences.

Contact Ways Tax for Expert Assistance
complete Form 28 to avoid legal consequences

How to File SECP Form 28?

Prior to its abolition, SECP Form 28, used for notifying the appointment of directors or CEOs, could be filed through two main methods: online and offline.

1. Online Submission

  • Access the Portal: Use your company credentials to log in to the SECP’s online platform (previously eServices, later LEAP).
  • Form Completion: Type in Form 28 and enter the specification that is necessary:
    . Full name of the director/CEO
    . Father’s or husband’s name
    . Designation (director or CEO)
    . Address and occupation
  • Signatures: As an outcome guarantee that the form is electronically signed by the appointed director/CEO and the company signatory (for example, the director or the company secretary).
  • Submission: Verify all the details and then fill the form online.

2. Offline Submission

  • Obtain the Form: You can download Form 28 from the SECP website or must pick the physical copy from the SECP office.
  • Fill Out the Details: Fill up the form by hand, with core information like names, designation, address, etc.
  • Signatures: Both the appointed director/CEO and the authorized signatory of the company have to sign in handwriting.
  • File with SECP: The filled form shall be accompanied by any enclosures, which should be handed to the appropriate SECP office.

Don’t let these challenges hold you back from focusing on what truly matters.

Reach out to Waystax and let us handle it for you!

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Documents Required with SECP Form 28

Essential Documents

  1. Physical Signatures
    • The appointed director(s) or CEO was/were expected to sign physically at the end of the completed Form 28.
  2. Consent Letters
    • Consent letters to the company’s Board of Directors had to be scanned, making originals unnecessary.
    • These letters served to always provide a formal acceptance of the incoming director or the CEO.

For Online Submissions

  • The signed form and scanned consent letters further had to be submitted through an electronic interface of SECP.

How Ways Tax Simplifies the Filing of Form 28

At Ways Tax, we know the constraints the organization experiences especially when engaging with SECP policies. 

The process of completing Form 28 involves focus on details and strict compliance with time limits which are occasionally developed in business entities.

That’s where we come into the picture to make it easier for you to navigate through the process.

Here’s How Ways Tax Helps:

  1. Expert Consultation: Our team of professionals helps business entities in the process and makes them adhere to the appropriate measures as prescribed by SECP.
  2. Document Preparation: We complete the preparation of Form 28 and all other documents that are needed to be filed.
  3. Timely Filing: Ways Tax ensures that Form 28 was filed within the SECP’s stipulated time frame.
  4. Error-Free Process: We minimize the chances of errors, reducing the risk of rejection or penalties.
  5. Follow-Up: Our team follows up with the SECP to ensure smooth processing of your documents.

By partnering with Ways Tax, businesses focus on growth while we take care of compliance requirements.

Make the Smart Move with Ways Tax Today

Don’t let the challenges of regulatory compliance take your focus away from running your business. 

At Ways Tax, we provide full support for all your SECP compliance requirements, including Form 28 filings.

Our experienced team handles everything from precise documentation to on-time submissions and effective communication with authorities. 

Reach out to Ways Tax today to simplify your compliance process and stay in good standing with SECP regulations.