Form 29 SECP: Essential for Corporate Management Updates
Form 29 SECP is important for notifying the Securities and Exchange Commission of Pakistan (SECP) about changes in a company’s management. It is compulsory, according to the Companies Act 2017, for any updates in management structure, like the appointment of a new CEO, CFO, or other main officers, to keep SECP’s records correct.
What is Form 29 in Pakistan?
Once your company is registered and running, you need to file Form 29 SECP to inform SECP about changes in management.
This might include the appointment of a new CEO, CFO, legal adviser, or other important officers. The form makes sure that SECP’s records have the correct details about the company’s employees and legal advisors. According to Section 197 of the Companies Act 2017, every company must keep a record of its officers, and filing Form 29 supports this requirement. You can download form 29 SECP online.
Information Required in SECP Form 29
To correctly submit SECP Form 29, you need to gather these details from the company’s officers:
| Information Needed | Details |
| Full Name | For firms, include the firm’s name, address, partners’ particulars, and partnership date. |
| NIC/Passport Number | NIC for locals and Passport number for foreign nationals. |
| Father’s/Husband’s Name | As required. |
| Residential Address | The usual place of residence of the officer. |
| Designation | Officer’s title or position in the company. |
| Nationality | Provide nationality of origin if different from current nationality. |
| Occupation | Include directorships in other companies, if applicable. |
| Date of Appointment | The specific date of appointment or change. |
| Mode of Appointment | Whether the officer was appointed, reappointed, elected, or re-elected. |
| Nature of Directorship | Mention if the officer is a nominee, independent, or additional director. |
Make sure the officers give the needed details within 10 days of their appointment or if there are any changes. This quick submission helps meet the filing time.
When to File SECP Form 29?
The company needs to submit Form 29 within 15 days of any changes in management. These changes can happen at the annual general meeting (AGM) when new directors or auditors are chosen.
In these situations, Form 29 is often sent with Form A, which is the annual return of the company.
Deadlines for filing are strict—ensure you prepare Form 29 soon after getting needed information from the company’s officers to prevent late fees and penalties.
How to Fill Out SECP Form 29
Form 29 has three main parts:
- Company and Payment Details: This part includes company information and payment fees needed for filing.
- Appointment Details: This section needs information about new appointments or changes.
- Declaration: A statement that confirms the provided information is correct and signed by someone authorized by the company.
In Part 2, there are three sections:
- Section 2.1: This is for new appointments (like CEO, Director).
- Section 2.2: This is for changes or stopping an officer’s role (like resignation or retirement).
Supporting Documents for SECP Form 29
Based on the situation, documents may be needed with Form 29, like:
- Resignation letters: When a director or CEO quits.
- Affidavit: Verified by an oath commissioner, stating that the info given is true.
- Consent form: For new directors or CEOs, showing they agree to take the role.
Filing Fees and Penalties for Late Submission
SECP charges a filing fee for Form 29. The fee increases if the form is filed late, as shown below:
| Time of Filing | Filing Fee |
| Within 15 days (on time) | Normal fee |
| Up to 3 months late | Twice the normal fee |
| Up to 1 year late | Four times the normal fee |
| 2 years or more | Five times the normal fee |
Penalties for filing late can go up to Rs. 25,000. If there is continued non-compliance, SECP can charge a daily fee of Rs. 500.
SECP Form A: Annual Compliance
Each registered company needs to hand in Form A every year to follow the SECP’s legal rules. This form is provided after the Annual General Meeting (AGM) and includes current details about the company’s directors, CEO, auditors, and legal advisors.
| Detail | SECP Form A |
| Purpose | To submit an annual return with updated particulars of directors, CEO, and auditors. |
| Filing Fee | Yes, with penalties for late submission. |
| Deadline | Typically October 28th every year. |
Need Assistance?
Filing form 29 SECP can take a lot of time. Avoid penalties—Waystax can assist you with correct and prompt submissions. Reach out to us now for help with SECP Form 29, Form A, and other corporate compliance needs.