Aamna Aamna 
secp introduces ezfile for business digitalization
SECP Launches eZFile to improve ease of doing business in Pakistan
Corporation Regulation succeeded with the launch of eZFile. This e-system is an upgraded version that aims at streamlining business processes and enhancing the ease of compliance.
Changes in Corporate Data Access
In a noteworthy change, the SECP has removed information on company directors from its website, along with paid-up capital info. Yet again, this was public information capable of providing foreign investors an idea about businesses as viewed from a distance, which now only becomes available following a long process and Rs600 payment per page.
The Beginning of a New Digital Era for Corporate Compliance
The older e-services system will no longer be used; instead, eZFile takes over and serves as a very efficient and automated system for corporate filings among companies. The new automation system handles the regulatory processes of the following:
- Company registration and compliance of foreign companies
- Modification and release of mortgages, pledges, and charges
- Change of a company’s principal business activity and Memorandum of Association
- Issuance and management of debentures or redeemable capital
Towards Digital Transformation
The spokesperson of SECP has stressed that these reforms are in line with the commission’s vision of establishing a technologically driven regulatory framework. With this reform, automation will take place in some key processes, aiding SECP in easing compliance requirements, engendering business transparency, and leading Pakistan into a better place in international rankings in ease of doing business.
The new digital transformation will enhance the efficiency of corporate governance, but it may create hindrances in terms of transparency may somewhat compromise investor interest due to restricted access to vital information on companies. SECP will probably make amendments to improve this aspect as the corporate world and stakeholders get used to this introduction.
