SECP notifies regulations for non-profit associations

ISLAMABAD, June 12: The Securities and Exchange Commission of Pakistan (SECP) has notified the Associations with Charitable and Not for Profit Objects Regulations, 2018.

The regulations specify procedure for grant of license to associations with charitable and not for profit objectives, incorporation of association as a public limited company, conditions applicable to such companies, fit and proper criteria for the promoters, members, directors and chief executive officer, provision for revocation of license and subsequent transfer of assets to another company licensed under section 42 of the Companies Act, 2017 (Act) and monthly reporting requirements.