Securities and Exchange Commission of Pakistan launches Section 42 licensing facilitation desk and mandates a female director for medium and large companies

The Securities and Exchange Commission of Pakistan has established a dedicated Licensing Facilitation Desk at its head office to support applicants seeking licences for not-for-profit companies under Section 42 of the Companies Act, 2017. The desk is intended to provide hands-on guidance, check applications for completeness on the spot, and reduce delays in the licensing process. A single, standardised email inbox has been introduced as the central channel for all Section 42 licence applications and related correspondence to streamline communication and response times. The SECP also set a governance requirement that medium and large Section 42 companies must have at least one female director, while encouraging small Section 42 companies to adopt the same practice. Supporting resources, including a document checklist and a licensing guide for Section 42 companies, have been made available on the SECP website. The female director requirement is due to apply from the next election of directors following the promulgation of the Companies Regulations, 2024.