A high-level meeting of the Sub-Committee on Regulatory Reforms was held today under the chairmanship of Special Assistant to the Prime Minister on Industries and Production, Mr. Haroon Akhtar Khan.
The meeting was attended by Mr. Scott Jacobs, representatives from the Board of Investment (BOI), the Securities and Exchange Commission of Pakistan (SECP), and the State Bank of Pakistan (SBP).
During the meeting, proposals for amendments to the Companies Act 2017 were presented. The SECP and BOI jointly introduced a comprehensive package of recommendations aimed at aligning the Act with international best practices.
The proposed amendments include removing the minimum and maximum limit on the number of members in private and public companies, as well as introducing greater flexibility in corporate forms and eliminating unnecessary restrictions.
Mr. Haroon Akhtar Khan emphasized that the agreed recommendations should be drafted at the earliest. He remarked that excessive regulations, procedural delays, and barriers to ease of doing business have become serious challenges for enterprises in Pakistan.
He further noted that several provisions in the current Act create hurdles and restrictions that obstruct innovation in modern corporate structures.
