The Securities and Exchange Commission of Pakistan (SECP) has requested the corporate sector to adopt digitalisation, citing that it will not only improve their efficiency and overall ease of doing business but also help maintain a green environment.
In a statement on Tuesday, the commission revealed that it had also digitalised the incorporation process and stopped traditional practice of issuing paper-based certificates through automation.
Through digitalisation and automation, SECP slashed the overall stationary usage by 55% and paper consumption by 27% in 2021, thus limiting the expenditure of public money, the statement said.
External regulatory processes such as Form 45, Form-IV – Limited Liability Partnership (LLP), list of shareholders, annual risk and control compliance, change/ rectification of LLP name and others have been shifted online.
Moreover, internal processes have also been digitised to improve the organisational efficiency, which included provident fund application, gratuity fund application, fleet management application and house building loan application. The commission has also digitised SMART objectives and appraisal management system, promotion management system and payroll/ salary approval process, the statement said.
Citing a research by the United Nation’s Food and Agriculture Organisation (FAO), the commission claimed that it saved around 38 trees in 2021 by decreasing the paper consumption. “It takes 24 trees to make one ton of papers,” according to the research. Reiterating its commitment towards environmental conservation, the SECP urged the corporate sector to harness the power of digital transformation.
Published in The Express Tribune, January 12th, 2022.