SECP relaxes condition of license to non-profit associations
1/20/2012 10:07:25 AM
ISLAMABAD: Security Exchange Commission of Pakistan (SECP) has made amendment to the conditions for grant of license to not-for-profit associations.
The amendment was made under Section 42 of the Companies Ordinance, 1984, regarding allowing of investment in associated companies.
A statement issued by SECP on Thursday said that condition in this regard required that the not-for-profit association shall make no investment, whatsoever, in its associated companies, was originally imposed to restrict improper use of funds by the associations.
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