SECP Form 29 is one of the forms that are most in-demand due to its nature and purpose. Form 29 with filed with SECP to intimate about any changes in the management of the company.
What is SECP Form 29?
After registering your company and starting your business, often you need to file Form 29 as a statutory requirement. The Securities and Exchange Commission of Pakistan (SECP) under the Companies Act 2017 requires filing Form 29 whenever a change in the management of the company occurs. Through Form 29 you will inform the SECP Company registration office about any change of an officer of your company or any of their particulars. This form is one of the most frequently filed SECP forms.
Section 197 of the Companies Act 2017 requires every company to maintain a register of its officers. The term ‘Officer” includes director, chief executive officer (CEO), company secretary, chief financial officer, auditor, and, legal adviser. To enable the company to maintain that register, the officers are required to provide their particulars to the company as provided in SECP Form 29.
Contents of SECP Form 29
SECP has prescribed certain information to be contained in the register of officers of a company. If you are managing the affairs of your company as an authorized representative you need to collect the following information from your officers:
- Present Name in Full (If the member is a firm then the full name of the firm, its address, particulars of each of the partners, and date of becoming a partner of the firm)
- NIC Number (Passport No. in case of Foreign National)
- Father’s/ Husband’s Name
- Usual residential address
- Nationality (If the nationality is not the nationality of origin, also provide the nationality of origin)
- Business Occupation (information on directorship in other companies)
- Date of present appointment or change
- Mode of appointment/change / any other Remarks
- Nature of directorship (nominee/independent/additional/other
You should ensure that the officers of your company provide the above-mentioned particulars to the company within Ten (10) days of their appointment or any change in the particulars.
When to file Form 29 with SECP?
Once you have the required information, you need to file Form 29 within Fifteen (15) days from the appointment or change in appointment of an officer. The changes may occur during the annual general meeting of the company like the election of directors or appointment of auditors. In such a case, Form 29 will be filed along with Form A (annual return). You as an authorized representative of your company will also have to file Form 29 in case of any change in the particulars of the officers.
Please note Form 29 is to be filed within 15 days therefore, you must get the information as soon as possible to avoid delay in filing. If the information is provided by the officer within 10 days, you will have only 5 days to prepare and submit the form.
How to fill out Form 29?
Before you file SECP Form 29, you must understand how to fill the form correctly, to avoid objections. Form 29 has three parts;
- Part 1 contains information about the company and payment details.
- In the 2nd part, you will fill the particulars and information on the appointment or change in the appointment.
- The 3rd and last part will contain your declaration about the correctness of the information and your information as the authorized representative.
Part 2 of the form is the most important, having three sections. You will fill section 2.1in case of a new appointment of an officer. You will mention all the particulars of the officer including the date of his appointment. In column ‘mode of appointment,’ you have to mention either of the following, whichever is appropriate:
A common mistake people make is that they do not fill this field appropriately and mention ‘appointed’ even when the directors are elected in the first general meeting or any subsequent election. In case the directors are elected in the first general meeting, the word ‘elected’ should be mentioned. In case of the subsequent election the word ‘re-elected’ should be used. The same is the case with the re-appointment of the CEO, legal auditor, chief financial officer, and legal advisor.
If there is a change in the officers, section 2.2 requires the relevant information of the outgoing officers and the mode in which they ceased to be the officer of the company. An officer may cease to hold the office for the following reasons which needs to be mentioned appropriately:
What Documents are required to file Form 29?
As mentioned above, in some instances you will have to file supporting documents with SECP Form 29. For example, if you mention that a director or the CEO has resigned, the law requires you to file the resignation letter, duly signed by him, with the form. Besides, you, being the signatory of the form will have to give an affidavit written on Stamp paper and verified by an oath commissioner. On the other hand, if a director is removed by the member/shareholder, a copy of the members/shareholders’ resolution would be required.
In case of an appointment or election of a new director or appointment of new CEO, you will also file a consent form with the registrar to signify their willingness to act as director or CEO.
Payment of Fee for SECP Form 29
If you have filled out Form 29 correctly, you need to submit it to the concerned company registration office along with the prescribed fee.