What is Form 29 in SECP? A Complete Guide for Companies in Pakistan
Form 29 is one of the most commonly used forms under the Companies Act, 2017 in Pakistan. It is filed with the Securities and Exchange Commission of Pakistan (SECP) to report any changes in the board of directors, chief executive, auditors, or company secretary of a company.
If you’re running a private or public limited company in Pakistan, understanding Form 29 is essential to staying compliant with SECP’s legal requirements.
Purpose of Form 29
Form 29 is used to officially notify SECP about:
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Appointment of new directors
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Resignation or removal of existing directors
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Appointment or change of the chief executive (CEO)
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Appointment or resignation of company secretary or auditors
Every time such a change occurs, companies are required to file Form 29 within a specified time period to update the public record.
Legal Requirement
Under Section 197 of the Companies Act, 2017, and Regulation 17 of the Companies (General Provisions and Forms) Regulations, 2018, filing Form 29 is a legal obligation for all companies incorporated in Pakistan.
When to File Form 29
Form 29 must be filed within 15 days of any change in the following:
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Directors (appointment, resignation, removal, or change in designation)
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Chief Executive Officer (CEO)
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Company Secretary
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Auditors
If the form is not filed within 15 days, the company may face penalties and late filing fees.
Who Needs to File Form 29
Form 29 must be filed by:
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Private limited companies
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Single Member Companies (SMCs)
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Public limited companies
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Foreign companies (in some cases, for changes in local management)
Information Required in Form 29
When filling Form 29, the following details are typically required:
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Name and CNIC/passport number of the person being appointed or removed
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Date of appointment or resignation
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Board resolution details (authorizing the change)
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Designation of the person (e.g., director, CEO)
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Copy of CNIC/passport
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Consent letter (in case of appointment)
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Proof of resignation (if applicable)
Mode of Submission
Form 29 is submitted through the SECP’s online eServices portal. Companies need to:
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Log into the eServices account
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Select the correct company and type of form
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Fill in all required details
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Attach supporting documents
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Pay the prescribed fee online
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Submit the form digitally
Filing Fee
The standard fee for filing Form 29 varies depending on the company type and whether the filing is within the deadline or late. Generally, the normal filing fee ranges between Rs. 500 to Rs. 1,000. If filed late, additional penalties may apply.
Consequences of Non-Compliance
Failure to file Form 29 within the prescribed time frame can result in:
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Late filing penalties
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Rejection of other SECP filings
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Delay in reflecting updated company records in SECP’s database
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Legal consequences for directors and officers under the Companies Act, 2017
Why Form 29 is Important
Keeping the company’s board and officer information updated in SECP records is important for:
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Maintaining transparency
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Ensuring compliance
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Avoiding legal issues in company audits, banking, and tax matters
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Protecting the company’s reputation and legal standing
Conclusion
Form 29 is a critical compliance document for all companies in Pakistan. Any changes to the board of directors, CEO, or company officers must be promptly reported to SECP through Form 29 within 15 days. Regular filing and legal compliance not only keep your company’s records updated but also help avoid unnecessary penalties and complications.
