ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to Fourth Schedule of Companies Act, 2017. These amendments enhance list of disclosures made in financial statements of listed companies for Shariah stock screening shares, according to press release issued here.

Listed companies will be required to provide crucial information about their subsidiary companies for Shariah stock screening purposes to align regulatory framework with market needs for fair trading environment. Additionally, language of Fourth Schedule has been simplified to bring clarity to Shariah stock screening of shares to include in Islamic indices main- tained by Pakistan Stock Exchange.

Proposed revisions have resulted from SECP’s engagements with stake- holders during series of Islamic finance sessions. Changes are aimed at enhanc- ing transparency, fostering investor con- fidence and aiding in informed decision- making. SECP has published consultation paper containing objectives and details of proposed amendments in comparative format and draft notification. Concept paper is available at following link https://www.secp.gov.pk/document/consu ltation-paper-amendments-to-the-fourth- schedule-to-the-companies-act-2017/.