SECP granted licenses to 16 non profit associations

ISLAMABAD – July 8, 2010: During the first half of 2010, the Securities and Exchange Commission of Pakistan (SECP) granted licenses to 16 associations not for profit under Section 42 of the Companies Ordinance, 1984.

Four of the 16 associations belong to the public sector, the remaining are from the private sector. Eight associations have been granted licenses in the social services sector, two each in research/policy matters, provision of housing facilities for employees, one each in sports, charity, commerce and environmental protection.

The associations include Green Emergency Forum, Vision 21 Foundation, Pehchan, Zakria Foundation, WAPDA Endowment Fund for Sports, Furqan Education Foundation, Abbassciy Foundation, NRSP Institute of Rural Management, Energy Foundation-Pakistan, Centre for Strategic and Policy Analysis, Foundation for Better Tomorrow, Pakistan Institute of Cost and Contracts, Pakistan Wildlife Foundation, GEPCO Employees Housing Foundation, Pakturk Businessmen Association and COMSATS Employees Housing Foundation.

NRSP Institute of Rural Management has been created by the National Rural Support Programme, mainly to provide training and research for building the capacity of communities and professionals, fostered by the NRSP and other rural support programmes.

Pakistan Institute of Cost and Contracts has been formed by the Pakistan Engineering Council, NESPAK and All Pakistan Constructors Association, to undertake research and to provide a single and credible source for cost data of all construction inputs. It also seeks to develop schedule of rates and procurement documents, guidelines for cost estimation of construction works, etc.

Pakturk Businessmen Association has been formed to encourage trade, commerce and economic relations between the business communities of Pakistan and Turkey.

Green Emergency Forum has been created to promote environmental protection and conservation. Zakria Foundation aims at providing health facilities to the needy, and Vision 21 Foundation at supporting research on policy issues. The main object of Pehchan and Furqan Education Foundation is to establish and promote educational institutions. The non-profit sector is playing a significant role in the promotion of commerce, art, literature, science, religion and sports. It has been providing valuable social services to the public.