Companies will keep the documented records for ten years

The federal government impose ban on the companies to destroy their physical records before ten years. The government also directed to keep their records and documents electronically on  permanent basis. The SECP has amended the companies regulations 2003 to implement the new directions from the federal government.

According to the new regulations, the companies will keep the physical record in their registered head quarters for ten years. The companies will be able to destroy the physical records after getting approval from SECP. But they have to save the records electronically before destroy it. In the case of dissolution, the company will keep the records for five years.

The new regulation will make it easier for the concerned authorities to audit or investigate any wrongdoing of a company in the past.