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031007
SECURITIES AND
EXCHANGE COMMISSION OF PAKISTAN
Circular No. 25 - Reference No. CLAD/602/6/Circular/88
USE OF WORD “BANK” OR ANY OF ITS DERIVATIVES
October 07, 2003
Attention is invited to section
8 of the Banking Companies Ordinance, 1962, under which no company other than a
banking company is allowed to use the word “bank”, or any of its derivatives as
part of its name or any word calculated to indicate that it is a banking
company. It has been observed that promoters/sponsors of few companies,
particularly the NBFCs are desirous to adopt the word ‘bank’ as part of the
companies name and they approach to the Registrar of Companies for clearance
without seeking prior approval from the State Bank of Pakistan.
All CROs are, therefore, directed not to allow the word “bank” or any of its
derivatives as a part of companies name unless prior approval of the State Bank
of Pakistan is produced a required under section 8 of the Banking Companies
Ordinance, 1962.
(NAZIR AHMED SHAHEEN )
Additional Registrar of Companies
Distribution
All Company Registration Offices.
All Officers of SEC.
Copy to:
(i) The President, Institute of Chartered Accountants of Pakistan, Karachi.
(ii) The President, Institute of Cost & Management Accountants of Pakistan,
Karachi.
(iii) The President, Federation of Pakistan Chamber of Commerce and Industry,
Karachi.
(iv) The Presidents, All Chambers of Commerce and Industry.
(v) All firms of Chartered Accountants / Cost and Management Accountants
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