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KARANDAAZ PAKISTAN
REQUEST FOR EXPRESSION OF INTEREST
Country: Pakistan
Title of EOI: SECP: Company Registry Automation
EOI Number: 19
Issuance date of EOI: December 10, 2020
Last date for Queries: December 22, 2020
Response to Queries: December 28, 2020
Closing date of EOI: January 11, 2021
Address EOI response to: Procurement Department
E-mail Address: procurement@karandaaz.com.pk
1. COMPANY OVERVIEW
KARANDAAZ PAKISTAN, a section 42 company incorporated in Pakistan in August 2014, promotes access
to finance for small businesses through a commercially directed investment platform, and financial
inclusion for individuals by employing technology enabled digital solutions. Karandaaz Pakistan has
financial and institutional support from leading international development finance institutions; principally
the United Kingdom’s Department for International Development (DFID) and the Bill & Melinda Gates
Foundation (BMGF).
The Company has four verticals.
Karandaaz Capital provides wholesale structured credit and equity-linked direct growth capital
investments in micro, small and mid-size enterprises (MSMEs) with compelling prospects for
sustainable growth and employment generation in Pakistan.
Karandaaz Digital focuses on expanding the poor’s access to digital financial services in Pakistan
by working across the ecosystem with all stakeholders including regulators, policy-makers,
government departments, businesses and researchers and academics with activities arranged in
four key work areas–Policy and Regulation, Seeding Innovation, Experimentation and Solutions
Development, and Scale and Outreach.
Karandaaz Innovation manages the Innovation Challenge Fund, providing risk capital and grants
to partners with an aim to generate innovative solutions to complex problems in areas of financial
inclusion and entrepreneurship.
Knowledge Management and Communications supports the company's core financial inclusion
goal by developing and disseminating evidence-based insights and solutions to influence markets
and the financial ecosystem.
2. BACKGROUND
SECP was setup in pursuance of the Securities and Exchange Commission of Pakistan Act, 1997 and became
operational in January, 1999. It has investigative and enforcement powers to regulate, administer and
enforce laws pertaining to corporate sector, capital markets, non-banking financial sector and insurance
sector with an aim to facilitate capital formation, protect rights of investors, develop an efficient and
dynamic regulatory framework and maintain fair, orderly and efficient markets. The core business
functions include promoting corporatization, market development, investor awareness and education,
registration & licensing, supervision (prudential & regulatory) and enforcement (civil & criminal).
Over the years, in order to facilitate interaction with its regulatees, SECP has automated a number of
business processes through a platform called eServices. SECP management has envisioned a digital
transformation program to position SECP as a role-model regulator through end-to-end automation and
digitization to deliver a world-class experience to its stakeholders. The project would enhance the internal
capability of SECP to perform company registration, filing and compliance, licensing and regulatory
approvals functions swiftly and efficiently; encourage regulatory compliance, promote transparency and
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fairness, and continue to position SECP’s reputation as a credible corporate regulator. During and after the
completion of the program it is envisioned that the regulates will be involved in decision-making, policy
setting, problem solving and the co-design of services.
Currently, the end-users and internal officers are exposed to outdated user experience; through this
project, end to end automated process execution will be achieved to meet the needs of internal and
external stakeholders.
3. OBJECTIVES
Karandaaz Pakistan seeks to engage a technology firm for the provision of following services for SECP:
Customization and Implementation of an off the Shelf Web based Company Registry software
(which covers Company Registration, Licensing, Filing and Compliance and Regulatory Approvals)
either directly or through engagement of local IT Firm as a partner.
Provision of Hardware and/or System Software licenses for on-premises or local cloud deployment
in Pakistan for Company Registry software.
On-site maintenance and support for five years after acceptance of the customized software.
To meet the legal and operational requirements of SECP, the firm shall grant SECP a perpetual license to
use the customized version of the Company Registry Software solution.
In addition to above, the proposed solution MUST enable SECP to receive company’s reporting of
financial information using XBRL format and conduct real time business monitoring, reporting and data
analytics.
Moreover, the required data from existing relevant systems would need to be migrated to the new system.
Most of the documents are currently in IBMs proprietary XFDL format as well as in a variety of other file
formats including but not limited to Word, Excel, jpeg, tiff and PDF along with fully versioned history.
4. SCOPE OF WORK
The scope of work leading to a successful implementation of Company Registry solution is anticipated to
be spread over the following key components/streams:
Analysis and review of business requirements
Review and understanding of existing laws, rules and regulations
Review and understanding of existing systems and data repositories for data migration
Design and solutioning
Detailed project planning and approvals cycle
Design, customization and implementation of the solution
Data migration
Acceptance and Go Live of the system
Project Management (end to end delivery)
KPIs, benchmarking and impact measurement from the project
Preparation of training material as well as training of all stakeholders
4.1 PROSPECTIVE SYSTEM REQUIREMENTS/BUILDING BLOCKS FOR COMPANY REGISTRY
SOLUTION WITH XBRL COMPLIANCE
4.1.1 Integrated user data verifications for real time service fulfilment. The integrations can be
and are not limited to Payment Gateways, Software Systems integrations, telcos
integrations, Emails/SMS integrations, information validations, etc.
4.1.2 Multiple digital channels for process execution: Web, mobile applications, etc.
4.1.3 Multiple online payment modes for convenience of real time payments
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4.1.4 Integrated information exchange and management with external organizations /systems
for information sharing and application processing with external entities.
4.1.5 Open API gateway for seamless exchange of information with external entities
4.1.6 Workflow automation for worklist management
4.1.7 Document filing and Content/archiving management
4.1.8 Real time business monitoring to keep track of process and system efficiency
4.1.9 Search and status tracking through online and mobile interface
4.1.10 Easy management of business rules
4.1.11 Business intelligence reporting and data analytics
4.1.12 Capacity building and knowledge transfer
4.2 PROSPECTIVE FUNCTIONAL REQUIREMENTS
The prospective functional requirements have been derived from the applicable laws/rules/regulations. It
is suggested to regularly check SECP website (Laws section) for amendments (if any) in respective laws for
latest updates.
For clarity and better understanding, the tables below have been included to identify various Registers,
lists of entity types associated to registers and the relevant acts/laws applicable to each type
REGISTERS AND ENTITY TYPES
Registers List of Entity Types per Register
1. Company Limited by shares
1.1 Public (listed, unlisted, not for profit (section
42))
Companies Register 1.2 Private (single member, multi-member)
2. Company Limited by Guarantee
3. Unlimited Company
Limited Liability Partnership Register Limited Liability Partnerships
Foreign Companies Register Foreign Companies
1. Individuals
2. Firms
Intermediaries Register
3. Limited Liability Partnerships
4. Companies
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REQUISITE FUNCTIONAL REQUIREMENTS (For each Register listed above):
Register List of Entity Types Per Register
Following is the list of requisite registers and associated entity types per register along with
provisions from relevant law in order to communicate the requisite functional requirements based
on applicable primary and subordinate laws. All prospective bidders must take into account the Acts
/ Laws mentioned for further clarity on functional requirements:
1. Company Limited by shares
1.1 Public (listed, unlisted, not for profit (section
42))
COMPANIES REGISTER 1.2 Private (single member, multi-member)
2. Company Limited by Guarantee
3. Unlimited Company
Companies Act, 2017
Companies (Incorporation) Regulations, 2017,
PRIMARY & SUBORDINATE LAWS Companies (General Provision and Forms)
Regulations, 2018,
Single Member Companies Rules, 2003
APPLICABLE PROVISIONS OF COMPANIES ACT, 2017
PART I – PRELIMINARY
PART II – JURISDICTION OF COURT
PART III – POWERRS & FUNCTIONS OF THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
PART IV - INCORPORATION OF COMPANIES AND MATTERS INCIDENTAL THERETO
PART V - PROSPECTUS, ALLOTMENT, ISSUE AND TRANSFER OF SHARES AND OTHER SECURITIES
PART VI - REGISTRATION OF MORTGAGES, CHARGES, ETC.
PART VII - MANAGEMENT AND ADMINISTRATION
PART VIII - MEDIATION, ARBITRATION, ARRANGEMENTS AND RECONSTRUCTION
PART IX - PREVENTION OF OPPRESSION AND MIS-MANAGEMENT
PART X - WINDING UP
PART XI - WINDING UP OF UNREGISTERED COMPANIES
PART XII - COMPANIES ESTABLISHED OUTSIDE PAKISTAN PROVISIONS AS TO ESTABLISHMENT OF
PLACES OF BUSINESS IN PAKAISTAN
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