SECP directs firms with Rs200m+ capital to appoint legal advisers

The Securities and Exchange Commission of Pakistan (SECP) has instructed companies to appoint legal advisers under the Lawyers Welfare and Protection Act, 2023, and file their advisers’ particulars using Form-9. Mettis Global reported the directive on October 22, 2026. The requirement applies to companies whose paid-up capital is above Rs200 million.

The law requires the adviser to be a practising advocate engaged on a retainer basis, and limits each lawyer to serving no more than three companies covered by the rule at once. The SECP said non-compliant companies could face action under the applicable legal provisions. The directive sets out compliance duties for qualifying firms, rather than reporting action against a named company.