On 3 March 2025, PAK SEC notified that all unlisted firms newly incorporated from 3 March 2025 shall hold and issue shares in book-entry form only, not in physical form.

• The notification specifies CDS-issued documents, relevant returns on the prescribed form notifying detail of changes in shareholding that the unlisted firms must attach.
• PAK SEC noted that any person not complying with the requirements will be subject to penal action pursuant to sub-section (2) of section 510 of the Companies act, 2017.