The recently reinstated head of the Securities & Exchange Commission of Pakistan (SECP) Policy Board, Khalid Mirza on Saturday in broad terms appreciated the recent measures taken by the new SECP chairman and was glad to note that the commission has picked up the approach and spirit of the direction adopted by the policy board. Some of these measures had been proposed by the policy board but not implemented by the commission. He hoped that this momentum will be maintained.
In a statement issued from Bahrain, Khalid Mirza said that the new reforms in the stock market contain several measures which were proposed by the policy board in the past, but not implemented by the previous team. He was satisfied that the new direction is well conceived. There are of course several measures which need to be taken and regulations need to be made even less onerous without deviating from the goal of protecting the integrity of the market.
Also, the working of the commission needs to be substantially re-oriented so that it becomes a market friendly and effective regulator. This will enable the capital market to play its rightful role in mobilizing capital for economic development.
The policy board would be happy to support the commission in such efforts, Khalid Mirza added. The Islamabad High Court (IHC) had restored Khalid Mirza, former chairman of Securities & Exchange Commission of Pakistan's Policy Board, till the final judgment on his appeal.
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