SECP's token response in the print media does not provide clear picture about the sale of CSIBL. The latest position presented by SECP regarding CSIBL provides ambiguous status of sale, as neither the party's name is disclosed nor any timeline has been given by SECP for the sale of CSIBL, so, as the saying goes, keeping everything vague, makes life easy.
SECP can take any position it feels like in future. Many financial institutions' buys and sales transactions have taken place in the same timeframe, which coincides with SECP take-over of CSIBL. SECP being a powerful regulator, does not seem to be moving fast enough, though it is lot easier for SECP to do so.
If SECP wishes to persuade a foreign/local buyer to buy CSIBL by offering incentives which private wheelers/dealers cannot even imagine, then why it still is not selling CSIBL? This raises questions, as to why, SECP is not serious about selling CSIBL. Does SECP understand the difficulties and sufferings of depositors and creditors of CSIBL? What sort of credibility of country's financial regulators is being exhibited to the outside world? Please, SECP, do us a favour, and sell CSIBL.
One lesson being learnt from the above is, as the issuance of deposit taking licence to CSIBL and NBFCs falls in the realm of SECP, and obviously CSIBL solicited funds on the basis of SECP issued deposit taking licence, now belated monitoring of SECP in case of CSIBL has inflicted heavy blow to the financial positions of all depositors and creditors. This does not present a positive image of SECP's procedure for issuing deposit taking licences to NBFCs, including CSIBL. As a subsequent to the take-over of CSIBL by SECP, the acts of handling CSIBL affairs and sale are awfully sluggish and deplorable. However, at this juncture, all depositors and creditors of CSIBL urge and request the President and Prime Minister of Pakistan to kindly sell CSIBL immediately.
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