The Securities and Exchange Commission of Pakistan (SECP) has withdrawn final draft of the Securities Act 2007 for making changes on the suggestions of the stakeholders. Talking to Business Recorder on Monday.
SECP Chairman Razi-ur-Rehman Khan said that the SECP wanted to incorporate some amendments in the Act and the draft of the Securities Act 2007 would re submitted within one week. Once this process is completed, the law would be placed before the Parliament for approval, chairman SECP added.
The SECP had recently circulated the draft of the Securities Act, while the commission is taking due care in finalising the law to avoid any negative impact on the corporate sector.
As per proposed law, the Commission may issue directions to securities exchange for ensuring fair, transparent and efficient securities markets, clearing and settlement of securities transactions; integrity and proper management of systemic risks in securities markets and ensuring a proper governance structure of the securities exchange; or in the interest of the public or for the protection of customers.
The SECP can issue directions to a security exchange by notice in writing either of a general or specific nature. The draft Act has specified detailed mechanism for proper monitoring and surveillance of the securities market. It has also issued detailed regulations and procedures for the establishment of central depository companies. The draft law has also elaborated the term ''market manipulation''.
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