Draft Securities Bill 2010: National Assembly body meeting adjourned due to lack of quorum

National Assembly Standing Committee on Finance on Wednesday postponed the approval of Draft Securities Bill 2010, due to absence of Finance Minister Dr Abdul Hafeez Sheikh and other Committee members, till next meeting yet to be scheduled. Chairperson of the Committee Fauzia Wahab and other members remarked that such an important law could not be considered in the absence of Finance Minister and majority of the committee members.
The committee faced a quorum issue when three out of total six members present in the committee walked out of the room. "We are unable to continue with such an important law with only three members - one short for maintaining quorum," chairperson brought the lack of quorum into the notice of the members. Additionally, Wahab said, "and the minister is also not present".
Wahab was also heard complaining to the joint secretary of Finance Ministry after the committee meeting was adjourned that the Ministry was not providing support to the committee. An official of finance ministry informed the committee that the Minister and Secretary Finance Dr Waqar Masood have to attend the meeting of Cabinet Committee on Restructuring (CCOR) that coincided with the Standing Committee. Wahab said that such an important piece of legislation must be passed by the committee in the presence of Finance Minister and Secretary Finance. Her stance was endorsed by the other three members of the committee.
She also directed the Chairman Securities and Exchange Commission of Pakistan to take a feedback from the stakeholders about the proposed amendments in the law especially about the mandatory payment of annual fee for the revival of licenses. Wahab said the next meeting of the committee could not be held today on January 19, a date when Prime Minister would be appearing before the Supreme Court in relation to non-implementation of NRO verdict. The next date of the standing meeting has not been finalised. The official of Securities Exchange Commission informed the committee that amendments to the original law had been approved by the Finance Ministry on Tuesday - a night before the committee meeting. According to the official, this was the reason that it could not be shared with the stakeholders.