KARACHI: In an interactive session with member companies of the Overseas Investors Chamber of Commerce and Industries (OICCI), the Securities & Exchange Commission of Pakistan’s Chairman Akif Saeed stressed on the importance of digitalisation.
During the session, Akif Saeed updated the audience on the recent initiatives of the SECP and said that “we must embrace technology and focus on digitalisation, which will help reduce cost and time.” He maintained that the Commission is currently working towards overhauling its structure – internally and externally – to streamline regulatory procedure.
He said that earlier this year, the SECP launched a Centralized Gateway Portal to facilitate digital on boarding of investors in different asset classes in the regulated sectors.
Akif Saeed maintained that the Commission’s objective is facilitation and to “eliminate the footfall in our office and give the end user a facility to share their ideas/concerns from their desks.”
On the occasion, the SECP chairman also answered the queries raised by representatives of the OICCI member companies relating to delays in security clearance of foreign directors, which is an impediment for foreign investors.
In addition, he also addressed OICCI members’ concerns on improving the e-services portal, practically amending the definition of related parties, duplicate submissions on SECP and PSX platforms along with update on the new Companies Act.
The SECP chairman recommended holding frequent such sessions with the OICCI members to share ideas and concerns to further improve the existing regulatory process in Pakistan.
On his arrival, he was received by OICCI’s President Amir Paracha, Vice President Rehan Muhammad Shaikh and Secretary-General M Abdul Aleem.
Welcoming the chairman, President Amir Paracha lauded the SECP for its progressive approach as it has significantly contributed towards continuous improvement and towards the growth and transparency of Pakistan’s financial markets.
“The SECP’s role in ensuring the stability and integrity of our financial systems cannot be understated,” he added.
Amir Paracha highlighted that the Commission’s recent initiatives, such as, the MoU with the IT ministry and IGNITE to set up VC fund and women empowerment, are in line with OICCI’s goals. He said that the OICCI is also not only investing but providing thought leadership in these areas.
Copyright Business Recorder, 2023
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