Securities and Exchange Commission of Pakistan (SECP) Chairman Tahir Mahmood on Friday said the SECP has been remaking its Standard Operating Procedures (SOPs) and procedures to ease the regulatory compliance. He was addressing a joint press conference here to highlight the recent achievements and developments of the SECP. Commissioner Specialized Companies Division Imtiaz Haider, Commissioner Insurance Asif Arif and Commissioner Securities Market Division Zafar Abdullah were also present at the occasion.
Tahir Mahmood said the SECP undertakes strict monitoring and vigilance of the corporate sector with a view to promoting transparency, accountability and good corporate governance practices and thereby protecting the interests of investors. He said Pakistan is among a few jurisdictions where a company could be registered in a day. Under the fast track registration services (FTRS), a company could be registered in four hours, he said and added that the FTRS are currently available for core processes such as availability of name, incorporation of companies, change of name and charge registration, modification and satisfaction processes. The SECP has been made mandatory for all listed companies and which filed last document, return, accounts or any application through eServices.
The Commissioner Insurance SECP, Asif Arif told the press conference that SECP is considering to review the Insurance Ordinance 2002 to insurance investor protection and to evolve a system for dispute resolution. Commissioner SCD, Imtiaz Haider said the SECP has started implementation of recommendations of the Non-Banking Financial Companies (NBFC) Reform Committee. He said SECP would develop a "bond pricing agency" to revitalise the country's debt market. He said SECP has also decided to take fresh measures to attract investors in the real estate sector by reducing paid-up capital from Rs 200 million to Rs 50 million for Real Estate Management Company under the proposed Real Estate Investment Trust (REIT) Regulations 2014. The commission has proposed comprehensive changes in the REIT Regulations to attract maximum investors in the real estate sector, he added.-PR
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