The Securities and Exchange Commission of Pakistan (SECP) has received highest number of complaints relating to the registration of new companies, insurance sector, e-services and corporate supervision including transfer of shares during 2019-20.
According to the SECP's new annual report (2019), within the regulatory affairs, the highest number of complaints ie, 25 percent related to registration of companies wherein people had faced difficulties in incorporation of a company, name reservation, post incorporation compliance requirements etc. This was followed by 16% complaints relevant to the insurance sector; mainly about refund of premium/policy cancellation, bancassurance, and dispute over policy claims. Of the total, 11% complaints were about corporate supervision, mostly related to transfer of shares, dispatch of shares, signature verifications etc., 3% complaints related to capital markets and 2% were about AMCs, mutual funds and RIETS etc. IT and eServices related complaints amounted to 22%, 18% and respectively. The most common complaints and queries were about procedures of online filing, issues related to downloading of form, online payment, browser, search etc.
During FY 2018-19, the SECP handled a total 5,417 complaints and 27, 847 queries. Of the total complaints, 4,982 were closed and prompt guidance was provided on all queries. The pendency ratio is 1 percent only. To address these complaints and queries swiftly and satisfactorily, the SECP has skilled and trained human resource and developed a state of the art and digitally integrated service desk management system (SDMS). Further, an easy to use mobile application has also deployed for facilitating the public.
The SECP disposed of 555 complaints of aggrieved policyholders against the insurers, whereby the insurers paid an aggregate compensation of Rs 94.883 million to the policyholders on account of settlement of their grievances. During the year under review, the SECP forwarded 169 complaints of policyholders to the Small Disputes Resolution Committees (SDRCs) for provision of speedy and inexpensive relief through amicable resolution. Further, in 277 cases of policyholders' complaints where amount in dispute exceeded the pecuniary limits of SDRCs, the cases were referred to the Federal Insurance Ombudsman for redressal of grievances, SECP added.
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