The Ministry of Finance has sent five names to the Prime Minister Shaukat Aziz for appointment as members of the newly established Competition Commission of Pakistan(CCP). Sources told Business Recorder on Thursday that the Finance Ministry has okayed these names for onward submission to the PM for approval.
The Finance Ministry has recommended the names of the following renowned financial experts: Khalid Aziz Mirza, proposed chairman of Competition Commission; Abdul Ghaffar, member; Ms Rahat Kaunain Hasan of Securities and Exchange Commission of Pakistan (SECP), member; Dr Joseph Wilson, LUMS, professor of economics and law, member and Miss Maleeha Mimi, financial sector expert has been proposed as member of the Competition Commission.
Sources said that the names of the members of the commission would be notified as soon as PM gives his approval. The new commission could not work till the names of the members are duly notified after promulgation of the presidential ordinance.
Under the new law, the commission shall establish a fund to meet its expenditure. The fund shall primarily consist of allocations by the government, charges, fees and penalties levied by the Commission and contributions from local and foreign donors or agencies with the approval of the federal government.
The commission shall constitute Appellate Benches of the commission comprising not less than two members to hear appeals. The employees of former MCA not considered for appointment in the Commission shall have the option to be discharged from service on payment of admissible dues or as an alternative the services of these employees will be placed at the disposal of Finance Division and till absorption or retirement will continue to draw salary, allowances from the Commission.
The proposed Competition Commission will promote competition through competition advocacy by creating awareness and imparting training about competition issues.