Federal Cabinet on Monday once again deferred draft Stock Exchanges, Corporatisation, Demutualisation and Integration Ordinance, 2007, frustrating Securities and Exchanges Commission of Pakistan''s efforts to promulgate it before December 31, it is learnt reliably.
The regulator had inserted a new section in the Securities and Exchanges Ordinance, 1969 to expedite Corporatisation and demutualisation, whereas in the Finance Act, 2006 all the stock exchanges were required to be corporatised and demutualised by December 31, 2006 or by such later date as may be specified by the Commission. However, the demutualisation deadline was extended to December 31, 2007 which has been missed again.
When contacted, SECP Chairman Razi-ur-Rehman told Business Recorder from Karachi that there was no concrete reason for deferring the Ordinance for a second time. Asked what was the reason for deferment of the Ordinance, Rehman was hesitant to reply, saying there was not any special reason. He, however, was of the view that this question should be asked from the Finance Ministry.
Informed sources told Business Recorder it was not a proper time to consider such issues asking Cabinet Division to bring it in the next Cabinet meeting. Presided over by Prime Minister Muhammedmian Soomro, the Cabinet was apprised that manufacturing sector, revenue and exports have all suffered badly due to Benazir Bhutto''s assassination.
While commenting on the elections, the Prime Minister said any decision regarding change in the scheduled date would be taken after consultations with all the stakeholders.
The Election Commission is the primary institution to decide about the holding of elections on the announced date, based on the assessment of the prevailing situation; an official statement quoted the Prime Minister as saying.
Soomro said criminal elements took advantage of the tragedy resorting to looting and plundering which can be described as a clear attempt to disrupt the life from South to North of Pakistan.
"We have to save Pakistan and the people from any further damage," the Prime Minister said, adding that all decisions would be taken dispassionately keeping the interests of the country supreme. The Prime Minister directed the concerned authorities to take strict action against miscreants.
The Cabinet also reviewed the steps taken by the Ministry of Interior for investigating the terrorist attack on Benazir Bhutto. The Interior Minister informed the Cabinet that all relevant pieces of evidence on the scene were collected before cleaning and washing the site of the incident.