KARACHI: The Securities and Exchange Commission of Pakistan (SECP) conducted the first-ever public hearing in Karachi, focusing on proposed regulatory interventions for development of short-term listed corporate Sukuk market.

The public hearing was attended by senior management of SECP including Chairman SECP, Commissioner (Ins) and Commissioner (SCD).

In opening remarks, the Chairman SECP Akif Saeed emphasized the Commission’s commitment to develop short-term listed Sukuk segment by rationalising cost and reducing issuance timelines, so that issuers can remain indifferent between listed and unlisted Sukuk issuances.

The hearing was attended by representatives from MUFAP, leading banks, financial institutions, issuers, credit rating companies, asset management companies, Shariah scholars, PSX and CDC. Virtual facility was also available for public participation.

The SECP proposed regulatory interventions were strongly supported by the stakeholders during the hearing. The participants also gave additional valuable suggestions to complement the SECP envisaged measures.

Proposed regulatory interventions shall be finalized in light of the valuable feedback received from the stakeholders. The public hearing is a testament to SECP’s commitment for ensuring active engagement and inclusive consultations for taking the stakeholders on board prior to introduction of key market reforms.

Copyright Business Recorder, 2024