The Sindh Judicial Academy and the Securities and Exchange Commission of Pakistan (SECP) on Friday jointly organised a symposium on the ‘Role and Jurisdiction of Courts under Laws Governing Corporate Sector, Capital Market and Nonbanking Financial Companies’.
The event held on Friday was chaired by Chief Justice of Sindh High Court Mushir Alam. The symposium was aimed at providing basis for better institutional interaction and provides much needed feedback, especially from judicial circles on legal matters pertaining to corporate sector.
SECP Chairman Muhammad Ali appreciated the Sindh Judicial Academy for giving SECP an opportunity to share its role and responsibilities with the judiciary and ensured to work together for better protection of the rights of the investing public. He also thanked the Chief Justice Sindh High Court (SHC) for gracing the occasion and for giving his time to the event.
He apprised the audience of the role, achievements and challenges of the SECP, and said the SECP was mindful of the Herculean task of revamping the financial sector that lay ahead given the peculiar socio-political and security challenges which exist in the country.
He said the SECP has adopted a cohesive approach to build a legal framework that provides congenial business atmosphere for growth of corporate sector. Ali said, “The SECP is not only entrusted with the responsibility of being the corporate regulator but it also functions as a facilitator of corporate growth in Pakistan. It also takes measures to ensure transparency in the financial system”.
The SECP chairman informed the audience that being the apex regulator of the corporate sector, the SECP also heads a special committee that is meant for cooperating and sharing of information among the regulatory bodies and investigation agencies. A high-level committee has been formed to combat financial crimes. It comprises of representatives of the State Bank of Pakistan (SBP), Financial Monitoring Unit (FMU), National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and senior officers of federal and provincial police departments, he added.
