Federal Finance Minister, Senator Ishaq Dar on Wednesday directed the Security Exchange Commission of Pakistan (SECP) to consult all the relevant stakeholders on Draft Modaraba Companies and Modaraba (Floatation and Control) Ordinance, (Amendment) Act, 2016, and the amendments in the Insurance Law which were currently under consideration.
Chairing a meeting here at the Finance Division with the SECP’s chairman and his team, the minister appreciated the hard work done by the SECP team which has contributed effectively in regulating the financial sector of the country.
Ishaq Dar especially acknowledged the recent measures taken by the SECP on submission of quarterly accounts through email. This measure is another step towards encouraging use of technology and electronic means in business and its regulation, he added.
The chairman briefed the minister on feedback on the promulgation of the New Companies Ordinance, 2016.
He told the minister that as per his instructions all the feedback and proposals are being summarised to place before the National Assembly’s Standing Committee on Finance.
He further informed the minister that important regulation under the Companies Ordinance, 2016: Companies (Incorporation) Regulations; Electronic Intermediaries Regulations and Associations Not Fit for Profit (Licensing and Corporate Governance) regulations have been drafted and will be put out for public consultation next week.
The chairman of SECP also updated the minister on the divestment of 40pc blocked shares of the Pakistan Stock Exchange and the prospectus of development of Pakistan capital market.
He assured the finance minister that SECP is taking all necessary steps for stability of the capital market and risk mitigation.
The meeting was attended by the senior officials of the Ministry of Finance and members of the SECP team.
