Karachi: The Chairman Securities and Exchange Commission of Pakistan (SECP) Tahir Mahmood said that the SECP has been remaking its Standard Operating Procedures (SOPS) and procedures to ease the regulatory compliance.
He was addressing a joint press conference on Friday to highlight the recent achievements and developments of the SECP. Commissioner Specialized Companies Division Imtiaz Haider, Commissioner Insurance Asif Arif and Commissioner Securities Market Division Zafar Abdullah were also present at the occasion.
Tahir Mahmood said that the SECP undertakes strict monitoring and vigilance of the corporate sector with a view to promoting transparency, accountability and good corporate governance practices and thereby protecting the interests of investors.
He said that Pakistan is among few jurisdictions where a company could be registered in a day. Under the fast track registration services (FTRS), a company could be registered in four hours’, he said and added that the FTRS are currently available for core processes such as availability of name, incorporation of companies, change of name and charge registration, modification and satisfaction processes. The SECP has been made mandatory for all listed companies and which filed last document, return, accounts or any application through eServices.
He said that the SECP has also formulated and introduced the Public Sector Companies (Corporate Governance) Rules, 2013, under section 506 of the 1984 ordinance to provide a governance framework for the public sector companies owned and controlled by the government. The corporate governance codes are aimed to improve governance in state owned enterprises.
Tahir Mahmood informed journalists that the SECP in collaboration with the Federal Board of Revenue (FBR) and the Employees Old-age Benefits Institution (EOBI) has launched a project to set up a virtual One-Stop Shop to integrate the business where the investors can get online registrations of SECP/FBR/EOBI under one roof.
The Commissioner Insurance SECP, Asif Arif told the press conference that the SECP is considering to review the Insurance Ordinance 2002 to insurance investor protection and to evolve a system for dispute resolution.
Asif Arif said that to seek greater efficiency through organizational and operational restructuring, the SECP has made quarterly submission of financial mandatory for insurance companies. The Commission has also provided online facility for submission of returns which will save time and improve transparency and documentation. Moreover, he said, to improve the supervision of insurance companies, concepts of onsite inspection and off site inspection has been introduced and to insurance transparency in inspection, the enforcement and policy functions have been separated. The SECP has also defined and implemented fit and proper criteria for the position of Chief Executive Officer of an Insurance company.
He said that apart from the development of regulatory framework for microinsurance, the SECP is actively working with stakeholders to develop innovative solutions for the delivery of microinsurance. Certain technology-driven models have been prepared for local indigenous solutions.
Commissioner SCD, Imtiaz Haider told the SECP has started implementation of recommendations of the Non-Banking Financial Companies (NBFC) Reform Committee.
He also said that the SECP would develop a “bond pricing agency” to revitalise the country’s debt market. He said that the SECP has also decided to take fresh measures to attract investors in the real estate sector by reducing paid up capital from Rs 200 million to Rs 50 million for Real Estate Management Company (RMC) under the proposed Real Estate Investment Trust (REIT) Regulations 2014. The commission has proposed comprehensive changes in the REIT Regulations to attract maximum investors in the real estate sector, he added.
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