KARACHI
Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan visited the Overseas Investors Chamber of Commerce and Industry (OICCI), Karachi, for an interactive session with the senior officials of OICCI and representatives of the industry.
OICCI Vice President Amir Rasool Paracha and Secretary General M. Abdul Aleem welcomed him to the Chamber. The session started with a brief presentation by the OICCI officials about the chamber’s profile and the industry situation. The officials also communicated various issues and suggestions of OICCI members relating to SECP.
Aamir Khan informed the meeting participants that SECP is working towards improving doing business climate for registered entities, and undertaking measures to promote digitalization and inculcation of technology in the corporate sector.
He highlighted the six main aims of SECP in terms of its regulatory role as well as a supporting force for the industry. He said that the overriding thoughts at the start of his journey as the Chairman of the apex regulator includes financial inclusion, market development, effective & transparent enforcement, promoting innovation & entrepreneurship, ease of doing business and improving internal governance of SECP. He mentioned the importance of digitalization, cutting down regulatory web, reducing cost of doing business, and increased competition by reduction in barriers to entry, for sustainable growth and expansion in the corporate sector and capital markets in Pakistan.
SECP Chairman also mentioned some of the notable measures taken by the Commission towards the achievement of all these goals, including launch of Digital CTCs, online banking portal, Secured Transaction Registry, establishment of Business Center, amendments in the Companies Act, 2017 as well as launch of WhatsApp and WeChat services. He said that as a result of SECP’s efforts, during the fiscal year 2021-22, over 99 percent of companies were incorporated online.
In terms of measures for improving liquidity and product development, he mentioned the introduction of seven ETFs, issuance of over 1,000 EWRs, as well as the launch of REITs. Aamir Khan also spoke on the new regulations issued by SECP including Guidelines for digital distribution and Robo Advisory of Mutual Funds, Regulatory framework enabling micro and digital only insurers & AMCs, and Draft Asset Fractionalization Regulations.
Talking about the reforms within SECP, Khan shed light on focus on outcomes and the transformation towards a function-based regulator from a sector-based regulator. He also informed the attendees about the formation of dedicated Supervision and Adjudication divisions, supported by strengthened litigation department, risk-based supervision, creation of centralized licensing department, and the digitalization of functions like promotion, appraisal, loan management and payroll.
He added that SECP’s Graduate Trainee Program “HAWKS” included 50 percent female hiring among 25 trainees hired in the first batch and 31 trainees hired in the second batch.
He further mentioned that he viewed the issues and suggestions by OICCI in this context and assured that all the issues and suggestions mentioned by the members will be reviewed and if found feasible appropriate actions will be notified. SECP Chairman appreciated the compliance culture of the OICCI members. The attendees appreciated the value of such a dialogue with the relevant stakeholders.
