Securities and Exchange Commission (SECP) Aims to Facilitating Corporate Sector by Reducing Regulatory Burden

Securities and Exchange Commission (SECP) Aims to Facilitating Corporate Sector by Reducing Regulatory Burden

The Securities and Exchange Commission of Pakistan (SECP) Chairman, Aamir Khan, reiterated SECP’s commitment to outcome-based regulation by reducing regulatory burden, simplification of laws, and optimal use of technology.

He was addressing a virtual interactive session with the representatives of Pakistan Business Council (PBC) led by its CEO Ehsan Malik.

The SECP Chairman briefed the participants about key reforms undertaken by the SECP to promote ease of doing business, enhance access to finance, development of the capital market, and improve transparency in the Commission’s regulatory functions and its regulated sectors.

To facilitate the corporate sector and ensure the desired efficiency in processes, several reforms have been undertaken, including digital certificate of incorporation, creation of a special portal for banks to facilitate account opening, digitization of account opening process for residents and non-residents for investment in the capital market, etc.

He also highlighted several targeted measures implemented for reducing the cost of doing business and supporting companies in the wake of COVID-19.

He said that simplification of Buy Back Regulations, amendments in Further Issue of Shares Regulations, revamping of Private Funds Regulation, and the NBFC Regulations would facilitate business growth.

While apprising the participants about SECP’s roadmap, he said that the introduction of electronically signed Certified True Copies, replacing e-Services with a modern registry, simplification, and consolidation legal framework of statutory returns, and growth of the capital market, were key focus areas for the current financial year.

The SECP Chair assured the PBC members of a consultative approach while finalizing any regulatory changes.

On behalf of the Pakistan Business Council, the CEO appreciated the SECP’s efforts for ease of doing business (EOBI) and shared his thoughts as to how to further improve the business climate.