IN present times, regulatory reforms are essential to Pakistan’s strategy for achieving long-term economic stability, attracting foreign investment, and meeting international compliance standards.
The Securities and Exchange Commission of Pakistan (SECP) has been instrumental in driving these reforms, earning the title of national “Reforms Champion” from the Prime Minister in December 2025.In the 2024-25 financial year, SECP led national risk assessments, drove forward the AML/CFT National Action Plan, and worked closely with domestic and international partners to meet Financial Action Task Force requirements.
The SECP’s efforts have focused on implementing robust anti-money laundering and combating financing of terrorism (AML/CFT) measures, aligning with Financial Action Task Force (FATF) requirements. Key milestones include the introduction of a dedicated Corporate Ultimate Beneficial Owner (UBO) Registry, requiring companies to identify and verify indirect beneficial owners, and a risk-based beneficial ownership supervision methodology that complies with FATF standards. To promote compliance, the SECP has organized capacity-building sessions, reaching over 900 participants from various sectors. The regulator has also collaborated with international partners, including the International Monetary Fund, to advance national governance and AML/CFT priorities.
The SECP has also strengthened corporate governance and transparency, enforcing disclosure obligations for listed companies. These firms must prepare audited financial statements, directors’ reports, and audits by quality-rated professionals, making them publicly available. A major breakthrough is the fully digital one-window registration platform, eZfile, integrating services from multiple agencies, including tax, social security, and labour departments. This has reduced corporate bank account opening times and increased business ease.
Identity verification is automated through NADRA CNIC checks and registered mobile number validation. Approved companies receive a single combined certificate covering federal and provincial requirements, along with fully electronic certificates and certified copies. Since 2021, the Financial Institution portal has enabled banks to access records in real time, significantly reducing corporate bank account opening times. Pakistan’s efforts have yielded impressive results, ranking sixth among 50 economies in the World Bank’s 2024 Business Ready “Business Entry” indicator.
The SECP topped a World Bank-IFC survey for digital government-to-business services, and Pakistan has improved its ease of doing business ranking. These reforms have elevated Pakistan’s international standing, creating a more transparent, efficient, and attractive business environment. With nearly all company incorporations now online, new registrations have risen 51% since 2020, reaching 35,087 in 2024-25.
Pakistan’s regulatory reforms have set a new benchmark for transparency and business ease, paving the way for sustained economic growth and investment. A 2026 Prime Ministerial panel has set a target to double exports to over $60 billion within three years by rationalizing tariffs and improving policy predictability. Steady journey on path of realistic reforms would take the country out of economic quagmire.
—The writer is contributing columnist, based in Islamabad.
