The Securities and Exchange Commission of Pakistan (SECP) has released its annual report for fiscal year 2022-23, which details its accomplishments and financial accounts. Chairman, Akif Saeed expressed satisfaction with the SECP’s focus on fostering capital formation, simplifying procedures, robust enforcement and facilitative measures aimed at ease of doing business in Pakistan.
In his message, the Chairman emphasized SECP’s core objective of ensuring transparency and fair conduct within regulated sectors. The modification and amendments to the regulatory framework were instrumental in boosting stakeholder confidence and mitigating instances of financial misconduct.
In the current year, SECP placed specific emphasis on addressing complaints and regulatory gaps associated with digital lending apps. Successful collaborations of SECP with Google, PTA, and FIA resulted in the shutdown of illegal loan apps. Further, digital lending standards were also implemented to uphold fair business practices for Non-Banking Finance Companies (NBFC).
Additionally, SECP revitalized its investor education program ‘Jamapunji’ to raise awareness among the public about their rights as financial consumers.
The introduction of a new trading and surveillance system at PSX, with the goal of improving trade processing speed and managing high volumes, is a significant achievement poised to facilitate investment and introduction of new derivative products.
