SECP chief inaugurates new complaint handling system
The SECP chairman, Zafar Ul Haq Hijazi, has launched the Securities and Exchange Commission of Pakistan’s new Service Desk Management System (SDMS). The new system offers ease of use to the public for filing queries and complaints. It ensures prompt action and regular updates on handling of complaints.
The SECP has already made available its new toll free facility 0800-880-08 to the public where anyone can call free of cost for grievance redress and investor education. The ECP’s toll free facility is integrated with the new and technologically superior SDMS to give the user a convenient query and complaint filing experience.
The SECP’s new SDMS is available to users in both English and Urdu. To further facilitate the system users, the SECP has placed system usage video instructions on the home page of the SDMS. Links to important frequently asked questions (FAQs) and SECP guides are also available. Popup information boxes, pictorial references and auto dropdown menus better guide users during the filing process and help them look up companies and market intermediaries such as broker agents, surveyors and debt security trustees against whom the issue is to be filed.
System users can now easily file queries and complaints or check status of a previously lodged concern using their smart mobile phones. Unique mobile verification code generation ensures better information security. Email prompts and SMS notifications containing unique query/complaint no and pin code allow users to access the current status of their concern on the simple click of a button. The system provides prompt and regular notifications through SMS and email to the users each time progress takes place on their concern.
To ensure timely action and more convenience to system users, the system has auto escalation features which, ensure that the SECP’s senior management gets auto updates and detailed reports regarding the performance of their issue handling officers. Detailed dashboards and sophisticated reporting also allows for SECP to better analyze complaint trends, develop better monitoring strategy and develop better guidance material based on the nature of complaints and queries being filed by the users.
The SECP chairman appreciated the capability of the new system for improving investor awareness and in particular investors’ complaint resolution. He stressed the importance of effective use of the new SDMS, advised SECP’s officers to have a deep concern for investors and prayed for the success of the new Service Desk Management System.
Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) in May registered the highest number of 926 new companies so far, witnessing an increase of 44 percent as compared to same month of preceding year.
During the first eleven months of current fiscal year (2016-17) registered 7,688 new companies. As compared to the corresponding period last year, it represents a growth of 35 percent. The massive increase in number of new companies is the direct result of various reforms measures introduced by the SECP, i.e. reduction of fee, introduction of swift incorporation process, assistance of incorporation by facilitation wings of CROs, elimination of purchase of third-party digital signatures and introduction of simple and hassle-free CNIC-based user ID and PIN system for incorporation and post incorporation activities.
Around 86 percent companies were registered as private limited companies, while around 11 percent companies were registered as single-member companies. Three percent of the companies were registered as public unlisted, association’s not-for-profit, trade organizations and foreign companies.