Federal Secretary for Finance and Chairman Securities and Exchange Commission of Pakistan’s (SECP) Policy Board, Tariq Bajwa Sunday commended the recent enforcement measures by the commission to curb financial scams including insider trading and other market malpractice.
Bajwa assured the apex regulator of his full support to eradicate market abuse and restore the investor confidence.
He was chairing a high-level meeting at the SECP head office, said a statement issued by the commission here.
Chairman SECP Zafar Hijazi, Commissioners and Executive Directors of the SECP attended the meeting.
The Chairman SECP updated the Secretary on the legal and regulatory actions taken by SECP against those involved in market abuse.
During the meeting, the federal secretary was briefed on the SECP’s functions and responsibilities and its proactive role towards creating fair and efficient corporate sector, capital market, non-bank financial sector, Islamic finance and insurance.
Zafar Hijazi highlighted the reforms and policy aspects introduced by the regulator for the development of corporate sector, capital market, non-bank financial sector and insurance.
He was also briefed on the efforts being made by the SECP to promote Islamic finance industry and initiatives for managing the systemic risk using methodical approaches for protecting the investor interest.
Moreover, tax proposals currently being evaluated by the SECP also came into consideration.
The Federal Secretary guided SECP on these measures and advised the SECP to proactively work with FBR in this regard.
The finance secretary appreciated the SECP’s efforts and reforms introduced for the development of capital markets.
He also lauded the SECP’s effective implementation of relevant rules and regulations, development of efficient financial markets and other endeavours aimed at building of the Pakistani financial and capital markets with particular reference to the significant feature of divestment of 40 % strategic shareholding in PSX.—APP