KARACHI: The Chairman Securities and Exchange Commission of Pakistan (SECP) Tahir Mahmood has said that the SECP has been remaking its Standard Operating Procedures (SOPS) and procedures to ease the regulatory compliance.
He was addressing a joint press conference here on Friday to highlight the recent achievements and developments of the SECP.
Commissioner Specialized Companies Division Imtiaz Haider, Commissioner Insurance Asif Arif and Commissioner Securities Market Division Zafar Abdullah were also present at the occasion.
Tahir Mahmood said that the SECP undertakes strict monitoring and vigilance of the corporate sector with a view to promoting transparency, accountability and good corporate governance practices and thereby protecting the interests of investors.
He said that Pakistan is among few jurisdictions where a company could be registered in a day. Under the fast track registration services (FTRS), a company could be registered in four hours, he said and added that the FTRS are currently available for core processes such as availability of name, incorporation of companies, change of name and charge registration, modification and satisfaction processes.
The SECP has been made mandatory for all listed companies and which filed last document, return, accounts or any application through eServices.
He said that the SECP has also formulated and introduced the Public Sector Companies (Corporate Governance) Rules, 2013, under section 506 of the 1984 ordinance to provide a governance framework for the public sector companies owned and controlled by the government.
The corporate governance codes are aimed to improve governance in state owned enterprises.
Tahir Mahmood informed that the SECP in collaboration with the Federal Board of Revenue (FBR) and the Employees Old-age Benefits Institution (EOBI) has launched a project to set up a virtual One-Stop Shop to integrate the business where the investors can get online registrations of SECP/FBR/EOBI under one roof.
The Commissioner Insurance SECP, Asif Arif told the press conference that the SECP is considering to review the Insurance Ordinance 2002 to insurance investor protection and to evolve a system for dispute resolution.
He said that to seek greater efficiency through organizational and operational restructuring, the SECP has made quarterly submission of financial mandatory for insurance companies.
The Commission has also provided online facility for submission of returns which will save time and improve transparency and documentation. Moreover, he said, to improve the supervision of insurance companies, concepts of on site and off site inspection has been introduced and to ensure transparency in inspection, enforcement and policy functions have been separated.
The SECP has also defined and implemented fit and proper criteria for the position of Chief Executive Officer of an Insurance company.
He said that apart from the development of regulatory framework for micro insurance, the SECP is actively working with stakeholders to develop innovative solutions for the delivery of micro insurance. Certain technology-driven models have been prepared for local indigenous solutions. Commissioner SCD, Imtiaz Haider told that the SECP has started implementation of recommendations of the Non-Banking Financial Companies (NBFC) Reform Committee.
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