ISLAMABAD: Senate here on Thursday passed the Securities bill 2014.
The bill was moved by State Minister for Interior Muhammad Baligh Ur Rehman on behalf of Minister for Finance, Revenue, Economics Affairs, Statistics and Privatization Mohammad Ishaq Dar
. According to statement of objects and reasons, the proposed bill intends to regulate the securities industry and provide protection to the investor.
Presently securities market is being regulated under Securities and Exchange Ordinance 1969 (SEO 1969). Securities and Exchange Commission of Pakistan (SECP)-a regulator of securities market-feels that the law remains fundamentally incomplete, lacks a proper and logical structure and suffers from numerous inconsistencies and gaps.
There is a need that SEO 69 be repealed and replaced with a comprehensive modern and all encompassing piece of securities law.
Accordingly, SECP has drafted the proposed bill to effectively regulate securities market.
Comments
Comments are closed.