PTA, SECP sign MoU to formalise mechanism for information sharing, cooperation

ISLAMABAD: Pakistan Telecommunication Authority (PTA) and the Securities and Exchange Commission of Pakistan (SECP) signed a Memorandum of Understanding (MoU) to formalise mechanism for information sharing and cooperation between both regulators.

The MoU was signed by Director General PTA, Muddasir Naveed and Executive Director SECP, Khalida Habib, at a ceremony held at SECP Head Office in Islamabad. Chairman PTA, Maj Gen Hafeez Ur Rehman (Retd); Chairman SECP, Akif Saeed; Commissioner SECP, Mujtaba Ahmed Lodhi; Member Compliance and Enforcement PTA, Dr Khawar Siddique Khokhar and senior officers from both organizations were present.

The objective of the MoU is to establish a framework for bilateral cooperation between the PTA and SECP in various areas of mutual interest, encompassing a wide spectrum of initiatives and objectives, including: realization of a digital society to contribute towards Government of Pakistan’s “Vision 2025”; e-Governance initiatives; exchange of information, UN Sustainable Development Goals (SDGs) – ICTs as contributor/enabler to achieve respective targets; policy and regulatory input on areas of common interest, business processes efficiency, cybersecurity, data management and capacity building etc.

Chairman PTA, Maj Gen Hafeez Ur Rehman (Retd), speaking on the occasion, emphasized the potential for both organizations to harness their collective strengths in order to elevate Pakistan's digital landscape. He highlighted PTA's successful cross-sector collaborations with various government bodies and private entities.

Chairman SECP Akif Saeed, applauded PTA’s proactive efforts in creating a safe and secure digital ecosystem in the country, and thanked PTA for its support in raising awareness about illegal loan apps. He also highlighted the significance of collective efforts by all regulatory bodies and the importance of creating awareness; as critical elements in strengthening overall cyber security measures.

Speaking at the event, Member C&E PTA said that by joining forces, the two entities’ aim is to promote innovation, enhance service delivery to the public, and collaboratively address common challenges while identifying opportunities for joint initiatives. While thanking the participants, Commissioner SECP, Mr. Mujtaba Ahmed Lodhi, appreciated PTA for joining forces with SECP in spreading awareness regarding ethical lending practices through recently launched SMS and ring back tone service.

Both the SECP and PTA expressed their firm commitment to regularly meet and coordinate on all matters of mutual interest.

Copyright Business Recorder, 2023