The Policy Board of the Securities and Exchange Commission of Pakistan Tuesday approved the revised annual budget (2019-20) of the SECP, which is approximately Rs 2.8 billion. The SECP Policy Board met here at the SECP Headquarters on Tuesday under the chairmanship of Professor Khalid Mirza. The Policy Board considered the revised 2019-20 annual budget of the SECP and approved it after detailed discussion and necessary rationalisation in order to achieve a balanced budget without any deficit.
When contacted, Mirza told Business Recorder that the capital expenditure of the SECP has been cut for 2019-20. Keeping in view austerity drive of the government, the Board has directed the SECP for not increasing the expenditure from the last years' figures/amount. "I am in support of high salaries in the SECP, but the employees must justify their salaries and must be firm, helpful and fair to make SECP an efficient and service-oriented organisation. "The employees are strength of the SECP and we have to build their capacity to ensure their real performance with positive enabling approach," he added.
The Policy Board also approved several recommendations of the Regulations Committee of the Board including: (i) amendments to the Companies Act, 2017; (ii) amendments to the NCCPL Regulations pertaining to GoP Ijara Sukuk, change in time-line for submission of quarterly accounts and the requirement of entities to be included in NBCM, (iii) draft CRA Regulations; (iv) amendments in Shariah Regulations, 2018; (v) amendments to PSX Rulebook pertaining to related party transactions; (vi) amendments to the Public Sector Corporate Governance Rules, 2013; (vii) amendments to the Employees Contributory Funds Regulations, 2018, among other matters.
The SECP Policy Board has specified revised rate of annual fee at 0.02% of net assets applicable on all categories of Collective Investment Schemes. The SECP notification in this regard shall take effect from July 1, 2019. In order to develop an underlying base for the deliverable commodities, futures market in agricultural products and link the commodity market with the country's economy, the Policy Board also gave a green signal for the regulatory framework of collateral management companies laid down in the draft Collateral Management Companies Regulations, 2019. Any public company desiring to function as a collateral management company will be able to apply to the Commission for seeking permission under these regulations.
The SECP Policy Board, in pursuance of Section 12 of the Act 1997, comprises ex officio members of the Ministries of Finance, Commerce, and Law, SBP, SECP and persons of eminence from the private sector.
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