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The resignation submitted by Khalid Mirza as chairman of the Securities and Exchange Commission of Pakistan (SECP) Policy Board on May 5 has not been acknowledged by the government.

After winning the case in the Islamabad High Court (IHC) against his illegal removal as both member and chairman of the SECP Policy Board, Mirza decided to continue as a member but resigned as chairman since in this position, he was in any case, vulnerable to discretionary removal by the government.

No action has been taken by the government on Mirza's resignation, and without a chairman the Policy Board is in a limbo and non functioning.

The government has neither appointed a new chairman nor has Mirza being asked, in accordance with the established and time honoured practice, to continue to act as chairman till the new appointee assumes charge.

The resignation submitted by Khalid Mirza as chairman of the Policy Board on May 5, is so far not even being acknowledged by the government. Sources believed that apparently the government seems to be not interested in a functional policy board.

Mirza, when contacted, said that this was just a case of bureaucratic delay and usual insensitivity to what is needed.

He said that, "he has been dealing with Ministry of Finance (MOF) since 1982, when Ghulam Ishaq was FM, and noted that compared to the past, MOF has four defining characteristics including lack of technical knowledge, no good sense and absence of genuine courtesy of sensitivity".

Copyright Business Recorder, 2020