ISLAMABAD: The federal government on Friday issued the notification appointing Akif Saeed as chairman of the Securities and Exchange Commission of Pakistan (SECP) with immediate effect. Saeed was appointed as SECP on December 13 by the incumbent government.
Saeed has earlier served as Commissioner SECP from December 2014 to December 2017. He joined the SECP in 2004 and served as head of various divisions. He has extensive regulatory, operational, and business knowledge of various infrastructure entities in the capital markets, stated a press release.
During his tenure at the SECP, he has contributed significantly towards instituting various legal and regulatory reforms for enhanced corporate governance, transparency, investor education, investor protection, and risk management. He was instrumental in introducing a legal framework for REITS and private equity, in addition to introducing private pension through the implementation of voluntary pension rules and issuance of licenses to 4 pension fund managers in 2007.
SECP registered 2,380 companies last month
He played a vital role in achieving compliance with the IOSCO benchmarks principles of the securities market. Mr. Saeed also led the team that worked on overhauling the securities laws in Pakistan and drafted the new Securities Act 2015 and Futures Act 2016. He has also worked in various private sector entities including the American Express Bank and as a consultant for Asian Development Bank.
He is a Chevening alumnus and completed his Master’s in Business Administration from the University of Edinburgh and also holds a Master's degree in Economics from Government College Lahore.
Earlier during the day, the Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar had held a meeting with the SECP Management at the Finance Division. The Minister also extended his felicitations to the newly-appointed SECP commissioners.
The Finance Minister appreciated SECP's work as a contributor to the financial and economic development in Pakistan by taking a number of regulatory measures in restoring and maintaining the confidence of domestic as well as foreign investors.