Khalid Mirza has resigned as Chairman of the Policy Board of the Securities and Exchange Commission of Pakistan (SECP), but would continue as a Member of the Policy Board.

According to a letter of Mirza to Abdul Hafeez Sheikh, Advisor to the Prime Minister on Finance and Revenue, the Additional Attorney General made a statement in the Islamabad High Court that the Federal Government had decided to withdraw the notification purporting to remove me both as a Member and as Chairman of the Securities and Exchange Board (Policy Board) which had earlier been suspended by the Court; and, on this basis, the petition filed by Mirza assailing the above-mentioned notification was disposed off by the Court.

"In view of the above, and as stated by my Counsel, on my instructions, in response to the Additional Attorney General's statement, I hereby tender my resignation as Chairman of the Policy Board with immediate effect. I will, however, continue as a Member of the Policy Board for the remainder of my tenure," letter of Khalid Mirza added.

When contacted, Khalid Mirza said that he has filed the petition only because of the principle involved and to promote the cause of regulatory independence and not for position or power. Now that the government has decided to withdraw the unlawful notification, the petition had unambiguously achieved its purpose, and he felt it was best for him to step down.

During court proceedings, the appreciation was expressed for Mirza's services and the grace displayed by him in this case, Khalid Mirza added.