AMCs asked to verify antecedents of jobseekers

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed the asset management companies (AMCs) to verify the antecedents of persons seeking employment in AMCs, a statement said on Saturday.

The SECP is for giving the responsibility of managing AMCs to competent individuals who deliver through key attributes of integrity, truthfulness, competence and suitability, it said. The existing regulatory framework provides fair guidelines for the appointment of competent and honest individuals in the role of key executives to manage the AMCs.

Further, the SECP has now required all AMCs to verify the antecedents of persons seeking employment in AMCs to further strengthen the concept of resourceful hiring. It has now been made mandatory for AMCs to verify the antecedents of persons within 90 days of the date of employment from the former employer. The AMCs are also required to develop a standard procedure for obtaining verification of antecedents in respect of such factors as integrity, attitude, suitability, behaviour, etc, of the employee from the former employer.