Finance secretary supports SECP’s actions

ISLAMABAD: Finance secretary Tariq Bajwa on Saturday assured the Securities and Exchange Commission of Pakistan (SECP) of his support in eradicating market abuses and restoring the investor confidence. 

Bajwa, who is also the chairman SECP’s policy board, chairing a meeting, commended the regulator recent enforcement measures to curb financial scams, including insider trading and other market malpractices. 

The SECP recently filed a criminal case against a banker for insider trading and swung into action against a Lahore-based brokerage house for its defrauding millions of rupees from securities investors. 

Zafar Hijazi, chairman of SECP, briefed the secretary on the legal and regulatory actions taken by the commission against those involved in market abuse. 

Hijazi highlighted the reforms and policy aspects introduced by the regulator for the development of corporate sector, capital market, non-bank financial sector and insurance.

The meeting was also informed on the efforts being made by the SECP to promote Islamic finance industry and initiatives for managing the systemic risk using methodical approaches for protecting the investor interest.

Moreover, tax proposals currently being evaluated by the SECP also came into consideration. 

Secretary Bajwa advised the SECP to ‘proactively’ work with the FBR in this regard. 

He also appreciated the SECP’s efforts and reforms introduced for the development of capital markets. 

He lauded the commission’s effective implementation of relevant rules and regulations, development of efficient financial markets and other endeavors aimed at building of the Pakistani financial and capital markets with particular reference to the divestment of 40 percent strategic shareholding in the Pakistan Stock Exchange.