SECP chairman resigns

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Shaukat Hussain Abbasi on Thursday resigned from his post, though the PTI government had announced his removal some two weeks back, senior sources in the commission confirmed to The News.

Being the employee of the commission, he would continue working as commissioner of this regulatory body. An official said that Secretary Finance has verbally asked Tahir Mehmood (Commissioner) of SECP to look after the chairman’s office. A summary to this effect has been sent to the Prime Minister Office for appointing Tahir Mehmood as the acting chairman of the commission, official confirmed. Hopefully, on Friday (today), the government would notify it. It is worth mentioning that Shaukat Hussian was the most junior of the existing commissioners, who was given the charge by former Prime Minister Shahid Khaqan Abbasi during the last month of his government. He was also the most junior among the nine executives in the commission, but he was given promotion thrice during final year of the PML-N government and was raised to the post of chairman.

Before October 2017, he did not head any department in the SECP. This appointment was also challenged in the Lahore High Court. It is worth mentioning that some two weeks back, the PTI government had announced Shaukat Hussain Abbasi’s removal from his seat, but due to some bureaucratic dilly-dallying, notification of his removal was not been issued.

It is to be noted that the other day, Finance Minister Asad Umar took serious note that despite announcement of his removal, Abbasi was still the Chairman. Currently, there are three commissioners in SECP and Shaukat Hussain Abbasi is one of them. Except him, Shoazeb Ali and Tahir Mehmood are also commissioners. Tahir is the senior most of them.

Normally there are five commissioners in SECP, while currently there are three. Two posts of commissioners are vacant. Government has advertised the posts, application have been received and the short listing is under process, official said.

According to the SECP Amendment Act 2016, after giving acting charge of Chairman SECP to somebody, the government is liable to appoint permanent head of the commission within 120 days. Once appointments are made on these vacant posts, the government would appoint a permanent Chairman of the SECP, he said.