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October 17, 2019

SECP’s structural changes to recognise entrepreneurial risk

Business

October 17, 2019

KARACHI: Securities and Exchange Commission of Pakistan (SCEP) will bring structural changes in terms of attitude towards entrepreneurial risk and growth of innovative companies, its chairman said on Wednesday.

SECP Chairman Aamir Khan said the commission is working hard to develop new approaches to connect and facilitate its stakeholders.

“The SECP is working with other stakeholders to collaborate in creating legal framework’s adaptability to digital business models, where Pakistan is performing better than 100 other countries in the world,” Khan said in a statement. The World Economic Forum’s Global Competitiveness Report 2019 recognised the SECP as the 7th most effective regulator. The SECP improved Pakistan’s competitiveness rankings by improving the number of days to start a business with the country standing at the global rank of 90 in the report last week as compared to 96 in 2018. SECP chairman said the country already has an impressive global position.

“The strategy adopted by SECP is also instrumental in creating more companies embracing disruptive ideas,” he said. “The SECP is working with other stakeholders to collaborate in creating legal framework's adaptability to digital business models, where Pakistan is performing better than 100 other countries in the world.” Khan said SECP is committed to revolutionize its technology infrastructure so as to give shareholders a world class service experience, envisioned by the federal government. “We all must work together to improve the collective understanding of all the stakeholders for a meaningful change in the business environment.”

Digital solutions deployed by the SECP made companies registration and post incorporation compliance simple, faster and cost effective. In September 2019, 96 percent of companies registered online through SECP’s eService and 50 percent of companies incorporated the same day. Most importantly, 85 foreign applicants completed registration of companies from overseas using eService.

Amir Jahangir, chief executive officer of Mishal Pakistan said the country is the 7th most effective regulator in the world. “This position reflects the long term vision of the SECP and the government, where Pakistan stands at 63 among 141 economies in the world.”

Mishal is the country partner institute of the Word Economic Forum’s future of economic progress system initiative.

The index assesses three dimensions of good governance shareholders’ rights and role in major corporate decisions, governance safeguards protecting shareholders from undue board control and entrenchment, and corporate transparency on ownership stakes, compensation, audits and financial prospects.

SECP has introduced a digital transformation project called LEAP - leading efficiency through automation prowess program, which enables sophisticated machine learning and artificial intelligence to allow SECP to better perform its regulatory role and give access to insights and cutting edge analytics to best serve the financial ecosystem and the best interest of the citizens of the country. The overarching goal of the project is to bring services to the people, rather than making them to seek out support leading to efficient communication between the SECP and its regulated entities while bringing them a broader range of digital services.

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