NAB chairman calls for sustainable relationship with SECP

ISLAMABAD: National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry has stressed the need for a sustainable relationship between the NAB and the Securities and Exchange Commission of Pakistan (SECP) to eliminate the menace of corruption in the country.
Addressing the SECP employees at its head office on Thursday, he reiterated the NAB’s firm commitment to work in coordination with the SECP whenever required, as this is essential for eradication of corruption and economic ills of the country.
Corruption is anathema to good governance, as it leads to a multitude of vices, including extremism, he said, adding that it also increases the sense of insecurity and despondency.
Corruption has a negative impact on economic development, he said, adding it also hampers the effort to alleviate poverty. Keeping in view the scale of the problem, it is essential that the SECP and NAB work together and withstand all kinds of pressures to ensure eradication of corruption, Chaudhry said.
He appreciated the dedication and hard work of the SECP chairman, commissioners and its employees, which have led to a better and positive image of the organisation in recent months.
Chaudhry also complimented the SECP on having earned the International Organization for Securities Commission (IOSCO’s) appreciation by meeting international regulatory standards.
He said that the SECP would continue to strengthen its regulatory framework further and play its role in getting rid the society of the curse of corruption.
The NAB takes a holistic and integrated approach to eradicate corruption and its efforts have been widely appreciated. So far, it has recovered over Rs262 billion. All mega scandals such as Ogra, steel mills and rental power have been sent to the accountability courts as references by NAB, he added. During his visit to the SECP head office, he was given a detailed presentation on the SECP’s working and its achievements.
SECP Chairman Zafar Hijazi said that being the apex regulator of the corporate sector and capital markets, the SECP also has a role in the battle against white color crime.
The SECP’s capacity to deal with the financial crimes has been considerably increased during the last few months, but the SECP has some limitations. That is why sometimes the SECP needs the NAB’s support.