By Abid Usman
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan said that commission has been focusing on strengthening its regulatory oversight and upgrade its surveillance capability by employing supervisory technology and improving inspection regime.
He was commenting SECP annual report for financial year 2018-19 issued here. The report mentions various measures that the apex regulatory has taken to promote the corporate sector, capital markets, non-banking financial sector and insurance industry. It also includes SECP’s audited financial statements for FY 2018-19. The SECP Chairman Aamir Khan, in his message published in the report, stated that during the outgoing fiscal the SECP was able to revamp numerous regulatory regimes and remove bottlenecks in regulatory compliance requirements.
The SECP will also overhaul the system of custody of assets for capital market investors, he added. In insurance sector, focus will be on increasing penetration through implementation of compulsory insurances and development of the Microinsurance market while in the AMC sector, SECP will pursue measures for enhancing investor’s outreach through the introduction of a centralized portal to efficiently address investor needs, Aamir pledges.
The SECP Chairman underlines that these goals will be achieved through a multi-pronged strategy involving simplifying regulatory requirements, energizing frontline regulators and supporting product development.
Some of the key successful initiatives that SECP report for FY 2018-19 mentions include switching from mandatory code of corporate governance for listed companies to a ‘comply or explain’ basis, eliminating redundant disclosure requirements under fourth and fifth Schedules of the Companies Act, 2017.
