March 29, 2021: The Chairman, Securities and Exchange Commission of Pakistan (SECP), Aamir Khan, reiterated SECP’s commitment for outcome-based regulation by reducing regulatory burden, simplification of laws and optimal use of technology. He was addressing a virtual interactive session with the representatives of Pakistan Business Council (PBC) led by its CEO Mr. Ehsan Malik. Khan.
Aamir Khan briefed the participants about key reforms undertaken by the SECP to promote ease of doing business, enhance access to finance, development of the capital market and improve transparency in Commission’s regulatory functions as well as its regulated sectors.
To facilitate the corporate sector and ensure desired efficiency in processes, a number of reforms have been undertaken including: digital certificate of incorporation, creation of a special portal for banks to facilitate account opening, digitization of account opening process for residents and non-residents for investment in the capital market etc. Khan also highlighted a number of targeted measures implemented for reducing cost of doing business and supporting companies in the wake of COVID-19. He said that simplification of Buy Back Regulations, amendments in Further Issue of Shares Regulations, revamping of Private Funds Regulation and the NBFC Regulations would facilitate business growth.
While apprising the participants about SECP’s roadmap, he said that introduction of electronically signed Certified True Copies, replacing eServices with a modern registry, simplification and consolidation legal framework of statutory returns, and growth of capital market were key focus areas for current financial year. The SECP Chair assured the PBC members of a consultative approach while finalizing any regulatory changes.
On behalf of Pakistan Business Council, the CEO Mr. Ehsan Malik appreciated the SECP’s efforts for primarily ease of doing business (EOBI) and shared his thoughts as how to further improve the business climate.