ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) is organising a national level seminar on the draft Companies Bill, 2016, on Monday (September 5).

Finance Minister Ishaq Dar would chair the event. Chairman SECP Zafar Hijazi, Saeed Ahmed, deputy governor, State Bank of Pakistan, Hafiz Muhammad Yousuf, ICAP president, Masood Naqvi, a well-known chartered accountant and former ICAP president would highlight the salient features of the draft Companies Bill. They would also give their insights on the changes being proposed through it.

After its approval by the parliament, the Bill will replace the Companies Ordinance, 1984. It has been drafted after a long process of consolations with experts and stakeholders.

This seminar is a continuation of extensive consultation held by the SECP across the country with the professionals, chartered accountants, lawyers and business community through numerous consultative sessions, seminars, meetings, held during the last 8 months in various cities.

Dar briefed by SECP team

The Securities and Exchange Commission of Pakistan (SECP) team, headed by its chairman Zafar Hijazi, called on Federal Minister for Finance Senator Mohammad Ishaq Dar and briefed him on the progress regarding the divestment of shareholding of Pakistan Stock Exchange (PSX). During the meeting, the SECP team updated the minister on the various discussions held between the SECP and the divestment committee of the Exchange and future steps to be taken for the timely and smooth divestment of PSX shareholding.

The minister was earlier in a meeting last week briefed on the overwhelming response received from foreign and local institutions against the expression of interest invited by PSX, which were being scrutinized by the SECP. The finance minister, while communicated his full support to the various market developmental measures being undertaken by the SECP for the organized development of the capital market, reiterated that while finalizing the divestment national interest should be kept supreme.

Additionally, the Finance Minister was briefed on the proposed road map for further development of capital markets in the country. Different models for raising funds for undertaking infrastructure projects in the country were also discussed. Finance Minister was also briefed on same important conference being planned by SECP in the coming months.

The Finance Minister appreciated the role of SECP in development of capital markets and expressed his full support for its initiatives.

The meeting was attended by senior officers of the Ministry of Finance and the Securities and Exchange Commission of Pakistan.