ISLAMABAD – Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi here on Sunday called on Finance Minister Mohammad Ishaq Dar.
A statement issued by the SECP said that the chairman expressed gratitude and thanks for the guidance and support extended by the minister during the whole process and early promulgation of the Companies Ordinance, 2016 and other legislative reforms in capital markets and corporate sector in the country.
While appreciating the efforts of SECP, the minister said that a number of legal reforms have been introduced in last two years which include Securities Act 2015, Futures Market Act 2016, SECP Amendment Act 2016, Corporate Restructuring Companies Act 2016 and the Companies Ordinance 2016.
The Companies (Appointment of Legal Advisors) Amendment Bill, the Limited Liability Partnership Bill, and Corporate Rehabilitation Bills were also introduced, he added. Whereas, he said the consultation with stakeholders on the new Insurance law and wide ranging amendments in Modaraba Ordinance have been completed.
Dar directed the SECP chairman to take immediate measures to ensure implementation of the new law and issue necessary directions to the regional offices of SECP across the country for the purpose. Further, SECP should create a cell of experts at the head office to provide guidance on the new law, he added.
The government has promulgated the new law through the ordinance so that corporate sector may immediately benefit from the reforms introduced in the new law, he added.
The minister also said that all the legal formalities for the approval of the ordinance from Parliament shall be followed and valuable guidance and suggestions from honourable members of the Parliament will be welcome. The SECP chairman apprised the minister about recent measures taken by SECP for facilitation of corporate sector and enhancing the ease of doing business.