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What to Discuss

History
About SECP
Organization
Organizational Structure
Commission
Board
Legal Departments
Services Offered by SECP
Market Divisions

Securities Market Division


Specialized company Division
Finance & Admin Division

Responsibilities
Stakeholders of SECP

History

The Securities and Exchange Commission of Pakistan


was created to succeed the Corporate Law Authority

an attached Department of the Ministry of Finance

process of restructuring the Authority was initiated in


1997 under the Capital Market Development Plan of
the (ADB).

SECP was passed by the Parliament and promulgated


in December 1997

Act gave the administrative authority and financial


independence to carry out the reform program of
Pakistans capital market with the assistance of (ADB)

Introduction

The Securities and Exchange Commission of


Pakistan (SECP) is an organization whose
purpose is to develop a modern and efficient
corporate sector and a capital market
based on sound regulatory principles, in
order to foster
economic growth and prosperity in
Pakistan.

SECP Act 1997


This Act institutionalized certain policy
decisions relating to the constitution and
structure, powers, and functions of the SECP
Operational in Jan 1999

Continued.

It was concerned with the


regulation of:
Corporate

sector and capital market


Insurance Companies
Non-Banking finance companies
Private pensions

Vision Statement
Mission Statement
Strategy

Vision

The development of modern and efficient


corporate sector and capital market, based on
sound regulatory principles, that provide impetus
for high economic growth and foster social
harmony in the Country.

Mission

To develop a fair, efficient and transparent


regulatory framework, based on international
legal standards and best practices, for the
protection of investors and mitigation of systemic
risk aimed at fostering growth of a robust
corporate sector and broad based capital market
in Pakistan.

Strategy

To develop an efficient and dynamic regulatory


body that fosters principles of good governance in
the corporate sector, ensures proper risk
management procedures in the capital market,
and protects investors through responsive policy
measures and effective enforcement practices.

Organization
The Policy Board
main objective of the Policy Board is to
provide guidance to the Commission in all
matters
relating to its functions and to formulate
policies in consultation with the Commission
Policy Board is also responsible for advising
the Government on matters falling within the
purview of the Act and other corporate laws

Policy Board ..
Policy Board consist of a maximum
of nine members appointed by the
Federal Government
five ex-officio members and four
from the private sector

ex-officio members are


Secretary, Finance Division;
Secretary, Law and Justice Division;
Secretary, Commerce Division;
Chairman of the Commission; and
Deputy Governor of the State Bank of
Pakistan (SBP)

Ex. Officio members

Dr. Waqar Masood Khan (finance division)


Mr. Tahir Mehmood (acting chairman of
SECP)
Mr. Zafarullah Khan (law, justice and
human rights division)
Mr. Qasim M. Niaz (ministry of
commerce)
Mr. Ashraf Mehmood Wathra (Deputy
Governor of SBP)

Members of private
sector

Mr. Osman Saifullah Khan


Mr. Javed Aslam Callea
Hafiz Mohammad Yousaf
Mr. Kamal Hassan Siddiqui

International
Memberships

SECP has been playing an active role in the


activities of International Organization of
Securities Commissions (IOSCO)
to cooperate together to promote high
standards of regulation
to exchange information on their respective
experiences in order to promote the
development of domestic markets
to unite their efforts to establish standards
and an effective surveillance of international
securities transactions

Memorandum of
Understanding between
SBP and SECP

SBP is entrusted with the responsibility of


promoting monetary and financial stability and
fostering a sound and dynamic banking system,
by regulating and supervising it, to safeguard
the interest of stakeholders.
SECP has now given the responsibility of
regulating the NBFIs, regulation of Corporate
sector, capital markets and insurance sector.
To share information and work towards the
holistic development of the financial sector in
supervision
of
banks/DFIs
and
NBFCs
operating in Pakistan.

The Commission:

Commission is a collegiate body with


collective responsibility
Operational and executive authority of the
Commission is vested in the Chairman who
is (CEO).
The Commission presently consists of three
Commissioners including the Chairman:
MR. TAHIR MEHMOOD
MR. IMTIAZ HAIDER
MR. MOHAMMED ASIF ARIF
MR. ZAFAR ABDULLAH

The Commission
Secretariat:

To assist the Chairman of the SECP and


external entities, in achieving the objectives of
the SECP in an efficient and holistic manner
The Commission Secretariat is headed by MS.
BUSHRA ASLAM, Secretary
It coordinates the overall functioning of the SECP
and liaises with external entities:
Including government agencies and
multilateral and international organizations
In addition, it supervises the internal
monitoring function within the SECP and is
responsible for the management
The internal audit function is headed by the
Director

SERVICES

Laws and Policies


Registration
Licensing
Facilitation
Monitoring & Compliance
Enforcement
Development
Protection
Corporate Laws

Regulations:

Corporate sector
Capital market
Insurance Sector
Non Banking sector
Pensions
Professional services

The Legal
Department

Legal Department is
headed by the Executive
Director

It operates under the


direct guidance of the
Chairman

to manage the legal


affairs of SECP and
provide impartial legal
advice to each operational
Division and Department
of the SECP.

Securities Market
Division

It is responsible for the regulation of all


aspects of the securities market
including:
licensing

and coordination
regulation of secondary market
public offerings
market intermediaries
market surveillance.

To provide for the protection of


investors, regulation of markets and
dealings in securities.

Specialized Company
Division

Regulates and monitors insurance


companies, non-banking finance companies,
Modarabas and private pensions
Specialized Companies Division seeks to
provide a conducive regulatory environment
To foster growth in the non-banking
financial sector, safeguard the financial
system
Protect the interests of shareholders,
depositors and policyholders under the
relevant laws

Finance & Admin


Division

Responsible
for
directing
and
controlling the areas of accounting,
facilitating overall operations of the
SECP and ensuring its smooth
functioning.
division has been organized into the
following departments:
Finance & Accounts Department
Administration Department

Responsibilities of SECP

Regulating the issue of securities


Regulating the business in Stock Exchange
and any other securities markets;
Supervising and monitoring the activities of
any central depository and stock exchange
clearing house
registering and regulating the working of
stock brokers, sub brokers, share transfer
agents, bankers to an issue, trustees of
trust deeds, registrars to an issue,
underwriters, portfolio managers

Continued

Promoting and regulating self-regulatory


organizations including securities industry and
related organizations such as Stock Exchanges
and associations of mutual funds, leasing
companies and other NBFIs
Promoting investors education and training of
intermediaries of securities markets
Regulating substantial acquisition of shares and
the merger and take-over of companies
Encouraging the organized development of the
capital market and the corporate sector in
Pakistan
Conducting research in respect of any of the
matters set out in this sub-section

Stake Holders

Industry Association and


Professional Bodies
NBFCS
Credit Rating Companies
Government Ministries &
Departments
International Organizations