Securities and Exchange Commission of Pakistan

Securities and Exchange Commission of Pakistan (SECP)
Agency overview
Formed	January 1, 1999 (1999 -January-01)
Preceding agency	Corporate Law Authority
Jurisdiction	Pakistan
Headquarters	Islamabad, Pakistan
Agency executive	Zafar Hijazi, Chairman
Website	http://www.secp.gov.pk

The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency in Pakistan whose objective is to develop a modern and efficient corporate sector and a capital market based on sound regulatory principles, in order to encourage investment and foster economic growth and prosperity in Pakistan.^[1]

History

The Securities and Exchange Commission of Pakistan (SECP) is the successor of the erstwhile Corporate Law Authority (CLA), which was an attached department of the Ministry of Finance. The process of restructuring the CLA was initiated in 1997 under the Capital Market Development Plan of the Asian Development Bank (ADB). A Securities and Exchange Commission of Pakistan Act was passed by the Parliament and promulgated in December 1997. In pursuance of this Act, the SECP, having autonomous status, became operational on January 1 1999. ^[2] The Act gave the organization the administrative authority and financial independence to carry out the reform program of Pakistan’s capital market.

The scope of the authority of the SECP has been extensively widened since its creation. The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the Commission. Now the SECP's mandate includes investment financial services, leasing companies, housing finance services, venture capital investment, discounting services, investment advisory services, real estate investment trust^[3] and asset management services, etc. The SECP also regulates various external service providers that are linked to the corporate sector, like chartered accountants, rating agencies, corporate secretaries and others.

Organization

The SECP is a collegiate body with collective responsibility. Operational and executive authority of the SECP is vested in the Chairman who is the SECP's Chief Executive Officer (CEO). He is assisted by four (4) Commissioners, particularly to oversee the working of various operational units as may be determined by him.

The SECP is divided into the following five divisions:

Company Law Division
Securities Market Division
Specialized Companies Division
Insurance Division
Law Division

Location

The SECP's head office is located in the NIC Building on Jinnah Avenue in the Blue Area of Islamabad, Pakistan's capital. It also has regional offices called Company Registration Offices (CROs) in Islamabad, Karachi, Lahore, Multan, Peshawar, Sukkur, Faisalabad and Quetta.

References

↑ http://www.secp.gov.pk/about_secp.asp
↑ SECP Web Site. "Establishment of the Securities and Exchange Commission of Pakistan". SECP. Archived from the original on December 27, 2009. Retrieved 13 April 2010.
↑ Pakistan ready to allow REITs - It aims to draw $3 billion from overseas investors in 5 years

External links

Economy of Pakistan

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