Oct 182018
 
SECP chairman resigns

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Shaukat Hussain Abbasi on Thursday resigned from his post, though the PTI government had announced his removal some two weeks… [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Jan 092018
 
Company registration: 44 percent growth witnessed in first half of current Financial Year

Islamabad, January 09, 2018 (PPI-OT):In the first half of current financial year, the Securities and Exchange Commission of Pakistan (SECP) registered 4,954 new companies, raising the total number of companies to 83,879. As compared to the corresponding month of last financial year, it represents a growth of 44 percent. The massive increase in number of new companies is the result of the SECP’s various reform measures, i.e. simplification of incorporation procedure, reduction in fee, assistance in incorporation by facilitation wings at CROs etc. Around 82 percent of companies were registered as private limited companies, while around 16 percent were registered as single-member companies. Two percent of the companies were registered as public unlisted, non-profit associations, trade organizations and foreign companies. The trading sector took the lead with the incorporation of 783 companies, services with 729, construction with 625, information technology with 599, tourism with 274, food and beverages with 164, engineering with 155, education with 148, corporate agricultural farming with 126, real estate development with 106, transport with 100, pharmaceutical with 86, textile with 77, communication with 76, fuel and energy with 75, auto and allied and healthcare with 71 each, cable and electric goods with 58, broadcasting and telecasting with 57, chemical with 55, power generation with 47, paper and board with 46, mining and quarrying with 45, steel and allied with 38, cement with 9 and 334 companies were registered in other sectors. Moreover, 35 foreign companies were also registered by the CROs in Karachi, Lahore and Islamabad. [Read More…]

Jan 092018
 
Company registration: 44 percent growth witnessed in first half of current Financial Year

Islamabad, January 09, 2018 (PPI-OT):In the first half of current financial year, the Securities and Exchange Commission of Pakistan (SECP) registered 4,954 new companies, raising the total number of companies to 83,879. As compared to the corresponding month of last financial year, it represents a growth of 44 percent. The massive increase in number of new companies is the result of the SECP’s various reform measures, i.e. simplification of incorporation procedure, reduction in fee, assistance in incorporation by facilitation wings at CROs etc. Around 82 percent of companies were registered as private limited companies, while around 16 percent were registered as single-member companies. Two percent of the companies were registered as public unlisted, non-profit associations, trade organizations and foreign companies. The trading sector took the lead with the incorporation of 783 companies, services with 729, construction with 625, information technology with 599, tourism with 274, food and beverages with 164, engineering with 155, education with 148, corporate agricultural farming with 126, real estate development with 106, transport with 100, pharmaceutical with 86, textile with 77, communication with 76, fuel and energy with 75, auto and allied and healthcare with 71 each, cable and electric goods with 58, broadcasting and telecasting with 57, chemical with 55, power generation with 47, paper and board with 46, mining and quarrying with 45, steel and allied with 38, cement with 9 and 334 companies were registered in other sectors. Moreover, 35 foreign companies were also registered by the CROs in Karachi, Lahore and Islamabad. [Read More…]

Aug 262017
 

KARACHI: As the National Accountability Bureau (NAB) inches closer to filing references against the Sharif family, the deposed premier, his children, son-in-law, and a close aide have decided to seek ‘protective bails’ to evade possible arrest, sources in the ruling PML-N have told Daily Express. A five-judge bench of the Supreme Court disqualified Nawaz Sharif for concealing assets on July 28 and directed the country’s top anti-corruption watchdog to file references against him, his two sons, daughter, son-in-law, and the finance minister. Panamagate saga ends: Prime Minister sent packing On Friday, NAB received details of some 26 accounts operated by the Sharif family. And a senior official said the bureau has completed the record collection process from state departments, including the SBP, SECP, and FIA. However, sources told Daily Express that Sharif, his sons Hussain and Hassan, daughter Maryam Nawaz, son-in-law Captain (retd) Safdar and Finance Minister Ishaq Dar have decided after consulting their legal aides to approach the top court for protective bails. Sharif, his children and Dar have already filed review petitions against the July 28 verdict of the apex court in the Panamagate case. The Sharif family’s legal is said to have also briefed the deposed premier on these petitions. Sources said that after his discussions with PML-N leaders and his legal wizards, Sharif decided that he and his family would face NAB references against them in accordance with the law.   The post NAB references: Sharif family decides to seek protective bails appeared first on The Express [Read More…]

Jun 102017
 

When a senior official of the Supreme Court of Pakistan made that now famous WhatsApp call to the Chairman of the SECP regarding the selection of a certain person for the JIT, little could he know what a profound impact his call would have on the politics of Pakistan. Technology, they say, is the great disruptor. It is also the great divider in many ways. This division is usually characterised by the comfort (or lack of it) that a person has with technology. The comfort in question also revolves around age. The ‘digital aliens’ — those born before the arrival of the internet and the digital age — find themselves at a severe disadvantage compared to the ‘digital natives’ who are born into the digital age. Digital aliens can recall the times when computers had to be learned through proper instruction; when typing was something that professional typists were hired to do and when information was accessed through newspapers and state media only. In those early days the government had — perhaps in a bid to ‘modernise’ its functioning — invested in desktop computers for senior officers. However, while these desktops looked good in offices, their utility was severely restricted. In most cases the computer would be placed on a separate table adjacent to the sahib’s impressive desk. The monitor and the keypad would be lovingly covered by a silver plastic casing and to complete the aesthetic picture, a flower pot would often be placed on top of the bulky [Read More…]

Mar 062017
 
SECP intensifies crackdown on in-house badla financing

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has started taking strict measures to curb illegal financing in the wake of recent defaults by brokers. Though in-house badla financing was banned by the SECP in 2006, the practice has continued unabated in one form or another due to its unregulated nature and because the use of two legal options — margin trading and margin financing, whose rules were promulgated in 2011 — remains limited. “The main reason that badla financing remains in practice is that margin trading and margin financing have remained limited to first-tier stocks, and even the second-tier stocks could not get the financial support from the banking sector,” said an official of the SECP To seek a solution to fill the financing gap, the SECP formed a committee headed by Commissioner (Securities Markets Division) Akif Saeed; it is expected to submit its report to the commission soon. Mr Saeed declined to comment on the recent actions against the stockbrokers involved in badla financing. But an official of the Pakistan Stock Exchange (PSX) told Dawn that recent ‘bull runs’ and the surge in the benchmark KSE-100 index has largely been fueled through badla. The official, however, said the committee has reported that in-house badla posed risks of unregulated market and could lead to misuse of client assets by brokers if they are in distress. “Although a mix of genuine developments have attributed to the increase in KSE-100 index too, but the substantial rise of the market from [Read More…]

Feb 142017
 

KARACHI: The Pakistan Stock Exchange (PSX) has suspended its chief regulatory officer (CRO) over having failed to timely detect the MR Securities scam and tightened regulations for brokerage houses on Tuesday. “The Board {of Directors} has decided to suspend the CRO pending a detailed enquiry,” PSX said in a statement. Earlier in the day, the board held a detailed meeting with the full bench of the apex regulator, the Securities and Exchange Commission of Pakistan (SECP), to discuss the way forward following default of MR Securities a couple of weeks ago. The owner of the securities firm has fled since the SECP initiated a probe against him on the allegation that he had illegally utilised investors’ funds. The PSX communicated that a total of 485 claims were received till date against MR Securities amounting to Rs1.2 billion. More claims are awaited. In the meeting, chairman SECP expressed his concern over some single-member companies acting as stockbrokers and “directed the Exchange {PSX} to ensure all such brokers convert to a private or public company within the specified time period,” the statement added. “This was essential to provide for necessary corporate set-up, code of ethics, effective compliance framework and for protection of clients’ assets,” the meeting resolved. The SECP communicated that considering risk to investor arises substantially through custody of clients assets with brokers, not all brokers should be allowed to keep custody of clients’ assets, which the PSX agreed with. In order to strengthen the Exchange’s capacity as a frontline regulator PSX [Read More…]

Nov 032016
 
Federal Cabinet approves Companies Bill, 2016

Islamabad, November 03, 2016 (PPI-OT):Chairman, Securities and Exchange Commission of Pakistan (SECP), Mr. Zafar Hijazi was immensely satisfied over the approval of Companies Bill, 2016, by the Federal Cabinet. In a press briefing in Islamabad on Thursday, November 03, 2016 he said that implementation of Companies Bill, 2016, in the corporate sector will be a game changer. He also said that while assuming the responsibility of Chairman, SECP he presented a detailed review of the legal framework available for capital market, corporate sector and insurance sector to the Finance Minister and said that revision of the whole legal framework of the companies bill, that too in a short while is the need of the hour and it should meet the standards of today and that will not be possible without the help and support of the government on this, the finance minister assured the SECP of all possible support of the government. The Chairman, SECP said that the current legal framework for the capital market and the corporate sector in Pakistan has been updated according to the needs of today and is in accordance with the developed countries standards. He said that before this, basic acts like Securities and Exchange (amendment) Act, 2016, Securities Act, 2015 and Futures Market Act, 2016 have already been approved and implemented. He said the Companies Bill will also be approved by parliament soon. Mr. Zafar Hijazi said that Insurance Act is the last law which needs to be revamped and hopefully its final draft [Read More…]