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SECP to strictly pursue reforms agenda

KARACHI (February 22 2003) : Securities and Exchange Commission of Pakistan (SECP) Acting Chairman Abdul Rehman Qureshi Friday assured that the SECP will strictly pursue its reforms agenda in future, consolidating the gains already made through unprecedented measures taken during the last three years.

Werner Liepach, senior financial market specialist, Asian Development Bank (ADB), called on him in his office in Islamabad to discuss developments related to upcoming Financial Market Governance Programme of the ADB and other matters of mutual interests.

This is the second phase of the Capital Market Development Programme that was initiated with the financial assistance of the ADB about three years back.

Qureshi, the senior most commissioner of the SECP, having vast experience in company laws and corporate affairs, assumed charge as acting chairman last week when Khalid A. Mirza, former chairman, proceeded on leave prior to completion of his three-year term.

Qureshi spoke highly of the key role played by Mirza in the capital market reforms in Pakistan.

He said, “This is on record that the performance of the SECP has been excellent during the last three years under the dynamic leadership of Khalid A. Mirza.”

Earlier, addressing the senior members of his team, the acting chairman said, “We will give a clear message to a concerned quarters that continuity in the policy and system is always considered to be in the best interest of the institution.” He appealed to big business houses to come up with new public issues.

Qureshi was of the view that fresh capital coming to the market would pave the way for business growth, employment generation and eventual participation of the general public in the overall economic growth.

The primary objective of the SECP as corporate watchdog would remain as to ensure maximum disclosure of public information and to keep focus on the market development besides regulation.

“The reforms in the capital market aimed at protecting investors, transparency in the securities trade and development of corporate sector as a whole, in the best interest of the general public, shareholders and creditors, have got recognition not only within the country, but also at the international level,” he said, adding that he, as acting chairman of the SECP, would make it clear that proper implementation of the reforms announced so far, was the SECP's main agenda.

He assured that all the decisions would be taken strictly under the law and according to the system and established procedure. “However, useful suggestions made through the executive directors and commissioners concerned would be welcomed,” he added.

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