07-18-2003, 09:26 AM
Hi Guy and Raza!
Thnks Guy for directing me to that article! I am happy we r in agreement with each other. I was wondering if this will degenerate into an insulting match as well. I hope not!
Now to the meat. By equating auditors with police, Raza has kicked them where it hurts most (u know what i mean!) Now in our situation, police knows full well who the murderer is (issues a good character certificate) and even might have advised how to murder, then should we not punish police as well as the murderer?
As far as SECP being equal to a court, this is their statutory role.
The laws of the land have mandated them to play this part. Whether they play it square and fair can be subject to debate and if necessary should be contested in the ordinary courts.
I think SECP is doing an excellent job within their limited resources(both financial as well as human). The ex-chairman Mr Mirza (who was on deputation from Int. Finance Corp. (same place that produced Moin Querishi) for two years has done a commendable job. The proof of it is in the pudding! The world is noticing Pakistan for some right reasons at last.
We shouldn't forget that SECP work with meager resources. Their major projects are done through grants from int. institutes.
We should also remember that it is a regulatory body and it does not frame the laws. Therefore, its effectiveness depends on political will to update the relevant laws.
Look even a country like US that has trillions of dollars in annual budget, cann't devote enough resources to avoid disasters like Enron/Worldcom. This is nature of this beast. Investing is a dangerous game. Let us hope SECP becomes a more robust and powerful institute than it is now. So it can catch both police and the murderer!
Take care!
Edited by - Pervez on Jul 18 2003 043032 AM
Edited by - Pervez on Jul 18 2003 044856 AM
Edited by - Pervez on Jul 18 2003 045109 AM
Thnks Guy for directing me to that article! I am happy we r in agreement with each other. I was wondering if this will degenerate into an insulting match as well. I hope not!
Now to the meat. By equating auditors with police, Raza has kicked them where it hurts most (u know what i mean!) Now in our situation, police knows full well who the murderer is (issues a good character certificate) and even might have advised how to murder, then should we not punish police as well as the murderer?
As far as SECP being equal to a court, this is their statutory role.
The laws of the land have mandated them to play this part. Whether they play it square and fair can be subject to debate and if necessary should be contested in the ordinary courts.
I think SECP is doing an excellent job within their limited resources(both financial as well as human). The ex-chairman Mr Mirza (who was on deputation from Int. Finance Corp. (same place that produced Moin Querishi) for two years has done a commendable job. The proof of it is in the pudding! The world is noticing Pakistan for some right reasons at last.
We shouldn't forget that SECP work with meager resources. Their major projects are done through grants from int. institutes.
We should also remember that it is a regulatory body and it does not frame the laws. Therefore, its effectiveness depends on political will to update the relevant laws.
Look even a country like US that has trillions of dollars in annual budget, cann't devote enough resources to avoid disasters like Enron/Worldcom. This is nature of this beast. Investing is a dangerous game. Let us hope SECP becomes a more robust and powerful institute than it is now. So it can catch both police and the murderer!
Take care!
Edited by - Pervez on Jul 18 2003 043032 AM
Edited by - Pervez on Jul 18 2003 044856 AM
Edited by - Pervez on Jul 18 2003 045109 AM
