ISLAMABAD: The Chairman, Securities and Exchange Commission of Pakistan (SECP), Aamir Khan, reiterated SECP’s commitment to outcome-based regulation by reducing regulatory burden, simplification of laws and optimal use of technology.
The comments were made while he was addressing a virtual interactive session with the representatives of Pakistan Business.
Council (PBC) led by its CEO Ehsan Malik Khan. Aamir Khan briefed the participants about key reforms undertaken by the SECP to promote ease of doing business, enhance access to finance, develop the capital market, and improve transparency in the commission’s regulatory functions and regulated sectors.
Furthermore, several reforms have been undertaken, including a digital certificate of incorporation, creating a unique portal for banks to facilitate account opening, and digitisation of account opening process for residents and non-residents investment in the capital market.
Aamir Khan also highlighted some targeted measures implemented for reducing the cost of doing business and supporting companies in the wake of COVID-19. He said that simplification of Buy Back Regulations, amendments in Further Issue of Shares Regulations, revamping of Private Funds Regulation and the NBFC Regulations would facilitate business growth.
While apprising the participants about SECP’s roadmap, he said introducing electronically-signed Certified True Copies, replacing e-services with a modern registry, simplification and consolidation legal framework of statutory returns, and growth of capital market were key focus areas for the current financial year. The SECP Chair assured the PBC members of a consultative approach while finalising any regulatory changes.
On behalf of the Pakistan Business Council, the CEO, Mr Ehsan Malik, appreciated the SECP’s efforts for primary ease of doing business (EOBI) and shared his thoughts on improving the business climate.