The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI).
The session was presided over by SECP Chairman Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitisation of account opening process for resident and non-residents for investment in the capital market, etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings.
During the session, the chairman apprised the OICCI’s representatives about SECP’s steps to simplify regulatory requirements, reduce compliance cost and leverage technology to improve user experience. He reiterated SECP’s commitment to improving business climate and resolving issues hindering overseas investment.
The SECP chairman informed the participants that amendments to the Companies Act, 2017, have been laid before the parliament. The amendments are in line with the government’s vision to promote ease of doing business, improve access to finance and aim to resolve various issues being faced by businesses, especially start-ups and smaller companies.
The OICCI’s representatives, while appreciating SECP’s efforts to facilitate the business community, also shared their ideas and recommendations to improve investor’s confidence in Pakistani market, which will further boost foreign direct investment.