Securities and Exchange Commission of Pakistan

Securities and Exchange Commission of Pakistan
Agency overview
Formed	January 1, 1999 (1999 -January-01)
Preceding agency	Corporate Law Authority
Jurisdiction	Pakistan
Headquarters	Islamabad, Pakistan
Agency executive	Position is vacant, Chairman
Website	http://www.secp.gov.pk

The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency in Pakistan whose objective is to develop a modern and efficient corporate sector and a capital market based on sound regulatory principles, in order to encourage investment and foster economic growth and prosperity in Pakistan.^[1]

History

The Securities and Exchange Commission of Pakistan (SECP) is the successor of the erstwhile Corporate Law Authority (CLA), which was an attached department of the Ministry of Finance. The process of restructuring the CLA was initiated in 1997 under the Capital Market Development Plan of the Asian Development Bank (ADB). A Securities and Exchange Commission of Pakistan Act was passed by the Parliament and promulgated in December 1997. In pursuance of this Act, the SECP, having autonomous status, became operational on January 1 1999. ^[2] The Act gave the organization the administrative authority and financial independence to carry out the reform program of Pakistan’s capital market.

The scope of the authority of the SECP has been extensively widened since its creation. The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the Commission. Now the SECP's mandate includes investment financial services, leasing companies, housing finance services, venture capital investment, discounting services, investment advisory services, real estate investment trust^[3] and asset management services, etc. The SECP also regulates various external service providers that are linked to the corporate sector, like chartered accountants, rating agencies, corporate secretaries and others.

Organization

The SECP is a collegiate body with collective responsibility. Operational and executive authority of the SECP is vested in the Chairman who is the SECP's Chief Executive Officer (CEO). He is assisted by four (4) Commissioners, particularly to oversee the working of various operational units as may be determined by him.

The SECP is divided into the following five divisions:

Company Law Division
Securities Market Division
Specialized Companies Division
Insurance Division
Law Division

Location

The SECP's head office is located in the NIC Building on Jinnah Avenue in the Blue Area of Islamabad, Pakistan's capital. It also has regional offices called Company Registration Offices (CROs) in Karachi, Lahore, Multan, Peshawar, Sukkur, Faisalabad and Quetta.

References

↑ http://www.secp.gov.pk/about_secp.asp
↑ SECP Web Site. "Establishment of the Securities and Exchange Commission of Pakistan". SECP. Archived from the original on December 27, 2009. Retrieved 13 April 2010.
↑ Pakistan ready to allow REITs - It aims to draw $3 billion from overseas investors in 5 years

External links

Economy of Pakistan

History	Numbering system Five-Year Plans Nationalization Privatization Corporatization Fauji Foundation Islamic economization Economic liberalization Medium Term Development Framework Periods of stagflation

Banking and finance	Banking (List of banks) Pakistan Remittance Initiative

Communications	Currency Mailing Postal codes Postage stamps Telecommunications Dialing codes Internet Mobile network operators Telephone numbers Pakistan Remote Sensing Satellite

Transportation	Airlines Airports Bridges Motorways National highways Railways Railway stations Ports Vehicle plates

Industry	Aerospace Agriculture Fishery Livestock Rice production Tea Defence Automotive Books and publishing Cottage and small scale Forestry Information technology Insurance Mining Media Cinema Television Music Pharmaceuticals Real estate Textiles (Carpets and rugs) Silk Tourism Medical tourism

Infrastructure	Buildings Education Schools Universities Healthcare AIDS Hospitals Housing Poverty Science and technology Water supply and sanitation (Dams) Water resources management

Energy	Electricity Fuel extraction Nuclear power Policy Power companies Power stations Renewable energy Solar power Wind power

Taxation	Federal Board of Revenue Tax on cash withdrawal

Institutions	Companies Islamabad / Karachi / Lahore stock exchanges Ministry of Commerce (Ministers) Ministry of Finance (Ministers) National Bank of Pakistan Planning Commission Research institutes Securities and Exchange Commission State Bank of Pakistan (Governors)

Society	Billionaires Businesspeople Demographics Labour force (Child labour) Public holidays Urbanisation Pensions

Domestic economies	Azad Kashmir Balochistan FATA Gilgit-Baltistan Islamabad Khyber Pakhtunkhwa Punjab Faisalabad Lahore Rawalpindi Sindh (Karachi)

See also	Central business districts Foreign aid Foreign trade International ranking Investment in Pakistan Sister cities Provinces by GDP Pakistanis by net worth Politicians Standard of living

Category

This article is issued from Wikipedia - version of the Wednesday, January 13, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.