LAHORE  : The SECP has been reviewing the listing regulations of the stock exchanges to make the listing process more efficient and less cumbersome, Imtiaz Haider, Commissioner Securities Market Division (SMD), SECP said while addressing the ‘Pakistan IPO Summit-2013.  He, while appreciating the South Asian Federation of Exchanges (SAFE) for organizing the third ‘Pakistan IPO Summit-2013’ said that the conference is indeed a commendable effort, which will encourage more companies to get listed on stock exchanges.

Imtiaz pointed out that despite consistent efforts and technological development the number of new listings is not encouraging - as during the last three years only 13 IPOs have been witnessed in stock exchange. To this end, he said, all the key players associated with the IPO market need to collectively enhance their efforts to address the situation and encourage the companies to tap the capital market for meeting their financial needs through IPOs. He was of the view that the purpose of the summit will be best served if it would successfully highlight the benefits of listing in stock exchanges.

The Commissioner SMD informed the audience that the SECP has introduced a number of changes in its regulatory framework to make the process of listing more accessible and efficient including the introduction of book building process, publication of the Listing Guide Book, the launch of e-IPO and establishment of separate IPO Portal on the official website of the SECP with all the relevant data, information, laws, guidelines and checklists. The SECP also constituted a Technical Committee to review the Listing Regulations of the Stock Exchanges in a way to make the listing process more efficient and less cumbersome. Recommendations of the Committee are being reviewed by the exchanges for implementation, said Imtiaz Haider.

Moreover, he said, on the recommendation of the SECP, the government has announced a five-years tax holiday for all those new projects and balancing , modernization, replacement & expansion projects, where such projects are financed entirely through equity. The stock market is one of few sources that may facilitate the corporates to avail this incentive, he added.