ISLAMABAD -  Federal Minister for Finance Ishaq Dar on Wednesday directed the Securities and Exchange Commission of Pakistan (SECP) to consult all relevant stakeholders on Draft Modaraba Companies & Modaraba (Floatation and Control) Ordinance, (Amendment) Act, 2016, and the Amendments in the Insurance Law.

The Minister gave the direction in a meeting with chairman of SECP and his team. The chairman briefed the minister on the feedback on the promulgation of the New Companies Ordinance, 2016. He told the minister that as per his instructions all the feedback and proposals are being summarized to place before the National Assembly’s Standing Committee on Finance. He further informed the minister that important regulations under the Companies Ordinance 2016 like Companies (Incorporation) Regulations; Electronic Intermediaries Regulations and Associations Not Fit for Profit (Licensing & Corporate Governance) Regulations have been drafted and will be put for public consultation next week.

The Chairman SECP also updated the minister on the divestment of 40% blocked shares of the Pakistan Stock Exchange and the prospectus of development of Pakistan capital market. He assured Finance Minister that SECP is taking all necessary steps for stability of the capital market and risk mitigation.

The minister appreciated the hard work done by the SECP team which has contributed effectively in regulating the financial sector of the country. The finance minister especially acknowledged the recent measures taken by the SECP on submission of quarterly accounts through email. The measure is another step towards encouraging use of technology and electronic means in conduct of business and its regulation, added the minister.