ISLAMABAD - Shaukat Hussain has resigned from the post of Chairman Securities and Exchange Commission of Pakistan on Thursday, sources said.

They further informed that Hussain would continue to work as Commissioner SECP. “He [Hussain] has sent his resignation to the Ministry of Finance,” said an official of the ministry. He further said that government may appoint Tahir Mahmood as acting chairman SECP today (Friday).

The PML-N government had appointed Shaukat Hussain as chairman of the Securities and Exchange Commission of Pakistan (SECP). The federal cabinet a few days before removed top officials of various departments, which were appointed by last government. However, it had not removed the Chairman SECP.

The officials dismissed include Saeed Ahmed, president National Bank of Pakistan (NBP); Tahira Raza, president First Women Bank Ltd (FWBL); Syed Talat, president Zarai Taraqiati Bank Limited (ZTBL); and Ehsanul Haq, president Small and Medium Enterprises Bank (SME). The tenure of the NBP president was set to expire on January 1, 2019; president First Women Bank was serving on extension, president ZTBL on April 27, 2018 while president of the SME’s tenure ended on Mar 2.

In addition, five regulators appointed during the previous government’s tenure have also been removed including: Jameel Ahmed, the deputy governor of the SBP; Shamsul Hassan, the deputy governor of the SBP; Ms Vadiyya Khalil, the chairperson of the CCP; Dr Mohammad Saleem member of the CCP; and Shahzad Ansar member of CCP.

Sources said that government would start the process of appointing new heads of departments and regulators in next few days.