ISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) and Employees Old Age Benefits Institution (EOBI) sign memorandum of understanding (MoU) aiming for enhanced cooperation and coordination in pursuance of mutual objectives.

Tahir Mahmood, Acting Chairman SECP and Muhammad Ayub Sheikh Chairman EOBI, signed the MoU here at the SECP Head office in Islamabad, in the presence of senior officials from both institutions.

The MoU mainly calls for sharing of information of mutual interest, utilisation of services of the field staff of EOBI and consultations on matters of common regulatory, supervisory and overseeing interest.

The information sharing arrangement is expected to greatly enhance the efficiency and effectiveness of both organisations. It will be mutually beneficial for the SECP and EOBI to share information that is relevant to each other. Further, a mechanism has also been devised for information sharing between the two institutions. It has been agreed to support and facilitate each other in pursuit of the common goal of documenting and corporatisation of the economy.

The MoU is envisaged to have a direct impact mainly on the documentation of economy front, wherein, non-corporate sector will be pursued to get into the formal corporate sector using the synergy created with the collaboration of the Securities and Exchange Commission of Pakistan and the EOBI.

Through the MoU, it has also been agreed that the two bodies shall inform each other about prospective legal and policy changes that have an impact on industry, product or overseeing responsibility of the others. Both institutions have resolved to further enhance the cooperation in the times to come.