Dar acknowledges SECP contribution for Companies Bill 2017

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ISLAMABAD, Mar 1 (APP): Finance Minister, Senator Mohammad
Ishaq Dar Wednesday urged Securities and Exchange Commission of
Pakistan (SECP) to take all necessary measures to ensure that the
corporate sector and capital markets of the country realize their
full potential through adoption of international best practices.
He said that this would enable the country to achieve higher,
inclusive and sustainable economic growth, which is the main aim of
the present government after having achieved macroeconomic
stability.
Talking to SECP Chairman, Zafar ul Haq Hijazi, Chairman SECP,
who called on him here, the Finance Minister expressed satisfaction
at the recent passage of the Bill from the National Assembly.
He acknowledged the contribution of Chairman SECP in the formulation
of the Companies Bill, 2017.
He asked SECP to brief and fully cooperate with the Senate
Standing Committee on Finance regarding the Bill, just as SECP had
facilitated the National Assembly Standing Committee.
He said that the thirty three years old Companies Ordinance 1984
required revamping in order to provide a modern legislative
framework to the corporate sector of Pakistan, which addresses the
needs of the corporate sector.
He said that the Bill has been developed based on extensive
consultations and inputs from all stakeholders.
The Finance Minister also said that the present government
fully supports SECP’s efforts for facilitation and effective
regulation of capital markets.
On the occasion, the Chairman SECP thanked the Minister for
his leadership and personal role in the formulation and the passage
of the Companies Bill, 2017 from the National Assembly.
He briefed the Finance Minister on various operational matters
related to the SECP.
He apprised the Finance Minister of the efforts being
undertaken for the development and smooth functioning of the capital
market.