SECP-SBP vow to maintain transparency,eradicate financial scams

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ISLAMABAD, Feb 22 (APP):Security and Exchange Commission of
Pakistan and State Bank of Pakistan on Wednesday vowed for adopting
a joint approach aimed to maintain transparency and seeking the
cooperation of law enforcement agencies to catch the culprits.
Ensuring that such people are denied access to the formal
financial sector,by imposing restrictions and information sharing
among all stakeholders,said in statement issued by SECP here on
Wednesday.
The 26th meeting of the Securities and Exchange Commission of
Pakistan (SECP) and the State Bank of Pakistan (SBP) Coordination
Committee was held here at the SECP head office Islamabad.
Governor State Bank of Pakistan, Ashraf Mahmood Wathra and
Chairman SECP,Zafar Hijazi headed their teams consisting of senior
officers.
The forum viewed with concern the history of financial scams
and fraudulent financial activities as well as illegal liquidity
mobilization schemes and unregulated lending operations.
During the meeting, numerous initiatives were discussed that
shall lead to development of bond market, ease of doing business,
strict enforcement of financial laws, collective action against
those involved in financial malpractice and improving financial
inclusion in the country by promoting housing finance and
encouraging the expansion of access to finance.
The SECP Chairman reiterated the need for effective
collaboration between financial sector regulators for effective
implementation of relevant rules and regulations as well as
development of efficient financial markets.
The SBP Governor stated that regulatory objectives of the two
regulators are being served well through ongoing consultative
process between the SECP and SBP.
There was a broad consensus on approaching the systemic risk
and financial stability issues in close collaboration between the
two regulators.
The SECP-SBP Coordination Committee meets once in a quarter.
These formal meetings supplement the ongoing regular
coordination between the two regulators on all matters of mutual
interest.
These meetings enable the two regulators to share their
viewpoints and collaborate with each other for the overall
stability, and smooth functioning of the financial sector.