Dar directs SECP to consult stakeholders on Draft Modaraba Act, 2016

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Dar directs SECP to consult stakeholders on Draft Modaraba Act, 2016

ISLAMABAD, Dec 14 (APP): Federal Finance Minister, Senator Mohammad  Ishaq Dar on Wednesday directed the Security Exchange Commission of Pakistan (SECP) to consult all the relevant stakeholders on Draft Modaraba Companies and Modaraba (Floatation and Control) Ordinance, (Amendment) Act, 2016, and the Amendments in the Insurance Law which were currently under consideration of the SECP.
Chairing a meeting here at the Finance Division with the Chairman SECP
and his team, the Minister appreciated the hard work done by the SECP team which has contributed effectively in regulating the financial sector of the country.
Ishaq Dar 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, he added.
The Chairman, SECP 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 and 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 the Finance Minister that SECP is taking all necessary
steps for stability of the capital market and risk mitigation.
The meeting was participated by the senior officials of the Ministry
of Finance and members of the SECP team.