All outstanding issues faced by overseas investors while investing here in Pakistan will be resolved, said Chairman of Securities and Exchange Commission of Pakistan (SECP) Aamir Khan while talking to the members of Overseas Investors Chamber of Commerce and Industry (OICCI).

Aamir Khan was visiting OICCI Karachi to interact with business leaders and industry representatives. He assured them that their queries will be heard and addressed, given their feasibility is in line with SECP regulations. He shared his concerns with the OICCI members over the lack of pace in innovation, entrepreneurship, and the ease of doing business. He said that he wanted to improve the service delivery of SECP, but for that, he will need input from industry leaders and business experts.

“SECP is working day and night to improve the business conditions here in the country. SECP is committed to solving all the outstanding problems of investors and business leaders. We are working hard to promote digitalization and a culture of innovation in the country,” he said.

He informed the industry leaders about the six main aims of SECP and how it was proactively trying to achieve them. He said that he is “constantly preoccupied with the thoughts of increasing financial inclusion, market development, effective & transparent enforcement, promoting innovation & entrepreneurship, ease of doing business and improving internal governance of SECP.”

He agreed with the OICCI members over their emphasis on digitalization, cracking down on red tape, reducing the cost of doing business, and increasing competition by reducing barriers to entry. He said that the “SECP is working hard to promote the initiatives for sustainable growth, expand the corporate sector, and help the capital markets evolve.”

Aamir Khan highlighted some of the important measures taken by the Commission towards the attainment of all these goals, including launch of Digital CTCs, Online Banking Portal, Secured Transaction Registry, establishment of Business Center, amendments in the Companies Act, 2017 as well as launch of WhatsApp and WeChat services.

“SECP successfully incorporated 99% of the companies online in the fiscal year 2021-22,” he said. For liquidity improvement and product development, SECP has launched seven ETFs, issued over 1,000 EWRs, and launched REITs.

He told the OICCI members about the new guidelines and regulations issued by the SECP. They include regulations for digital distribution and Robo Advisory of Mutual Funds, Regulatory framework enabling micro and digital only insurers & AMCs, and Draft Asset Fractionalization Regulations.

He also informed the attendees about the formation of dedicated supervision and adjudication divisions, supported by strengthened litigation department, risk-based supervision, creation of centralized licensing department, and the digitalization of functions like promotion, appraisal, loan management and payroll.

He also apprised the attendees about the Graduate Trainee Program of SECP named as HAWKS. He said that gender considerations were heeded during the selection process with 50% of female trainees hired. “In the first batch, 21 trainees were hired, and in the second batch, 31 trainees were hired,” he said.

Aamir Khan was welcomed to the chamber by the OICCI Vice President Amir Rasool Paracha and Secretary General M. Abdul Aleem.

Credit : Independent News Pakistan-WealthPk