SECP holds training workshop for journalists
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) achieved a milestone in 2008 by launching ‘eServices’ for easy, cost effective, faster, secure and efficient medium of interaction with the corporate sector.
“Almost 60 percent of the new companies are registered online and 22 percent of the returns are filed online, showing increasing popularity of eServices,” said officials of the SECP during their presentations at a training workshop for journalists.
The interactive training workshop was organised by the commission at a local hotel here on Wednesday.
The workshop highlighted the performance of the apex regulator and frequent changes and reforms being made in the corporate sector.
The experts said that eServices provide online availability of name, incorporation of companies, filing of statutory returns and processing of various applications.
They said SECP had implemented ‘Once Online Forever Online’, whereby online filing of subsequent statutory returns had been made mandatory for companies.
The SECP recently launched ‘Fast Track Registration Service (FTRS)’ for processing of incorporation of a company, availability of name, change of name and charge registration, modification and satisfaction cases.
FTRS ensures swift disposal ie, on the same day and within four hours.
This service is available for both online and offline cases.
This initiative is expected to promote corporatisation and encourage compliance.
They said the SECP launched the reform process of capital market to achieve market integrity – a fair, transparent, and efficient market that engenders investor confidence.
The SECP introduced standardised account opening form for brokerage houses and a standardised sub-account opening form for CDC had been introduced; in-house badla which was non-transparent method of financing was abolished besides unique identification number (UIN), internet trading regulations and policy of dealing with defunct/defaulter companies were some of the key initiatives taken by the commission.
They said that the SECP’s future plan for development of capital market included Corporatisation and Demutualisation of the stock exchanges, robust regulatory framework in line with international best practices and International Organisation of Securities Regulators principles, transfer of risk management from the stock exchanges to NCCPL, which will enable it to function as a Central Counter Party (CCP) and establish CCP Settlement Guarantee Fund and formulate regulations for the issuance of sukuk certificates.
The SECP plans to hold road shows, awareness campaigns, seminars and publish reading material and employ specialised institutions to carry out knowledge building activities.
The commission also plans to implement effective KYC and CDD policies and procedures, introduction of e-dividend and e-voting mechanisms, develop regulatory framework for inter-exchange trades, cross listing of indices, introduction of large cap and small cap listing boards so as to encourage listing of small capital based companies and study establishment of SME board/exchange, work towards shifting to 100 percent demat for IPOs and development of electronic/online IPO application.
Other plans of the SECP include: establishment of a Shariah Board, Shariah-compliant investment alternatives, consolidation of existing Islamic institutions and development of innovative Shariah compliant institutions, products and services and focus on creating a viable market for the effective mobilisation of Islamic funds.