‘SECP to turn challenge into opportunity’

ISLAMABAD: The Securities and Exchange Commission of Pakistan’s (SECP) on Thursday expressed its resolve to strongly respond to the impact of COVID-19 challenge and convert it into an opportunity for growth of capital markets.

SECP Chairman Aamir Khan appreciated the measures being taken by the Central Depository Company (CDC) of Pakistan in development of the capital markets. Khan assured SECP’s full support to CDC while also identifying areas, which require more focus and dedication of resources.

“SECP is actively engaging the market stakeholders to mainly assess the situation arising out of the COVID-19 pandemic and its impact on the capital markets,” he said in a meeting with the CDC board.

The meeting was informed about latest developments, especially in light of the COVID-19 pandemic, reforms that CDC has been undertaking, status of different projects while identifying areas for future development.

“Despite the challenges created in the wake of COVID-19, the CDC has been able to ensure smooth and uninterrupted operations, including the shifting of its majority workforce on work-from-home basis, which demonstrates the robustness of business continuity arrangements,” a statement said.

Earlier, the capital market advisory committee reviewed the recent reforms. It was told the stock market continued to operate successfully despite the threats posed due to COVID-19 pandemic and resultant scenario in the country due to timely response by SECP in addressing practical difficulties and effective and resilient business continuity arrangement of self-regulatory organisations (SROs).