SECP to reduce regulatory burden

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan has reiterated the commission’s commitment to outcome-based regulation by reducing regulatory burden, simplification of laws, and optimal use of technology, a statement said on Monday.

Addressing a virtual interactive session with the representatives of Pakistan Business Council (PBC) led by its CEO Ehsan Malik Khan, the SECP chairman briefed the participants about key reforms undertaken by the commission to promote ease of doing business, enhance access to finance, development of the capital market and improve transparency in regulatory functions, as well as its regulated sectors.

To facilitate the corporate sector and ensure the desired efficiency in processes, several reforms have been undertaken, including digital certificate of incorporation, creation of a special portal for banks to facilitate account opening, digitisation of account opening process for residents and non-residents for investment in the capital market, etc.

Khan also highlighted the targeted measures implemented for reducing the cost of doing business and supporting companies in the wake of COVID-19. Simplification of Buy Back Regulations, amendments in Further Issue of Shares Regulations, revamping of Private Funds Regulation and the NBFC Regulations would facilitate business growth, he said.