Adviser to the Prime Minister on Finance Dr Salman Shah has appreciated the efforts of the Securities and Exchange Commission of Pakistan (SECP) for preparing a blueprint to improve the regulatory framework and facilitate development of sectors. Salman Shah accompanied by Minister of State for Finance Umar Ayub visited the head office of the SECP on Friday and met its Chairman Dr Tariq Hassan and other senior officials. A detailed presentation on de-mutualisation of stock exchanges was arranged on the occasion.

SECP Commissioner Shahid Ghaffar gave the presentation in which he briefed the guests on the progress made on de-mutualistion within the SECP and on the level of stock exchanges. The adviser expressed satisfaction over the developments taking place on de-mutualisation of stock exchanges.

The adviser was also given a presentation on the blueprint evolved by the SECP for regulation and development of corporate and non-banking financial sectors. Mindful of its role as an integrated regulator of corporate and non-banking financial sectors, the SECP has developed the blueprint to improve the existing regulatory framework and facilitate the development of sectors.

Salman appreciated the efforts of the SECP and stressed that a medium-term strategy should be prepared for the financial sector.

He offered support to the SECP's initiatives to encourage corporatisation and promote voluntary pension schemes in the country through appropriate fiscal incentives.

Copyright Business Recorder, 2005