Securities and Exchange Commission of Pakistan


Securities and Exchange Commission of Pakistan

The Securities and Exchange Commission of Pakistan (SECP) is an organization whose purpose is to develop a modern and efficient corporate sector and a capital market based on sound regulatory principles, in order to foster economic growth and prosperity in Pakistan.

History

"The Securities and Exchange Commission of Pakistan" was created to succeed the Corporate Law Authority, which was an attached Department of the Ministry of Finance. The process of restructuring the Authority was initiated in 1997 under the Capital Market Development Plan of the Asian Development Bank (ADB). A "Securities and Exchange Commission of Pakistan Act" was passed by the Parliament and promulgated in December 1997. In pursuance of this "Act", the Securities and Exchange Commission of Pakistan, having autonomous status, became operational on January 1 1999. The "Act" gave the organization the administrative authority and financial independence to carry out the reform program of Pakistan’s capital market with the assistance of the Asian Development Bank (ADB). Powers of the Commission have been delegated to the individual Commissioners and Appellate Benches, as envisaged in the "Act".

The scope of the authority of the Commission has been extensively widened since its creation. The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the Commission. Now the Commission's mandate includes investment financial services, leasing companies, housing finance services, venture capital investment, discounting services, investment advisory services, real estate investment trust [ [http://www.iht.com/articles/2006/06/21/bloomberg/sxreits.php Pakistan ready to allow REITs - It aims to draw $3 billion from overseas investors in 5 years] ] and asset management services, etc. The Commission also regulates various external service providers that are linked to the corporate sector, like chartered accountants, rating agencies, corporate secretaries and others.

Location

The Commission's main office is in the Blue Area in Islamabad.

Securities and Exchange Commission of Pakistan
National Insurance Corporation Building,

Jinnah Avenue,
Islamabad-44000,Pakistan
Telephone: 92-51-9207091 (3 lines)
Fax: 92-51-9204915
Email (General Information): enquiries@secp.gov.pk

SECP office at Karachi is on 4th floor State life building 2, Ibrahim Ismail Chundrigar Road Karachi Pakistan

Footnotes

ee also

*Corporate sector of Pakistan
*Economy of Pakistan
*Karachi
*Islamabad
*Pakistan

External links

* [http://www.secp.gov.pk/ Securities and Exchange Commission of Pakistan Website]
* [http://www.vakilno1.com/saarclaw/pakistan/secrities_and_exchange_commission_of_pakistan_act/securities_and_exchange_commissi.htm Securities & Exchange Commission of Pakistan Act 1997]
* [http://www.secp.gov.pk/corporatelaws/dec_26_98.htm SECP Corporate Laws]


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