ISLAMABAD - The National Assembly Standing Committee on Finance, Revenue and Economic Affairs on Tuesday expressed concerned over the non-appointment of permanent chairman and commissioners of the Securities and Exchange Commission of Pakistan (SECP) from last one and a half years.
The National Assembly Committee, which met under the chair of Omar Ayub Khan, also expressed concerns over the non-submission of the report of stock exchange market crash in 2008 and directed to submit report before the committee. The Committee discussed one point agenda, working of the Securities and Exchange Commission of Pakistan.
Acting Chairman SECP Tahir Mahmood briefed the committee on the working of the organization. He informed that process of appointment of key posts in the organization has been stopped due to the decisions of the Courts. Some people liked the judicial activism by challenging the appointments of chairman and commissioners SECP, he remarked.
Tahir Mahmood informed that there are some challenges in appointing chairman, however, Ministry of Finance is working honestly in this regard, he added.
Committee member Abdul Rashid Godil of MQM asked the acting chairman SECP who had directed to terminate the previous chairman. Similarly, he asked, who is eligible for the post of chairman SECP? Replaying to the questions, acting chairman said that Court had directed to terminate the former chairman from his post. The committee was informed that Tahir Mahmood is the most senior officer of the SECP, who is eligible for the post of chairman. However, he added that if government does not consider him eligible for the said post, then he should be appointed as executive director.
Earlier, Committee member Abdul Rashid Godil and Committee chairman exchanged hot words over the absence of the Finance Minister Senator Ishaq Dar and Secretary Finance Dr Waqar Masood from the Committee meetings. Abdul Rashid Godil remarked that Finance Minister and Secretary Finance did not give importance to the committee meetings.
Committee Chairman Omar Ayub said both of them are out of country to attend the annual meetings of the IMF and World Bank.
The Committee was informed that the mandate of the SECP was to act as a regulator of corporate entities and administration of corporate laws. Moreover, the insurance and non-banking financial sector was also regulated SECP. Briefing was given to the committee regarding the working of the SECP along with the corporate sector overview.