Latest news with #SECP
Express Tribune
12 hours ago
- Business
- Express Tribune
Regulator's meeting at hill station raises eyebrows
Listen to article In a move that raises questions about fiscal discipline and public accountability, the Securities and Exchange Commission of Pakistan (SECP) has planned a high-end Registrar Conference at the tourist hill station of Malam Jabba, Khyber-Pakhtunkhwa. This conference is slated for June 28-29 and SECP officials left on Friday to attend the event, estimated to cost Rs8 million, as approved by the commission. According to sources, for the first time in SECP's history, the Registrar Conference is being held at a luxury hill station with management lodging at an A-class hotel for the SECP chairman, commissioners, executive directors and heads of departments. Sources within the SECP confirmed that the stated agenda of the conference was to discuss regulatory reforms and promote the exchange of ideas among registrars to address existing and emerging challenges. The timing of the event is also controversial as it comes at a time when the prime minister has issued clear directives to all government departments to adopt austerity measures, cut unnecessary expenditures and avoid lavish events – a policy that comes in the wake of Pakistan's fiscal situation and reliance on IMF support. "This is a blatant contradiction of the federal government's austerity instructions," said a senior official familiar with the matter. "Spending millions on a luxury conference undermines the credibility of the government's reform agenda." Further compounding the problem is the SECP's recent revision of its fee structure, where incorporation charges were nearly doubled and the cost of filing documents was increased significantly. Effective from April 21, 2025, the commission has imposed new and higher fees across various company types and submission modes. It has also introduced non-refundable processing fees for applications seeking regulatory approvals, exemptions and directions, affecting thousands of businesses and professionals. Adding to the controversy is the SECP's frequent foreign travel. In the past year alone, the commission's top leadership reportedly undertook dozens of foreign visits to attend international conferences and events. Many of these trips were funded by the public exchequer. The cabinet has already placed restrictions on such publicly funded foreign travel, citing the need for financial restraint. When the SECP spokesperson was contacted, he stated "the conference is a strategic session of the commission, which is held annually". "Only employees attend it and their families do not attend," he added.
Business Recorder
13 hours ago
- Business
- Business Recorder
Overlaps, outdated practices: SAPM for reviewing regulatory frameworks of SBP, SECP and FBR
ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, Friday stressed the need for reviewing the regulatory frameworks of the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), and the Federal Board of Revenue (FBR) to identify overlaps and outdated practices in a bid to provide a business-friendly environment to local and internal investors. In a meeting with Scott Jacobs, managing director of JC&A, and the Board of Investment (BOI) reforms team, he said that to attract local and global investment further streamlining of the regulatory frameworks is a must, adding that the SBP, the SECP and the FBR must take necessary steps in this connection as early as possible. He said that reviewing and reforming the regulatory frameworks will become a key step towards improving Pakistan's investment climate and fostering inclusive economic growth. The session focused on reviewing the implementation progress of the 'Regulatory Reform Packages' initiated under the roadmap approved by Prime Minister Shehbaz Sharif. During the meeting, the delegation provided a detailed briefing on ongoing reform initiatives, aimed at streamlining regulations and enhancing the ease of doing business in Pakistan. Key areas of discussion included the country's economic outlook, industrial policy, foreign exchange frameworks, regulatory challenges, and the SECP Act. Scott Jacobs lauded Prime Minister Shehbaz Sharif's vision for reform and praised the administration's efforts to strengthen Pakistan's economic infrastructure and investment environment. HaroonAkhtar Khan underscored the vital role of the private sector in driving economic growth and job creation. He emphasised that a coordinated approach involving industrial, regulatory, and tariff reforms could be transformative for Pakistan's economy. Calling for the removal of redundant regulations that hinder business operations, he reiterated that private sector engagement is essential to attracting foreign direct investment. He also acknowledged the BOI's significant progress in simplifying processes related to business registration, licensing, and permits. 'Unnecessary scrutiny should be avoided when investments are routed through proper foreign exchange channels,' Khan noted, pointing out that sufficient monitoring mechanisms already exist for countries outside the FATF list. He reaffirmed the finalisation of a five-year Industrial Policy aligned with the prime minister's vision, aimed at reducing the cost of production and protecting the industrial sector. Aligning Pakistan's regulatory environment with global standards, he said, is critical for enhancing competitiveness and ensuring long-term economic sustainability. The meeting concluded on a note of optimism, marking another milestone in Pakistan's ongoing efforts to create a more investor-friendly and efficient economic framework. Copyright Business Recorder, 2025
Express Tribune
4 days ago
- Business
- Express Tribune
Redefining Insurance and Takaful Landscape in Pakistan
As the curtain falls on the Tribune podcast series in collaboration with EFU Hemayah Takaful, the final episode delivers a powerful and future-focused conversation with Mohammed Ali Ahmed, MD and CEO, EFU Life. With nearly two decades at the company and a unique journey from middle management to the top, Mr. Ahmed offers an insider's view into not just EFU Life's transformation, but the broader evolution needed across Pakistan's insurance and Takaful landscape. Mr. Ahmed begins with a sobering fact: 'Pakistan's insurance industry is currently ranked around the bottom three or four, and that's not a good position to be in. However, looking at the positive side, there's so much we can do with relatively little effort. This is where our industry has the chance to make a significant impact,' he said. With a young population, untapped potential, and increasing awareness, the industry stands on the cusp of transformation. He credits regulatory support from SECP over the last decade, stating, 'I think the efforts that we have made as an industry, especially in the last 10 years, the regulator, SECP, has played a very positive role in a very proactive way, with a growth and development mindset, has been engaging with us.' The core strategy driving EFU Life's recent growth is segmentation. Mr. Ahmed strongly believes the industry can no longer rely on one or two mass market products. 'Our focus has been on segmentation – not just in terms of age, but also socio-economic backgrounds. For example, high net worth individuals have very different needs from the middle class or those closer to the poverty line. By tailoring our products, we ensure that we reach as many potential customers as possible,' he explained. 'In the last few years, millions of Pakistanis have taken insurance for the first time. But to move the needle on insurance penetration, we need the entire industry to adopt innovative strategies. Technology is essential to this transformation. Without it, we cannot meet our goals,' he said. From AI in HR recruitment to AI-assisted underwriting and product development, Mr. Ahmed underlines how technology is not a future aspiration but a present-day necessity. As the conversation turned toward Takaful, referring to KP and Balochistan, Mr. Ahmed said, 'Takaful will play a significant role in these regions.' With greater cultural resonance and trust, Takaful is poised to become a key pillar in expanding the reach of protection products to new geographies and communities. 'Our success as a company is tied to the success of the industry,' said Mr. Ahmed, encouraging collaborative growth and urging peers to adopt segmentation and tech strategies. His vision is not just for EFU Life to lead, but for Pakistan to become a case study in insurance innovation across emerging markets.
Business Recorder
21-06-2025
- Business
- Business Recorder
KP approves funds for procurement of buses for BRT
PESHAWAR: The 34th meeting of the Khyber Pakhtunkhwa Cabinet was held here on Friday with Chief Minister Ali Amin Khan Gandapur in the chair. Cabinet members, Chief Secretary, Additional Chief Secretaries, Senior Member Board of Revenue, Administrative Secretaries and Advocate General Khyber Pakhtunkhwa attended the meeting. The cabinet approved the procurement of 50 additional identical diesel-hybrid buses for BRT Peshawar at an estimated cost of Rs. 3.2 billion. It is worth noting that TransPeshawar initially procured 220 buses, with 24 more added in 2022, bringing the fleet to 244. However, due to growing public demand and the expansion of operational routes from six to eight - including the recent addition of DR-11, DR-13, and DR-14 - the procurement of more buses has become essential. The cabinet approved the merger of ADP Scheme campuses of the Model Institute for State Children 'ZamungKor' located in Swat, D.I. Khan, Abbottabad, and the Girls Campus in Peshawar into the already functional autonomous body of the ZamungKor Model Institute for State Children, Peshawar. Currently, 600 children are enrolled at the Peshawar institute, while an additional 425 students are enrolled across the four ADP scheme campuses. The cabinet approved signing of agreement between Pak Qatar Asset Management as the 13th Asset Management Company under CP Fund Rules 2022. To address the issues of unsustainable pension expenses, the Government of Khyber Pakhtunkhwa initiated pension reforms in 2015, which included the transition from an unfunded pension system to a funded pension scheme. Consequently, Contributory Provident Fund was introduced. Under the new system, contributions from both employees and government are invested in the market through professional asset management companies registered with the Security and Exchange Commission of Pakistan (SECP). In January 2022, the Government of Khyber Pakhtunkhwa began entering into agreements with asset management companies having SECP voluntary pension scheme licenses under the Contributory Provident Fund Rules, 2022. Consequently, 12 companies entered into agreement with the government to manage the Pension Fund. The cabinet approved amendments in the Khyber Pakhtunkhwa Right to Public Services Act, 2014. The purpose of the amendment is to simply notifying Public Services, coordination between the Commission and Departments, clarification of the vague provision for e-governance, provision for public oversight and accountability of the Commission. Moreover, provision of reasonable accommodation has been added to achieve international benchmarks by providing statutory provision for facilitation of the marginalized segments of the society. The cabinet approved amendment to Sub Rule (07) Rule 11 of Khyber Pakhtunkhwa Public Private Partnership (selection of Private Partner) Rules, 2021. The rule pertains to the response time of bidders provides a time frame of sixty (60) days for a bidder to respond to a bid. As per the amendment the RFP shall be disseminated amongst the pre-qualified or shortlisted bidders, as the case may be, with a minimum response time to thirty (30) days. It constituted a committee to deliberate on Khyber Pakhtunkhwa Public Lands Utilization and Management Bill, 2025 and present recommendations to the cabinet. The cabinet approved the Khyber Pakhtunkhwa Non-Governmental Organization (working in the field of human rights) Rules, 2025. The cabinet approved a Non-ADP scheme with a total cost of Rs. 124.016 million for the current financial year for resumption of salaries of contract staff of Provincial Earthquake Reconstruction and Rehabilitation Agency (PERRA). The approval was also granted to issue termination notices to the contract staff of PERRA from 1st July 2025. Copyright Business Recorder, 2025
Business Recorder
18-06-2025
- Business
- Business Recorder
Govt well prepared to tackle any fallout: Aurangzeb
ISLAMABAD: Finance Minister Muhammad Aurangzeb said Tuesday that the government will ensure adequate stockpiles of petroleum products in the country keeping in view geopolitical tensions and regional developments in Middle East. Senator Muhammad Aurangzeb participated as the Chief Guest at the 'National Workshop on Transitioning to Defined Contribution Pension Schemes', organised by the Securities and Exchange Commission of Pakistan (SECP) at a local hotel on Tuesday. Finance Minister assured that Pakistan was well-prepared to navigate any potential fallout from regional instability. In his keynote address, the Minister began by briefing the participants on the recent geopolitical tensions and regional developments, sharing insights from a high-level meeting he chaired yesterday to review the evolving situation and its potential economic implications for Pakistan. He noted that in-depth discussions were held with key stakeholders on scenario planning, ensuring adequate stockpiles of petroleum products, and monitoring asset class pricing. He emphasised the government's firm resolve and preparedness to handle any eventuality, stating, 'We are in a good place — but hope is not a strategy. We have to plan for every possible outcome.' Touching upon international economic developments, Senator Aurangzeb shared details of his constructive and positive conversation with the US Commerce Secretary held late last night. He described the ongoing discussions on US tariffs as encouraging and noted that both countries are making steady progress and the broader objective is to deepen bilateral relations into a strategic economic partnership. Highlighting the government's reform agenda as laid out in the recently announced federal budget, the Minister reaffirmed the government's commitment to macroeconomic reforms. He emphasised that the government would continue to push forward on key areas such as privatization, tax reform, state-owned enterprise (SOE) restructuring, federal government rightsizing, pension, and public finance reform. Speaking on the subject of pension reforms, Senator Aurangzeb explained the rationale behind the government's decision to transition new civil servants to a Defined Contribution (DC) pension scheme, effective July 1, 2024. He underscored that this shift was a critical step taken even before addressing the legacy issue of unfunded pension liabilities. 'We had to stop the bleeding,' he said, referencing the fiscal burden of pension payments which have now exceeded one trillion rupees— surpassing the federal government's entire development budget. 'This raises a fundamental question of macroeconomic sustainability,' he added, stressing the urgency of reform. The Minister also commended provincial governments for their proactive role, particularly in the area of public-private partnerships and for taking the lead on defined contribution initiatives. He noted that the theme of the workshop—transitioning to defined contribution schemes—was both timely and significant, likening it to ongoing tariff reforms in its structural importance. Concluding his remarks, Senator Aurangzeb expressed confidence in the collective ability of stakeholders to bring about meaningful change in Pakistan's pension landscape, driven by sustainability, transparency, and long-term fiscal responsibility. Finance Minister underscored the urgent need for pension reform, noting the unsustainability of the current defined benefit system. In his address, Akif Saeed, Chairman SECP, outlined the progress made in developing a robust regulatory framework for DC pension schemes. He emphasised the critical role of technology, transparency, and awareness-building in shaping a modern and inclusive pension landscape. Federal and provincial government representatives shared updates on reform progress, with Khyber Pakhtunkhwa presenting valuable insights from its early implementation experience. The workshop served as a platform for dialogue among senior officials, regulators, financial sector leaders, and development partners. The SECP reaffirmed its commitment to working closely with all stakeholders to develop a transparent, reliable, and future-ready pension system that supports long-term financial security and inclusion. Copyright Business Recorder, 2025
