Mr. Zafar-ul-Haq Hijazi, Chairman SECP, called on the Federal Minister for Finance, Senator Mohammad Ishaq Dar, here Wednesday.
Chairman SECP thanked the Minister for his leadership and personal role in the formulation and the passage of the Companies Bill, 2017 from the National Assembly. Chairman SECP briefed the Finance Minister on various operational matters related to the SECP. He apprised the Finance Minister of the efforts being undertaken for the development and smooth functioning of the capital market.
The Finance Minister acknowledged the contribution of Chairman SECP in the formulation of the Companies Bill, 2017. He expressed satisfaction at the recent passage of the Bill from the National Assembly. He asked SECP to brief and fully cooperate with the Senate Standing Committee on Finance regarding the Bill, just as SECP had facilitated the National Assembly Standing Committee. He said that the thirty three-years old Companies Ordinance 1984 required revamping in order to provide a modern legislative framework to the corporate sector of Pakistan, which addresses the needs of the corporate sector. He said that the Bill has been developed based on extensive consultations and inputs from all stakeholders.
The Finance Minister also said that the present government fully supports SECP’s efforts for facilitation and effective regulation of capital markets. He urged the SECP to take all necessary measures to ensure that the corporate sector and capital markets of the country realize their full potential through adoption of international best practices. He said that this would enable the country to achieve higher, inclusive and sustainable economic growth, which is the main aim of the present government after having achieved macroeconomic stability.
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