ISLAMABAD, (Pakistan Point News - APP - 30th july, 2016) : The Securities and Exchange Commission of Pakistan (SECP) has directed asset management companies (AMCs) to verify the antecedents of persons seeking employment in AMCs vide direction number 24 of 2016. The SECP is for giving the responsibility of managing AMCs to competent individuals who deliver through key attributes of integrity, truthfulness competence and suitability, said a statement here on Saturday.
The existing regulatory framework provides fair guidelines for the appointment of competent and honest individuals in the role of key executives to manage the AMCs. Further to this, the SECP has now required all AMCs to verify the antecedents of persons seeking employment in AMCs to further strengthen the concept of resourceful hiring. It is now mandatory for AMCs to verify the antecedents of persons within 90 days of the date of employment from the former employer.
The AMCs are also required to develop a standard procedure for obtaining verification of antecedents in respect of such factors as integrity, attitude, suitability, behavior etc. of the employee from the former employer. The SECP believes that these arrangements will ensure the integrity of employees of AMCs and also minimize the chances of employees fraud and forgeries in the industry.