The Securities and Exchange Policy Board has directed SECP to ask all the registered companies to ensure that annual tax returns are filed in accordance with law.The board met here under the chairmanship of Professor Khalid Mirza
Karachi (Pakistan Point News / Online - 14th December, 2019) The Securities and Exchange Policy Board has directed SECP to ask all the registered companies to ensure that annual tax returns are filed in accordance with law.The board met here under the chairmanship of Professor Khalid Mirza. The Policy Board was advised by the chairman SECP that a letter had been issued in regard to recall of officers deputed to a law enforcement agencies and a response would hopefully be received before the next board's meeting.
The commission was advised by the board that they should do a fact finding with respect to all officials of the commission which have been implicated and come out with a considered view as to what occurred and if anything went wrong what was it.SECP submitted its annual report for the year ended 2018-19 for approval of the Policy Board. The board decided that it will be looked at by the members and possibly cleared in the next meeting.Meeting again expressed concern about the fact that secretary level officials who are ex-officio members of the board do not attend Board's meetings and instead send their nominees to do so.
This dilutes the efficacy of the board. It decided to issue a letter addressed to the ministry of finance requesting that they urge the officials concerned to do their best to attend all Policy Board meetings.It was decided in the meeting that the Commission should carry out an exercise for amalgamation of the Securities Act, 2016 and the Futures Market Act, 2017 (since this segregation did not make sense) and place before the Regulations Committee of the Board: (i) a comparison of these laws with the erstwhile the Securities and Exchange Ordinance, 1969: and (ii) proposed amendments in the amalgamated draft legislations in order to propose a simplified, rationale and substantially less onerous law.
With respect to the proposed new Brokers Regime, the Policy Board directed the Commission to review the capital requirement proposed for each category of stockbrokers (since these were, prima facie, excessive) and also to consider the introduction of a brokers regime whereby brokers simply operated as stock market intermediaries but without being permitted to hold client assets, whether securities or shares - it was felt that this would substantially reduce any capital requirement for stock market intermediaries.The Securities and Exchange Policy Board, in pursuance of Section 12 of the Act 1997, comprises ex-officio members of the Ministries of Finance, Commerce, and Law, SBP, SECP and persons of eminence from the private sector.