Companies law: NA panel to review feedback on new ordinance

Dar asks SECP to hold consultation on draft modaraba ordinance

ISLAMABAD: Finance Minister Ishaq Dar on Wednesday directed the Securities and Exchange Commission of Pakistan (SECP) to consult all relevant stakeholders on the draft Modaraba Companies and Modaraba (Floatation and Control) Ordinance (Amendment) Act 2016 and amendments to the insurance law which were under consideration of the SECP.

Chairing a meeting at the Finance Division with the SECP chairman and his team, the minister praised the work done by the regulator which had contributed effectively to regulating the financial sector.

He especially acknowledged the recent measures taken for facilitating the submission of companies’ quarterly accounts through email. “The measure is another step towards encouraging the use of technology and electronic means in the conduct of business and its regulation,” he said.

SECP Chairman Zafar Hijazi briefed the minister on feedback on the promulgation of new Companies Ordinance 2016. All the feedback and proposals were being summarised for their placement before the National Assembly Standing Committee on Finance.

He said important regulations under the Companies Ordinance 2016 like the Companies (Incorporation) Regulations, Electronic Intermediaries Regulations and Associations Not for Profit (Licensing and Corporate Governance) Regulations had been drafted and would be put before the public for consultation next week.

He also spoke about the process for divestment of 40% shares in the Pakistan Stock Exchange and prospects of development of the capital market. He assured the minister that the SECP was taking all necessary steps for stability of the capital market and risk mitigation.

Senior officials of the Ministry of Finance were also present in the meeting.

Published in The Express Tribune, December 15^th, 2016.

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