Mehmood Mandviwalla appointed SECP policy board chairman

The federal government has appointed Mehmood Mandviwalla as Chairman of Policy Board of the Securities and Exchange Commission of Pakistan (SECP).

The federal cabinet approved Mandviwalla’s appointment on Tuesday. Earlier, the Finance Division proposed his name for a post that had been lying vacant for the past six months. Syed Masoud Naqvi tendered his resignation from the same position on personal grounds on June 23, 2021 and it was empty since then, a SECP official told The Express Tribune.

Mandviwalla has been appointed for a tenure of four years, he said.

Mehmood Mandviwalla is an eminent lawyer. He obtained LLB (Hons) from London School of Economics and Political Science and qualified as a Barrister from the Honourable Society of Lincoln’s Inn, London, United Kingdom.

"Mandviwalla has extensive experience spanning over 38 years in all aspects of commercial and corporate law including mergers and acquisitions in the field of banking, corporate and financial restructuring of privatisation," it was learnt.

He is the member of the board of the Deposit Protection Corporation which is a subsidiary of the State Bank of Pakistan (SBP).

The official said that SECP Policy Board can have a maximum of 11 members, including five ex-officio members and six from the private sector. SECP chairman is one of the 11 members.

Mandviwalla’s appointment would enable the board to consider and approve SECP’s annual budget which is pending due to absence of chairman of SECP Policy Board, he said.

The main objective of the board is to provide guidance to the commission (SECP) in all matters pertaining to its functions and to formulate policies in consultation with the commission, according to SECP’s official website.

"The policy board is also responsible for advising the government on matters falling within the purview of the act and other corporate laws and also to express its opinion on policy matters referred to it by the government or the commission."