SECP and FBR agree on data sharing
“SECP has sent a draft of the MoU to the FBR for consideration, which is yet to respond,” said SECP chief Muhammad Ali while talking to The Express Tribune on Tuesday.
He said the corporate regulator had also decided to allow existing insurance companies to offer Islamic insurance services and for this rules were being framed.
He said the capital market had undergone comprehensive changes over the last 27 years since the Companies Ordinance 1984 came into force. In order to design new company laws, the government has reconstituted the company review commission, comprising 12 members and headed by Justice Ajmal Mian.
He said the new commission had already held its first meeting and the next meeting would be held on October 17. Its members are studying England’s Company Law as well as that of Australia and India to come up with laws which can meet international standards.
The SECP chairman said the commission would recommend the setting up of a separate tribunal for dealing with white collar crimes and cases of capital market. The tribunal will have experts of the capital market, who will be able to swiftly resolve cases.
Published in The Express Tribune, October 12th, 2011.
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SECP Chairman himself is legally "bound" to comply with Inland Revenue officials under the provisions of Income Tax Ordinance, 2001. However, this step will surely bring useful data with much understanding to the desk of FBR Agents at RTOs/LTUs.