ISLAMABAD – According approval for amendments in the Privatisation Commission Ordinance, 2000, the Senate Standing Committee on Finance approved its recommendations to undertake post audit of all privatisation transactions and making it mandatory for all affiliates with the Commission to submit having no conflict of interest in any privatisation deal.
SECP officials responded on a major proposed amendment to increase the minimum paid up capital of setting up stock exchange from Rs500 million to Rs1000 million that the minimum paid up capital requirement has been based on the best international practices. It is the responsibility of the state to provide equal opportunity to make investment in the stock exchanges.
It accorded approval for amendments in the ordinance i.e. post audit of privatisation transactions and ‘declaration of interest’ by the members/consultants/employees of privatization commission.
Senator Sughra Imam told the body that amendments in ordinance were proposed to improve transparency in the privatisation process and to ensure that Pakistan’s economic and strategic interests were duly protected. The sub-committee in its meeting held on January 27, 2015 discussed the proposed bills again and was of the view that there are certain issues which relate to national security certificate and sale of real estate to foreign investors, therefore the ministry of interior should be invited to the meeting to discuss the matter further.
Moreover, the committee also reviewed the amendments in the Securities Bill, 2015, proposed by chairperson of the committee Senator Nasreen Jalil and agreed to some of the viable proposals. The proposals relating to the insider trading were not accepted.
