LAHORE: Securities and Exchange Commission of Pakistan (SECP) held a briefing session on the draft Securities Broker Regulations, 2015 (the regulations) for the representatives from the broker community.
The briefing was attended by senior market participants including Amin Essa Tai, Frozuddin Cassim, Najam Ali, Shahid Ali Habib, Shahzad Chamdia and representatives of Fortune Securities, JS Global, Invest and Finance Securities etc.
The SECP reiterated that open house sessions have been scheduled for all brokers of KSE, LSE and ISE in coming week to consult the stakeholders on the draft proposed regulations.
It was explained that the draft regulations were notified only for the propose of seeking feedback of the stakeholders at this stage and will be implemented in a phased manner so as to ensure minimum disruption to the market and once these are finalized in consultation with stakeholders.
During the meeting the participants principally agreed on the need to introduce reforms in the capital market in the shape of a robust and comprehensive regulatory framework and take proactive measures for investor protection.
It was also agreed that an improved lega framework will assist in development and projecting a positive image of capital markets, and play a positive role in the divestment of shares of stock exchange. During the briefing the participants emphasized and supported the strategy of gradual implementation of the regulations and implementing the different regulatory requirements based on the categories of brokers proposed to be introduced. Further extended time for consultation was suggested.
The participants also agreed on the need to extended concentrated efforts towards increasing the depth of capital market particularly the need to develop the derivative segment and take measures for supporting enhanced trading activity. The SECP assured of its facilitative role in the process.
