ISLAMABAD: Security Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi has said that strict penalties should be imposed on those companies which are not following their own rules and regulations.
During an exclusive interview with Customs Today, he said that the SECP’s accountability procedure is quite transparent and the commission is bound to protect the interests of businessmen. He said less punishment should be announced to those companies in which public shows less interest. Replying to a question, he said that heavy fine is not a big issue for any company, because if fine of Rs 10 is imposed on a reputable companies that is countable for that it will affect their reputation.
He said all the companies are bound to follow rules and regulations approved by Security and Exchange Commission of Pakistan. He said that as far as the issue of companies monitoring is concerned, SECP is going to adopt various mechanisms. He said we thoroughly scrutinize the account statement of every company, he said if we receive any complaint through newspapers we always pursue it and try to solve the same on priority basis.
He said we are also monitoring the situation of capital market each day, Hijazi said that at least ten to fifteen our people daily monitor capitol market. Replying to a question Zafar Hijazi said that some of our employees get training from USA. Now they will trained local staff in Pakistan. He said this training will enhance their skills.
The SECP chairman said that we also monitored that all the decisions taken by SECP are implementing properly or not. He review the performance of our committees after monthly or quarterly basis. He said some time we get a detailed presentation on the issues. He said after the introduction of new companies’ bill people will see a marginable difference. He said this bill will lay a foundation stone for change.
Zafar Hijazi agreed that there were some hurdles in previous SECP laws which are already rectified, while some will be removed in near future. He said we are going to adopt a comprehensive strategy from which public money will be more secured, while on the same time we will extend our full cooperation to company for its progress.
He said we are inducting those officials are going to induct in regulatory body who have prior experience to implement the rules and regulations. He said monitoring of Pakistan Stock Exchange is very important for us, now we are trying our best to avoid any kind of scandal. He said very qualified persons are inducted in board of governors of Pakistan Stock Exchange.
