ISLAMABAD: The Finance Committee of National Assembly has expressed displeasure over the performance of the Security and Exchange Commission of Pakistan (SECP) as not a single criminal case of insider trading has been filed against any stock exchange dealer in any court since 2015.
The 4th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held under the Chairmanship of Qaiser Ahmad Sheikh, MNA. The committee approved the minutes of the last meeting held on 23-11-2017. The committee deferred pertaining to “An Eradication of Riba Bill, 2015” moved by Sher Akbar Khan, MNA and “The Controller General of Accounts Appointments, Functions and Powers (Amendment) Bill, 2017” moved by Asad Umar, MNA.
While considering the matter pertaining to promotion policy for National Bank of Pakistan’s employees and details of recently promoted officials/officers and criteria adopted the NBP. The committee expressed their concern on the absence of president NBP.
The committee members told the committee that they have received the numerous complaints from their constituencies regarding currently promotions of the NBP employees made by the National Bank of Pakistan according to new promotion policy
After thread bear discussion, the Committee unanimously recommended to Governor State Bank of Pakistan to thoroughly probe the alleged misappropriations in the promotions of the NBP and report about its findings to this committee in writing within 15 days, positively.
The Secretary, Economic Affairs Division (EAD) briefed the committee about the role of EAD. He told the Committee about foreign loaning and aids etc. The Committee has shown its displeasure on the absence of the finance minister, finance secretary and finance advisor. The acting chairman, Securities and Exchange Commission of Pakistan (SECP) briefed the committee on insider trading in stock exchange. The Acting Chairman of the SECP told the Committee that SECP has taken cognizance on the offence of insider trading and accordingly has filled 4 criminal complaints before the Court of Sessions.
The meeting was attended by Saeed Ahmed Khan Manais, Ms. Khalid Mansoor, Dr. Shezra Mansab Ali Khan Kharral, Syed Naveed Qamar, Syed Mustafa Mehmud, Asad Umar and Abdul Rashid Godil, Muhammad Ali Rashid and Sher Akbar Khan, MNAs, besides the senior officers from Ministry of Finance & Revenue, EAD, SECP, NBP and Ministry of Law & Justice.
