ISLAMABAD – The government has presented Securities Bill 2014 before the Parliament so as to replace the existing Securities and Exchange Ordinance 1969 with the objective to strengthen the Securities and Exchange Commission of Pakistan, said SECP Chairman Zafar Hijazi.
The SECP chief said was briefing the Senate Standing Committee on Finance and Revenue, which met under the chair of Senator Nasreen Jalil at parliament house. He said that existing Securities Bill was approved in 1969, which needs to replace now as market circumstance has entirely changed across the world.
He said it is necessary to approve the Securities Bill 2014 in order to control and manage the situation relating to the securities market.
He sensitised the body about the resolve of the apex regulator to ensure fair and transparent market and protection of interest of investors. In order to effectively discharge its regulatory role the SECP has strengthened its enforcement functions by increasing the size of the market surveillance team and upgrading its infrastructure.
Responding a query about risk management mechanism, Commissioner Securities Market Division (SMD) Zafar Abdullah explained the current structure in place at the stock exchanges.
The proposed law also has detailed provisions relating to the duties and responsibilities of stock exchanges, central depository and clearing houses; insider trading offence and disciplinary actions thereof; powers to make regulations for anti-money laundering; enabling provisions for prescribing code of conduct for brokers, securities advisors and analysts.
