ISLAMABAD: The Senate Standing Committee on Finance and Revenue will submit its final report on the Bill to amend and consolidate law for the regulation of the securities industry and the protection of investors (The Securities Bill, 2015) today (Wednesday).
The committee unanimously adopted the said bill in its meeting held on last week, March 04. The new approved law would strengthen the regulator (SECP) to take action against malpractices in the securities market.
The objective of the Securities Bill 2015 is to remove the major shortcomings in Securities and Exchange Ordinance, 1969, because SEO 69 has no provision for system audit of stock exchanges; Commission intervention powers for investor protection and regulation for clearing houses etc.
According to the ‘Order of the Day’ for today’s (Wednesday) session of the Senate, the Chairperson Committee MQM Senator Nasreen Jalil will seek the permission of the House to move a motion seeking the that the delay in presentation of report of the Committee on the Bill to amend and consolidate law for the regulation of the securities industry and the protection of investors (The Securities Bill, 2015) till today..
After grant of permission, the Chairperson will again move another motion ask the house to permit her to present report of the Committee on the Bill to amend and consolidate law for the regulation of the securities industry and the protection of investors (The Securities Bill, 2015).
When contacted Nasreen Jalil, confirmed to this scribe here that she had gone through the finalized draft of the report, saying that she would present the report in the House today.
It is pertinent to mention here after heightened extensive debate on the Bill to amend and consolidate law for the regulation of the securities industry and the protection of investors (The Securities Bill, 2015).
In the said meeting, giving a briefing to committee on the Securities Bill 2015, the SECP Chairman Zafar Hijazi said that there were major shortcomings in the existing Securities and Exchange Ordinance 1969 that needed to be replaced with Securities Bill 2015.
Due course of discussions on the adopted bill, the MD Lahore Stock Exchange (LSE) requested the committee to bind the Securities and Exchange Commission of Pakistan (SECP) to exercise its powers and don’t let LSE and Islamabad Stock Exchange (ISE) on the mercy of the Karachi Stock Exchange (KSE).
Senators Talha Mahmood, Ilyas Bilour observed that Securities Bill had been lying pending in the parliament since last five years therefore, this bill should be passed now so that the SECP should take measures to secure the interests of the investors.
They added that SECP was much affectionate on KSE and was not extending appropriate treatment towards the ISE and LSE. The committee directed SECP to take action against those registered companies with SECP which were violating the rules and regulations and report back to committee in two weeks. The chairperson of the committee will also present the report of the Committee for the period from June, 2012 to March, 2015.
