The Securities and Exchange Commission of Pakistan (SECP) has called a meeting of its Policy Board tomorrow in Karachi.
One of the key agenda items includes a proposal to amend the SECP Act to extend the Chairman’s tenure from three to five years, which, according to sources, has been deferred.
The meeting will discuss a proposal to upgrade the cars provided to SECP directors from 1,300 cc to 1,600 cc. Another controversial item on the agenda involves proposed changes to the promotion process for SECP officers.
Specifically, there is a suggestion to transfer the authority to promote directors from the commission to the Chairman.
The proposed changes could pave the way for the appointment of favored officers as Executive Directors. Additionally, the term of the current Chairman, Akif Saeed, will expire in December 2025, adding further significance to the meeting.
