The Prime Minister has established a high-level committee to implement reforms in the Securities and Exchange Commission of Pakistan (SECP), with the idea to give it more power and clear 2,000 pending corporate cases.
The committee held its first meeting under the leadership of Federal Law Minister Azam Nazir Tarrar today, focusing on empowering SECP and making its enforcement regime more effective.
SECP Chairman Dr. Kabir Sidhu highlighted that over 2,000 cases are currently pending in courts. He emphasized that reforms are urgently needed to ensure the swift resolution of these cases and to enable SECP to recover fines efficiently.
Dr. Sidhu also proposed the establishment of special tribunals to handle SECP-related cases and digitalizing the regulatory framework to prevent corporate fraud.
Federal Law Minister Tarrar stressed that necessary legislation would be introduced to fully empower SECP. He also requested that SECP provide complete data on pending cases and present a comprehensive reform plan at the next committee meeting.
