Securities and Exchange Commission of Pakistan
| Securities and Exchange Commission of Pakistan | |
|---|---|
| Agency overview | |
| Formed | January 1st, 1999 |
| Jurisdiction | Pakistan |
| Headquarters |  Islamabad, Pakistan |
| Agency executive | Muhammad Ali, Chairman |
| Website | |
| http://www.secp.gov.pk | |
The Securities and Exchange Commission of Pakistan (SECP) is an autonomous body whose purpose is to develop a modern and efficient corporate sector and a capital market based on sound regulatory principles, in order to foster economic growth and prosperity in Pakistan.[citation needed]
Contents |
[edit] History
The Securities and Exchange Commission of Pakistan (SECP) was created to succeed the Corporate Law Authority, which was an attached Department of the Ministry of Finance. The process of restructuring the Authority was initiated in 1997 under the Capital Market Development Plan of the Asian Development Bank (ADB). A Securities and Exchange Commission of Pakistan Act was passed by the Parliament and promulgated in December 1997. In pursuance of this Act, the SECP, having autonomous status, became operational on January 1 1999. [1] The Act gave the organization the administrative authority and financial independence to carry out the reform program of Pakistan’s capital market with the assistance of the Asian Development Bank (ADB).
The scope of the authority of the SECP has been extensively widened since its creation. The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the Commission. Now the SECP's mandate includes investment financial services, leasing companies, housing finance services, venture capital investment, discounting services, investment advisory services, real estate investment trust[2] and asset management services, etc. The SECP also regulates various external service providers that are linked to the corporate sector, like chartered accountants, rating agencies, corporate secretaries and others.
[edit] Location
The SECP's main office is in the Blue Area in Islamabad.
Securities and Exchange Commission of Pakistan
National Insurance Corporation Building,
Jinnah Avenue,
Islamabad-54000,Pakistan
Telephone: 92-51-9207091 (3 lines)
Fax: 92-51-9204915
Email (General Information): enquiries@secp.gov.pk
SECP office in Karachi is on: 4th floor State Life Building 2, Wallace Road, Karachi Pakistan.
[edit] Footnotes
- ^ SECP Web Site. "Establishment of the Securities and Exchange Commission of Pakistan". SECP. http://www.secp.gov.pk/aboutus.asp. Retrieved 13 April 2010.[dead link]
- ^ Pakistan ready to allow REITs - It aims to draw $3 billion from overseas investors in 5 years
[edit] See also
- Corporate sector of Pakistan
- Economy of Pakistan
- Karachi Stock Exchange
- Lahore Stock Exchange
- Islamabad Stock Exchange
- International Financial Reporting Standards
[edit] External links
- Securities and Exchange Commission of Pakistan Website
- Securities & Exchange Commission of Pakistan Act 1997
- SECP Corporate Laws
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