Islamabad, November 24, 2015 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) organized open house sessions for all brokers of the Lahore Stock Exchange (LSE) and Islamabad Stock Exchange (ISE) on the draft Securities Broker Regulations, 2015.
The SECP Commissioner Mr. Akif Saeed briefed that the draft regulations were notified only for seeking feedback of the stakeholders at this stage and will be implemented in a phased manner. The SECP has already extended the date for submission of written feedback on the regulations till December 07, 2015 post which discussions will be held with stakeholders to finalize implementation modalities so as to ensure smooth transition of brokers from existing regime to the new regime.
The SECP also emphasized upon the need to introduce measures for enhanced market outreach which include expansion of broker branch networks, setting up of capital market hubs in various cities such as the one recently inaugurated in Abbottabad and introducing reforms for building investors’ confidence.
The SECP Commissioner added that the SECP believes in facilitating market and its intermediaries with reforms that result in enhanced business activity while ensuring investor protection. During the sessions the participants expressed their satisfaction on the strategy of gradual implementation of the regulations and suggested implementing different regulatory requirements based on the categories of brokers, proposed to be introduced.
For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)