In an interactive session with member companies of the Overseas Investors Chamber of Commerce & Industries (OICCI), the Security & Exchange Commission of Pakistan’s (SECP) Chairman Akif Saeed stressed the importance of digitalisation. The SECP chairman made these remarks during his visit to the Chamber to hold a dialogue with OICCI member companies.
During the session, Mr Akif updated the audience on the recent initiatives of the SECP. He said, “We must embrace technology and focus on digitalisation, which will help reduce cost and time.” He maintained that the Commission is currently working towards overhauling its structure – internally and externally – to streamline regulatory procedures. He added that earlier this year, the SECP launched a Centralized Gateway Portal to facilitate the digital onboarding of investors in different asset classes in the regulated sectors.
Mr Akif maintained that the Commission’s objective is facilitation and to “eliminate the footfall in our office and give the end user a facility to share their ideas/concerns from their desks.”
On the occasion, the SECP chairman also answered the queries raised by representatives of the OICCI member companies relating to delays in the security clearance of foreign directors, which impedes foreign investors.
In addition, he also addressed OICCI members’ concerns about improving the e-services portal, practically amending the definition of related parties, duplicate submissions on SECP and PSX platforms and updating the new Companies Act.
Mr Akif recommended holding frequent such sessions with the OICCI members to share ideas and concerns to improve the existing regulatory process in Pakistan further.
On his arrival, he was received by OICCI’s President Amir Paracha, Vice President Rehan Muhammad Shaikh and Secretary-General M Abdul Aleem.
President Amir, Welcoming the chairman, lauded the SECP for its progressive approach as it has significantly contributed to continuous improvement and the growth and transparency of Pakistan’s financial markets.
“The SECP’s role in ensuring the stability and integrity of our financial systems can not be understated,” he added.
Mr Amir highlighted that the Commission’s recent initiatives, such as, the MoU with the IT ministry and IGNITE to set up VC fund and women empowerment, are in line with OICCI’s goals.
He said that “the OICCI is also not only investing but providing thought leadership in these areas.”