ISLAMABAD: Federal Finance Minister Ishaq Dar has reviewed progress on draft of Companies Bill 2016 during a meeting with stakeholders.
He was also briefed about Pakistan stock market’s possible induction into the emerging markets index of the Morgan Stanley Capital International (MSCI). Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi informed the minister about salient features of new Companies Bill 2016, saying the SECP had carried out an exhaustive consultative process with all the stakeholders to seek comments and suggestions.
He said the SECP had organised consultative sessions and roundtables at all the major cities of Pakistan in collaboration with chambers of commerce and industry, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and ICAP.
The SECP chairman informed the minister that following the completion of the consultative process necessary amendments in the draft bill were being made in light of the suggestions received during consultation. The minister advised the SECP to organise a seminar in Islamabad to highlight the salient features of the proposed bill.
All leading professionals related with corporate sector and office-bearers of chamber of commerce and industry and other business bodies should be invited to this seminar, he directed.
The minister was also informed that Pakistan Stock Exchange (PSX) officials had briefed the MSCI on the reforms recently introduced in Pakistan’s capital market. Moreover, during the PSX’s road shows in London, New York and Hong Kong, big fund managers from all over the world were briefed on recent reforms in the capital market as well as on economic turnaround in Pakistan.
The MSCI and the fund managers greatly appreciated Pakistan’s economic reforms and improvement in country’s capital market. He also apprised the minister about the upcoming assessment of Pakistan’s capital market by International Organisation of Securities Commission (IOSCO). He said the SECP had made significant reforms in regulatory framework of capital markets to implement the IOSCO’s principles.
He expressed the hope that Pakistan would achieve up to 80 percent compliance with the IOSCO principles from the existing level of 62 percent. It may be recalled that before the last year assessment, Pakistan’s implementation level to IOSCO’s principles was merely 34 percent.
The minister appreciated efforts of the SECP for carrying out in-depth consultations with the stakeholders on the proposed draft Companies Bill. He said engagement of chambers of commerce and industry, FPCCI and ICAP was specially laudable.