The Securities and Exchange Commission of Pakistan (SECP) is the Official Financial Regulatory Authority in Pakistan whose mission is to develop a modern-day and well-organized business sector and a business market based on comprehensive governing principles, in order to boost financing and promote economic growth and success in Pakistan
The Securities and Exchange Commission of Pakistan was formed on 1st January 1999 by the government of Pakistan to monitor and regulate financial institutions of Pakistan. Before formation of SECP, it was monitored by Corporate Law Authority, which falls under Ministry of Finance Government of Pakistan. The idea of restructuring CLA was initiated in year 1997 by Asian Development Bank (ADB). Than the Parliament of Pakistan passed Securities and Exchange Commission act in December 1997 under which SECP became operational to regulate the capital market of Pakistan.
This Act established evident policy decisions relating to the constitution and organization, controls, and functions of the SECP, thus giving it executive authority and financial freedom in carrying out its regulatory and legal responsibilities. It was firstly concerned with the directive of corporate sector and center market. While, its authorization has expanded to incorporate supervision and regulation of insurance agencies, non-banking investments companies and private allowances. The SECP has also been assigned with supervision of various external service providers to the business and commercial sectors, including chartered accountants, credit rating agencies, corporate desks, brokers, evaluators etc.
The SECP is an institutional body with communal responsibility. Operational and executive authority of the SECP is assigned to the Chairman who is the SECP’s Chief Executive Officer (CEO). Four (4) Commissioners assist him; particularly to manage the working of various functioning units as may be determined by him.
The SECP is divided into the following 5 divisions:
Company Law Division
Securities Market Division
Specialized Companies Division
Insurance Division
Law Division
The Head office of SECP is situated in NIC Building, Jinnah Avenue, in the blue area of Islamabad, capital of Pakistan and it has regional office named as Company registration offices (CRO) in Karachi, Lahore, Peshawar, Sukkur, Multan, Faisalabad and Quetta.
The SECP’s Acting chairman Mr. TahirMahmood had formerly worked in CLA and Joined CLA as 18th grade officer through Federal Public Service Commission. The Policy board consists of Dr. Waqar Masood Khan working as Chairman Securities and Exchange Policy Board, the Chairman SECP, Mr. Justice (Rtd) Muhammad Raza Khan, Mr.Muneer Qureshi and Mr. Ashraf Mahmood Wathra.
The SECP’s official Website is www.secp.gov.pk and its postal address is Securities and Exchange Commission of Pakistan, National Insurance Corporation Building, Jinnah Avenue, Islamabad-44000, Pakistan.
