ISLAMABAD: The National Assembly (NA) Standing Committee on Finance on Friday deferred the approval of the Stock Exchange Bill, 2008 (Corporatisation, De-mutualisation and Integration), presented by the Finance Ministry and the stock market regulator.
The committee has now decided to invite the chairmen of Karachi, Lahore and Islamabad stock exchanges and the chairman of the association of small investors in the next meeting. The committee is looking to the input of these key stakeholders before it clears the bill for its formal approval by the NA. The NA finance committee was meeting in the Parliament House with Fauzia Wahab in the chair. The finance secretary and the Security and Exchange Commission of Pakistan chairman were also present.
Finance Secretary Waqar Khan informed the committee members that the bill had been approved twice earlier, both by the previous government and the caretaker government. He said it had been discussed in detail and requested the committee to approve it, as it had already been delayed by a year. However, the committee members objected to the bill’s approval, saying passing it without proper consideration would be unjust. The members, notably Kashmala Tariq of the Pakistan Muslim League-Quaid and Abdul Rashid Godil of the Muttahida Qaumi Movement, said the committee must consider opinions of all stakeholders on the bill before its approval. The committee chairwoman agreed to the members’ demand, and adjourned the bill’s approval until the next meeting.
The committee has now decided to invite the chairmen of Karachi, Lahore and Islamabad stock exchanges and the chairman of the association of small investors in the next meeting. The committee is looking to the input of these key stakeholders before it clears the bill for its formal approval by the NA. The NA finance committee was meeting in the Parliament House with Fauzia Wahab in the chair. The finance secretary and the Security and Exchange Commission of Pakistan chairman were also present.
Finance Secretary Waqar Khan informed the committee members that the bill had been approved twice earlier, both by the previous government and the caretaker government. He said it had been discussed in detail and requested the committee to approve it, as it had already been delayed by a year. However, the committee members objected to the bill’s approval, saying passing it without proper consideration would be unjust. The members, notably Kashmala Tariq of the Pakistan Muslim League-Quaid and Abdul Rashid Godil of the Muttahida Qaumi Movement, said the committee must consider opinions of all stakeholders on the bill before its approval. The committee chairwoman agreed to the members’ demand, and adjourned the bill’s approval until the next meeting.
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