Automation of Securities Settlement Project Launched

ISLAMABAD, December13: In line with its efforts to promote greater reliability, efficiency and transparency in the capital market operations, the Securities and Exchange Commission of Pakistan (SECP) has approved the project of ‘Automation of Securities Settlement’, at the Central Depository Company of Pakistan Limited (CDC), which will be effective on December 20.

The project has been finalised in collaboration with the National Clearing Company of Pakistan Limited (NCCPL) and the three Stock Exchanges. The CDC will automate the mechanism for settlement of book-entry securities at the CDC through straight-through processing solution while eliminating the need for any manual intervention.

The said mechanism will allow securities to be automatically transferred from the respective sellers’ account to the respective buyers’ account instead of being routed through the member’s main account. The new system while establishing a link between the National Clearing and Settlement System and the Central Depository System will not only bring in more efficiency but also assist in preventing misuse of book entry securities to a large extent.

In order to ensure effective implementation of the project the amendments have already been approved by the SECP to the regulatory framework of the CDC and NCCPL along with necessary system developments and mock sessions for the market participants to provide them with hands-on training on the new system.

Comments

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f

Chairman SECP Reaffirms Commitment to Facilitate Businesses

The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI). The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings. During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce compliance c

THK Associates (Private) Limited: Shares Registrar

THK Associates (Pvt) Limited was formed in 1989. The company is engaged in providing specialized services relating to the corporate sector and in particular acts as share transfer agent for a number of companies. THK Associates (Pvt) Limited is one of the leading service provider of Share Registrar, Transfer Agent, Balloters for IPO’s and Share Accounting Services and is managed and run by a set of professionals having indepth knowledge and expertise of organizing and managing diversified corporate activities including depository related Share Registrar activities. THK Associates (Pvt) Limited, previously an associate of KPMG Taseer Hadi & Co., has been restructured in terms of requirements of Clause XL of the Code of Corporate Governance and the shareholding of THK partners has been divested in the year 2004. Mr. Yunus Dawood, Chief Executive of DYL Motorcycle Limited, a shareholder and Director was appointed as Chairman of the Company in 2008. Mr. Javed Iqbal, former Chairman an

Stocks Observer. com

Search This Blog