The second meeting of the SECP Financial Markets and Corporate Sector Development Forum was held in Lahore with market experts, industrialists and policy makers in attendance. The agenda for the meeting was to generate ideas and solutions to develop fair, transparent and efficient financial markets and a vibrant corporate sector. Some of the best minds from various sectors and professions were present on the occasion including among others; Mr. Mian Mansha, Mr. Habib Ahmed, Dr. Salman Shah, Mr. Mumtaz Hussain Syed, Mr. Sheikh Mukhtar Ahmed, Mr. Syed Yawar Ali, and Mr. Abdul Hameed Chaudhri. Mr. Mohammad Ali, Chairman SECP, while opening the session remarked that “the SECP recognizing the need to develop vibrant markets, sectors and market players as well as to improve its capabilities and processes, has engaged the external stakeholders in a consultative process both at policy level of SECP Forum and working level of sector specific committees.” Mr. Mohammed Ali further stated that ...

In a move to facilitate market participants and in the interest of the capital market, the Securities and Exchange Commission of Pakistan (SECP) has accorded its approval to revised eligibility criteria for securities in the Margin Financing (MF) Market. Under the revised eligibility criteria, which forms part of the Regulations of the National Clearing Company of Pakistan Limited (NCCPL), 147 securities stand eligible for financing purposes in the MF Market. The NCCPL will notify the list of eligible securities while giving the required notice to the market. The revision in the said criteria and increase in the number of securities has been approved taking into account that the MF is a counter-party risk-based product, which does not entail any centralized risk management system and that the brokers perform risk assessment for their clients. The said revision has been approved based on the discussions with the Karachi Stock Exchange and senior market participants. The said move is ...

ISLAMABAD: Integrity, transparency and fairness in the capital markets are critical for protection of investors and enhancing their confidence. However, market abuses and unfair trading practices such as front-running/insider trading negatively affects this basic essence of the markets.  Front-running, a form of insider trading arises when a person engaged in processing or making investment decision/order in his official capacity uses that information for his personal benefit directly or indirectly.                                                                                     This undesirable activity usually takes place in institutions active in the capital markets such as brokerage houses, mutual funds, financial institutions and entities having large investments in ...

The Ministry of Petroleum and Natural Resources has notified appointment of Sohail Wajahat Siddiqui as chairman of the board of directors of Pakistan State Oil (PSO) . Siddiqui has replaced Nazim F Haji with immediate effect. Sohail heads Siemens Pakistan Engineering Company Limited as its Managing Director and Chief Executive Officer. He has served as the president of the Overseas Investors Chamber of Commerce and Industry (OICCI) and also served as chairman of Pakistan Red Crescent Society, Sindh. Siddiqui has also served as board member of Pakistan Steel. He is also the founding member of the Pakistan Business Council. In recognition to his contribution towards the national cause, he has been awarded Sitara-e-Imtiaz. (The News) 

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has amended the Statement in Lieu of Prospectus which is contained in Part III of Second Schedule of the Companies Ordinance, 1984, required to be filed with the registrar by a private company converting into a public company. SRO No. 677(I)/2011, of July 8, 2011 has been placed on the SECP website www.secp.gov.pk Previously, the Statement in Lieu of Prospectus format required to be filed by public unlisted companies for obtaining Commencement of Business Certificate was substituted with new one, vide SRO No. 289 (I)/ 2011 of April, 4, 2011. On the same lines, amendments have now been made to the Statement in Lieu of Prospectus format required to be filed by a private company converting into a public company. Amended format has been designed compatible with SECP’s eServices regime and suitable for online submission environment. Relevant information regarding the company, i.e., Corporate Universal Identification Num...

ISLAMABAD: Working in conjunction with the Federal Board of Revenue, the Securities and Exchange Commission of Pakistan, through the Finance Act 2011-12, got the taxation regime for capital markets, corporate and non-banking financial sectors reformed. The SECP’s strategy encompasses continuation of reforms in the capital markets and corporate sector, deepening of structural reforms through removal of anomalies constraining economic activity, and to provide a level playing field to all the stakeholders, recommended various amendments to the 2001 Income Tax Ordinance, which were notified through the Finance Act 2011-12. The significant amendments are as follow: Tax Credit on Investment in new shares and for life insurance premiums/takaful contributions paid: To promote investments in initial public offerings (IPOs), the amount of eligible investment to benefit from tax credit on investment in IPO has been increased from existing Rs300,000 to Rs500,000. The percentage of the person’s tax...

The Karachi stock market closed in the negative zone as investors fretted over continued implementation of capital gains tax (CGT) on certain investments and offloaded their holdings. The Karachi Stock Exchange (KSE) 100-share index declined 20.79 points or 0.17 percent to close at 12,317.15 points as compared to 12,337.94 points of the previous session. The KSE 30-share index also lost 28.93 points to close at 11,778.40 points as compared with 11,807.33 points. Analysts said other reasons for the downtrend included, fall in global capital markets and declining value of oil in the international market. Investors preferred to stay to the sidelines owing to lack of positive triggers. The market turnover went slightly up by 1.16 percent to 54.80 million shares after opening at 54.17 million shares. The overall market capitalisation fell 0.15 percent to Rs 3.256 trillion as against Rs 3.261 trillion. Losers outnumbered gainers 154 to 97, while 104 stocks were unchanged. "Amid global s...