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SECP

PM orders immediate removal of SECP chairman

ISLAMABAD: The government has decided to remove chairman Securities and Exchange Commission of Pakistan (SECP), Shaukat Hussain Abbasi, over his illegal appointment. Prime Minister Imran Khan ordered immediate removal  of Abbasi as SECP chief and approved the notification in this regard. Abbasi was given promotion thrice in four months while investigation also proved that his appointment was made in violation of the rules by the Pakistan Muslim League-Nawaz government. It is also reported that the SECP chairman had…

FATF officials to visit Pakistan in October

ISLAMABAD: A delegation of the Financial Action Task Force (FATF) will visit Pakistan in next month, October. The preparations are being made by the federal government and concerned departments for the delegation’s visit. A meeting of the policy board of Securities and Exchange Commission of Pakistan (SECP) has also been summoned today which will be chaired by the finance secretary to discuss a nine-point agenda and other related matters ahead of the FATF visit. A working paper has been drafted by the SECP pertaining…

Anti-money laundering guidelines issued for non-profit organisations

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued the Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) guidelines for Non-Profit Organizations (NPOs). These guidelines have been issued on the basis of the recommendations of the Financial Action Task Force (FATF), keeping in view the evolving threats and challenges faced by NPO sector in the country. FATF, an inter-governmental body formed to coordinate efforts on AML/CFT, has issued a set of 40 recommendations, which serve…

SECP asks companies to contribute for Diamer-Bhasha, Mohmend dams as part of CSR

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has asked more than 88,000 registered companies to contribute for construction of Diamer-Bhasha and Mohmend dams as a part of corporate social responsibility (CSR). In a circular issued to all the registered companies in Pakistan, the SECP said in view of the initiative taken by the honorable Supreme Court of Pakistan, all companies are hereby encouraged to contribute towards the great national cause of building dams. "This initiative and contribution,…

PSX removes Hussain Lawai as chairman

By Rizwan Amir KARACHI: Pakistan Stock Exchange (PSX) on Tuesday announced to remove renowned banker Hussain Lawai as its chairman, ARY News reported. The banker facing inquiry in a Rs35 billion money laundering case was arrested by the Federal Investigation Agency (FIA) on July 6. After his arrest, the SECP had issued a letter to PSX CEO Richard Morin demanding his removal from the PSX Chairman post. FIA officials say 32 people, including Lawai, are being investigated for laundering billions of rupees through…

Pakistan regulator to adopt 7 new Islamic finance standards

KARACHI: Pakistan’s capital market regulator will introduce seven new standards covering a variety of Islamic finance transactions, as it fast-tracks the adoption of rules to help streamline the industry practices. The Securities and Exchange Commission of Pakistan (SECP) said in a statement that it had opened a two-week public consultation period for the standards, which are to be issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The sharia standards cover the areas…

Court rejects ex-SECP chief’s plea for acquittal in record tampering case

ISLAMABAD: The Islamabad High Court (IHC) on Monday dismissed a petition of former Securities and Exchange Commission of Pakistan (SECP) chairman Zafar Hijazi seeking to quash a case related to tampering with the record of the Sharif family’s Chaudhry Sugar Mills. A single bench comprising Justice Mohsin Akhtar Kayani rejected the petition and directed a court trying Hijazi in the case to continue with the trial proceedings. Earlier, special court Judge Iram Niazi had rejected his plea for acquittal in the case.  She…

SECP drafts governance rules for Shariah-compliant firms, securities

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has drafted a comprehensive set of regulations for governance of Shariah-compliant companies and entities. The move by the Securities and Exchange Commission of Pakistan (SECP) marks the first time a regulator has defined comprehensive requirements for companies that deem themselves to be compliant with Islamic principles. Regulators across Asia and the Middle East, such as Malaysia and Bahrain, have typically focused their attention on Islamic banks,…

Record tampering case: IHC approves Ex-SECP chairman’s plea for hearing

ISLAMABAD: The Islamabad High Court (IHC) on Thursday accepted a plea for hearing filed by Former Securities and Exchange Commission of Pakistan (SECP) chairman Zafar Hijazi, seeking the bench to quash the record tampering case.  Hijazi through his counsel petitioned the high court earlier this month, challenging a special court’s dismissal of his acquittal plea in the Chaudhry Sugar Mills record-tampering case. He argued in his petition that the special court passed over the evidences presented in his plea and pleaded…

Record tampering case: Court adjourns hearing against former SECP chairman

ISLAMABAD: A special court of the Federal Investigation Agency (FIA) on Wednesday adjourned the hearing of a case pertaining to tampering with the record of the Sharif family’s Chaudhry Sugar Mills. Judge Iram Niazi put off the hearing until December 19 owing to absence of prosecution witnesses. Former Securities and Exchange Commission of Pakistan (SECP) chairman Zafar Hijazi, who is out on bail, appeared before the court. At the previous hearing, the judge rejected Hijazi's plea seeking his acquittal in the case,…