Zafar Abdullah likely to be appointed as acting chairman SECP

KARACHI: Zafar Abdullah is likely to be appointed as acting chairman Securities & Exchange Commission of Pakistan (SECP), after SECP chairman Zafar Hijazi was remanded on Saturday in the custody of Federal Investigation Agency (FIA) for fours days, ARY News reported.

Hijazi was arrested for interrogation with regard to his suspected involvement in altering financial record of the Sharif family’s companies after Special Judge Central Tahir Mehmood refused his plea for bail extension in a case pertaining to record tampering of the Sharif family’s companies.

A decision regarding Zafar Abdullah has been taken in a meeting of Ministry of Finance and legislatures, sources said. They said a summary for appointment of Zafar Abdullah has been sent to the Prime Minister House.

Read More: SECP chairman remanded in FIA custody for questioning in record tampering case

Zafar Abdullah is the commissioner overseeing the functions of Specialized Companies Division and Information System and Technology Department. He holds a bachelor’s degree in commerce from the University of Karachi and is a fellow member of the Institute of Chartered Accountants of Pakistan.

Earlier, he had served the SECP as Executive Director in the Securities Market Division, Karachi Stock Exchange as Chief of Operations, Central Depository Company as Head of Operations, Dewan Mushtaq Group as Chief Compliance Officer/Company Secretary and Crosby Securities Pakistan Limited as Chief Executive Officer. His last assignment was as Company Secretary and Head of Legal Division with Faysal Bank Limited. He joined the SECP as a Commissioner on August 17, 2012.

Sources said Tahir Mehmood is currently the most senior commissioner in SECP, but since he has served in other institutions as well and this is his third rejoining, therefore his seniority is being considered from the last rejoining to make him junior.

They said Tahir had recorded a statement with the Federal Investigation Agency (FIA) against Zafar Hijazi, hence he is not considered for the top post.