September 18, 2002	Wednesday	Rajab 10, 1423

KARACHI, Sept 17: The chairman, Securities and Exchange Commission of Pakistan (SECP), Khalid A. Mirza said here on Tuesday that the government is considering to grant tax exemption of at least 2 years to the Venture Capital Companies from the date of commencement of business.

Speaking at a meeting with members of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at Federation House here, the SECP chief said that the venture capital funds are the drivers of the capital market and industrial development. He said he has held a series of meetings with the finance minister to make necessary amendments in tax structure, and expressed the hope that a positive decision would be made in this regard.

Mirza pointed out that the tax exemption was initially provided for seven years, starting from July 2000 and ending in June 2007.

Talking about early setting up of Insurance Tribunal as envisaged in the Insurance Ordinance 2000 to resolve the pending disputes of business and industry with the insurance companies the SECP Chairman said that the rules under the said ordinance are yet to be promulgated.

He said the draft insurance rules, prepared by the SECP, are still under study.

About take-over law, Mirza said that this was also pending for approval and the draft ordinance is presently being considered. He expressed the hope that the take-over law would be promulgated soon as it has already been announced by the Finance Minister in his budget speech.—APP