December 27, 2003	Saturday	Ziqa’ad 3, 1424

ISLAMABAD, Dec 26: The federal government has notified the names of three members representing the private sector on the Securities and Exchange Policy Board (SEPB) for a period of four years.

They are: Zubyr I. Soomro, managing director and CitiGroup country officer; Dr Muhammad Zubair Khan, managing director Financial Techniques International; and Dr Shahida Jaffery, chief executive Balochistan Rural Support Programme.

The functions of the policy board include providing advice to the federal government relating to the securities industry and regulation of corporate sector and stock exchanges as well as overseeing performance of the Securities and Exchange Commission of Pakistan (SECP) and allied matters.

The law provides that the persons chosen to represent the private sector on the board have to be well-known for their integrity, expertise and experience in industry, financial services and other related fields. In addition, no person can hold office of Member after he/she has attained the age of 65 years.

According to section 12 of the Securities and Exchange Commission of Pakistan Act, 1997, the federal government shall appoint the policy board consisting of nine members including five from the public sector and the remaining members from the private sector.

Against the said four, only one member from the private sector, Mian Mohammad Anwar, chairman Crescent Textile Mills, was on the board while the remaining three positions lay vacant. At present, the chairman of SECP is also the chairman of Policy Board.