ISLAMABAD: With the retirement of Imtiaz Haider as commissioner and another set to retire next month, the Securities and Exchange Commission of Pakistan (SECP) will become a non-performing entity as at least three commissioners are required to run it.

Haider’s three-year tenure expired on Friday. He was commissioner for Specialised Companies Division, Internal Audit and Compliance Department and the Market Development and Investor Education Department

Mohammed Asif Arif, the commissioner for Insurance Division, is also going to retire next month. The functions of both these commissioners would be transferred to the SECP’s chairman.

“After Arif’s retirement, there’ll be only two commissioners in the SECP. There is no regular chairman, too,” said a senior official of the commission. “The procedure to appoint a commissioner is lengthy.”

The SECP has no appointed head for 16 months, possibly because of lack of interest on part of the finance ministry and the prime minister. Tahir Mahmood is working as the commission’s acting chief.

Mahmood is responsible for Companies Law division, Enforcement division, relations with international bodies and the chairman secretariat.

Zafar Abdullah, another commissioner, is responsible for Securities Market division; Support Services division, Litigation, Legislation and General Counsel Division.

To appoint a commissioner, the finance ministry has to float an advertisement in reputed newspapers. After independent scrutiny, a special commission for the appointments of members/commissioners in regulatory bodies will finalise the names.

However, the finance ministry can recommend the extension existing commissioners’ tenure and appoint a regular chairman from them.

The Competition Commission of Pakistan (CCP), another regulator falling under the finance ministry, is also working without a regular head. Dr Joseph Wilson became CCP’s acting chairman in August 2013.

The CCP has three members at present. But the law demands there should be a minimum of five and a maximum of seven members.

Likewise, there is no chairman in both National Electric Power Regulatory Authority (Nepra) and Pakistan Electronic Media Regulatory Authority (Pemra).

However, the petroleum ministry has been fast to act in filling the vacant slots in Oil and Gas Regulatory Authority (Ogra), which has Saeed Ahmad Khan as its regular chairman since April 2012

However, the authority is short of its minimum strength. Aamir Naseem, appointed as member Gas in December 2013, is the only member in Ogra apart from its chairman.

Mir Kamal Marri (member Finance), appointed in May 2009, remains non-functional due to court directives in the Tauqir Sadiq’s case, and Sabar Hussain (member Oil) retired in July 2014.

Out of these regulatory bodies, only the Pakistan Telecommu­nication Authority is functioning at its prescribed strength of one chairman and two members.

Published in Dawn, August 24th, 2014