ISLAMABAD, Sept 26: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday implemented five manuals involving almost all the functions of the corporate sector regulator with the aim of achieving transparency and efficiency in its operations.
“The main purpose is to set the format for all actions taken by the SECP and limit the human interactions so that nobody can misuse the power as a regulator,” chairman SECP Muhammad Ali said while talking to Dawn.
“All the five functions performed as regulator are defined separately to reduce manipulation by any department or officer,” he added.
The standardisation in SECP is being implemented through five manuals that highlight the limitations and modus operandi of concerned officials at various levels starting from investigation and up to finally closure of the case.
“Nobody or no department can decide the whole case alone as the responsibilities have been clearly spelled out,” Ali said, adding that with proper standardisation there will be ‘pressure on the non- complaint companies’ too as they too cannot get away through other means.
The manuals were launched here in the SECP head office while the commission’s employees in Karachi and Lahore attended the presentation via video link.
Addressing the SECP officers on the occasion, Ali said the move would introduce greater transparency and better defined allocation of responsibilities within the organisation.
The five manuals each containing more than 100 pages are ‘Inspection Manual’, ‘Offsite Surveillance and Monitoring Manual’, ‘Enquiry and Investigation Manual’, ‘Adjudication Manual’ and ‘Litigation Management Manual’.
The manuals concern mainly the three departments of SECP namely the Security Market Division, Company Law Division, and Specialised Companies Division. Many functions that were divided within the three departments would be brought under a single file. The manuals have been drafted by Barrister Amber Darr, and reviewed and revised by a 15-member SECP committee.