ISLAMABAD, Aug 12: The Securities and Exchange Commission of Pakistan has set up an advisory committee to formulate a medium-term plan/strategy for regulation and development of corporate and financial (non-banking) sectors.

Members of the committee include chairmen of the three stock exchanges, the Insurance Association of Pakistan, the Mutual Funds Association of Pakistan, the Investment Banks Association of Pakistan, the Leasing Association of Pakistan, and the Modaraba Association of Pakistan.

Managing directors/chief executive officers of the National Commodity Exchange Limited and Central Depository Company of Pakistan Limited, presidents of the Federation of Pakistan Chamber of Commerce and Industry, the Overseas Investors Chamber of Commerce and Industry, presidents of the Institute of Chartered Accountants of Pakistan, the Institute of Cost and Management Accountants of Pakistan, the Institute of Corporate Secretaries of Pakistan, and the Institute of Chartered Secretaries and Managers of Pakistan are also members of the committee.

The committee already held a meeting in Karachi on Thursday where members represented various sectors under the regulatory/supervisory purview of the SECP participated.

The advisory committee was highly appreciative of the initiative of the SECP to develop a five-year medium-term strategy based on the blueprint it had earlier developed for regulation and development of sectors under its purview.

An official announcement said that SECP Chairman Dr Tariq Hassan was of the view that regulation and development went hand in hand. “The objectives of regulation should in no way stifle the development of the market,” he said. The medium-term strategy should focus equally on both elements, he maintained.

After an in-depth discussion on the various challenges identified by the SECP for development and regulation, all members agreed to prepare plans and timeliness for the development of their respective sectors. The consultative process would ensure that there were no gaps in regulation and all stakeholders agree upon a future course of action.

The five-year medium-term strategy would help set out a rolling plan for the reform process of the SECP and would serve to encourage effective regulation and development of corporate and non-banking financial sectors, including professional services.