ISLAMABAD, April 12: The Securities and Exchange Commission of Pakistan may set up a "corporate ombudsman" as part of its administrative structure to protect people from the abuse of power, negligence or mismanagement.

This was indicated by SECP chairman Dr Tariq Hassan during a visit to the SECP head office by Federal Tax Ombudsman Justice Salim Akhtar here on Monday, according to the SECP spokesman.

They discussed matters relating to the development and facilitation of corporates and the possibilities of making the corporate sector entities more conducive to the interests of small investors.

Dr Hassan, appreciating the role played by the Federal Tax Ombudsman in redressal of taxpayer's grievances, noted that wide-ranging measures implemented by the FTO had resulted in meaningful reforms in tax culture and relief to the people.

He went on to discuss with the FTO the possibility of setting up a corporate ombudsman. The CO, he remarked, would redress the complaints and grievances relating to the corporate sector, if any.

"Such a measure would be highly relevant to the multifarious reforms introduced by the SECP, including the adoption of a code of ethics for its employees and to further improve its international functioning," Dr Hassan explained. Justice Akhtar offered his support to the SECP's initiative.