ISLAMABAD, Dec 8: The Securities and Exchange Commission of Pakistan and the State Bank of Pakistan here on Wednesday decided to form a task force for consolidated supervision of the financial sector.

The decision was taken in a meeting of the SECP-SBP Coordination Committee held here. The task force would help pave the way for developing a framework for holistic regulation of the financial sector.

The meeting took stock of other important matters pertaining to the regulation of the financial sector. SBP Governor Dr Ishrat Husain and SECP Chairman Dr Tariq Hussan presided over the meeting.

Consolidating supervision had been an area of concern with both the regulators and various modalities and steps to be taken in this connection came under discussion during the meeting.

At the outset of the meeting, representatives of the National Accountability Bureau (NAB) briefed the participants on the status of actions taken in respect of illegal forex companies and unlawful brokerage business.

Sources told Dawn that the representatives of the accountability bureau had demanded greater access to the data of all the banking transactions. However, the banking sector had their own reservations over the maximum access of NAB to the records of those who transacted through banks, they added.