ISLAMABAD: The Ministry of Finance on Tuesday issued an SRO for the implementation of decisions taken by the federal government 12 years ago to make the Competition Commission of Pakistan (CCP) financially strong and independent.

The SRO notified on Nov 27 has directed the five other regulatory bodies including the Securities and Exchange Commission of Pakistan (SECP), National Electric Power Regulatory Authority (Nepra), Oil and Gas Regulatory Authority ltd. (Ogra), Pakistan Telecommunication Authority (PTA) and the Pakistan Electronic Media Regulatory Authority (Pemra) to pay three per cent of their surplus amount to the CCP.

The government had decided in 2008 that to make the CCP a vibrant and strong regulator all the other five regulatory bodies will submit 3pc of surplus amount to the commission. The decision was made after the CCP informed the then government that the other regulatory bodies charge fees and other levies from the entities under their ambit, but the CCP did not have any particular domain.

However, the implementation of the decision remained pending for around 12 years. The Cabinet in its meeting on Nov 24 decided to issue a statutory regulatory order (SRO), in this regard and decided that the 3pc of surplus amount would be released to the CCP from fiscal year 2009-10.

The ministry has also issued standing instructions to the bankers of five regulatory bodies to transfer prescribed percentage of their total fee and charges collected during each quarter, to the account of the CCP, before surrendering the surplus to the Federal Consolidated Fund.

Published in Dawn, December 2nd, 2020