ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is likely to have its new chairman by December.
A senior official of the Finance Ministry told Daily Times on Wednesday that the government would soon initiate process of appointment for a new head of the country’s top corporate regulator, which is supposed to govern the entire company law, business activity and monitoring of the securities markets in addition to registration and regulation of all sorts of companies/businesses. Presently, the commission was being headed by Commissioner Zafar Abdullah since its former chairman Zafarul Haq Hijazi was suspended in the wake of Panama Papers case. The Joint Investigation Team appointed by the Supreme Court for investigation into the allegations against former prime minister Nawaz Sharif and Finance Minister Ishaq Dar, had charged Hijazi with allegations of record tempering.
Hijazi was appointed the SECP chairman in December 2013 for four-year tenure. This was Hijazi’s second stint at the SECP, as he had earlier served a term as the SECP commissioner from 1999 to 2003.
The official said that an advertisement inviting candidates for the post of the SECP chairman would be publicised in the print media soon. Prime Minister Shahid Khaqan Abbasi would approve the new chairman’s appointment as per the recommendation of the finance minister.
According to the official, incumbent Finance Minister Ishaq Dar, who is also facing a corruption reference in a National Accountability Court, intends to appoint one of his “cronies” as the SECP chairman before the time the case forces him, too, to leave the portfolio voluntarily or otherwise. Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan had already been crying high demanding Dar’s resignation.
Although the commission was functioning with four commissioners now one of whom designated as acting chairman on ad-hoc basis, the morale and sentiment of entire staff was down after the JIT booked their top boss. It is relevant to mention here that a senior official of the SECP was also part of the Supreme Court appointed JIT.
Published in Daily Times, October 5th 2017.