Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has finalised the reforms agenda for capital markets in line with the requirements of the various stakeholders – a news source reported.
SECP Chairman and senior management met with the Stock Brokers Association (SBA) on Friday to discuss the demands and issues faced by the latter. SECP Chairman assured SBA that reforms undertaken by the apex regulator aim to stabilise the markets, attract liquidity, facilitate ease of doing business, revitalise market development and restore investor confidence.
The reforms have purportedly taken into consideration the input provided by other market participants, including large brokers, leading corporate and financial institutions, and senior management of the market infrastructure institutions.
SECP had introduced the regimental Centralised Know-Your-Customer Organisation (CKO) to facilitate investors and ensure transparency and efficiency in the process. However, some brokers have objected that CKO places the onus of biometric verification on stock brokers.
The brokers have instead demanded that a central database for biometric verification should be introduced, which should be executed by the National Clearing Company of Pakistan Ltd (NCCPL).
