ISLAMABAD

The Senate’s Standing Committee on Finance and Revenue on Tuesday approved the draft Securities Bill 2015, as the bill would strengthen the Securities Exchange Commission of Pakistan to take action against malpractices in the securities market.

The Senate Standing Committee on Finance and Revenue, which met under the chair of Senator Nasreen Jalil, has discussed the Securities Bill 2015 and Anti-Money Laundering (Amendment) Bill 2014. The committee asked the members to submit their recommendations for the Anti-Money Laundering Bill in next on one week.

Secretary Finance Dr Waqar Masood informed the committee that Financial Action Task Force (FATF) in its Plenary held in Paris, France has removed Pakistan from Grey listing.

Later, the committee approved the Securities Bill 2015 after discussing various provisions of the draft Bill at length including comments of the Committee members. Chairman SECP Zafar Hijazi said there were major shortcomings in the existing Securities and Exchange Ordinance 1969 that needs to be replaced with Securities Bill 2015.

He informed the committee that there were no provisions in the ordinance for duties of securities exchange, system audit of stock exchanges, power of intervention of the commission for investor protection and regulation of clearing houses. He informed the committee that the Securities and Exchange Ordinance, 1969 (SEO 69) law has become obsolete and there was an urgent need to replace it with a new one to meet international standards.

The Committee appreciated SECP’s efforts in drafting the Bill in line with international practices.

 Senator Muhammad Talha Mehmood said that committee should pass the Securities Bill 2015, which is pending since five years. Senator Ilyas Ahmad Bilour asked the SECP officials that they are ignoring Lahore and Islamabad Stock Exchanges, rather giving special attention to Karachi Stock Exchange.

Speaking on the occasion, Chairperson of the committee Senator Nasreen Jalil said that new legislation was need of the hour and the new law needs to be passed.

She added that implementation of law be ensured to empower SECP.

Senators Syeda Sughra Imam, Haji Adeel, Hamayun Khan Mandokhel, Osman Saifullah Khan, Sardar Fateh Muhammad Hassani, Rafique Rajwana, Muhammad Talha Mehmood, and Ilyas Ahmad Bilour attended the meeting.

Ministry officials don’t bother to attend NA body meeting

ISLAMABAD

The high ups of Ministry of Water and Power as usual did not bother to appear in the Standing Committee meeting of National Assembly thus causing the postponement of the meeting.

The Committee members who came in the meeting expressed their serious reservations on the Minister’s attitude towards the Parliamentary Committee meetings.

They said that Minister does not take it seriously and do not bother to appear in any meeting.

Furthermore they highlighted the quorum issue and asked to postpone the meeting which the Chairman Arshad Khan Laghari accepted principally and postponed the meeting.