ISLAMABAD     -   The federal government here on Saturday issued a notification, appointing Aamir Khan as chairman of the Securities and Exchange Commission of Pakistan (SECP) with immediate effect. The federal cabinet, earlier in its meeting held on August 9, 2019 had approved the appointment of Aamir Khan as the chairman. The cabinet had also decided to remove Farrukh Sabazwari as chairman of SECP. The federal cabinet had last week decided to change chairmen of both SECP and its Policy Board, ending a long-standing dispute between the two. According to the reports, Aamir Khan’s appointment was approved to replace Sabzwari while Syed Masoud Ali Naqvi was appointed chairman of the SECP Policy Board in place of Khalid Mirza. Sabzwari and Mirza had developed differences over policy issues eventually leading to the dismissal of both

However, Sabzwari will continue to serve as a commissioner in the SECP. The PTI government had appointment Aamir Khan as an SECP commissioner in November last year. According to the SECP, Khan possesses extensive and diversified experience spreading over 25 years, in the corporate/investment banking and the capital markets. Prior to his elevation, he had been serving the SECP as Commissioner, Company Law Division (Corporate Supervision) and Commissioner Specialized Companies Division. He also held the charge of Information System and Technology Department. In his position as Executive Director at the SECP for over six years, he headed key operational departments including the Specialized Companies Department, Securities Market Surveillance Department, Commodities Market Department and International Relations. Khan also served as Chief spokesperson of the SECP. As a regulator of the corporate sector and capital market, he led key initiatives at the SECP such as launching of Commodity Murabaha at PMEX, Agri related initiatives, bringing Microfinance companies onto SECP’s regulatory ambit, finalizing numerous laws and improving the business climate. He spearheaded various reforms aimed at digitizing the SECP’s operations, making corporate laws business friendly and supportive of Ease of Doing Business. In addition, he steered important legal and regulatory reforms for the organized development of the corporate sector and capital market. Prior to his joining the SECP, he served in various senior roles at Standard Chartered Bank, Royal Bank of Canada, and American Express Bank Ltd. He is a Chevening Scholar, and has an MBA degree as well as MSc in International Banking from UK.