Securities and Exchange Commission of Pakistan
Encyclopedia
The Securities and Exchange Commission of Pakistan (SECP) is an autonomous body whose purpose is to develop a modern and efficient corporate
sector and a capital market
based on sound regulatory principles, in order to foster economic growth
and prosperity in Pakistan
.
(ADB). A Securities and Exchange Commission of Pakistan Act was passed by the Parliament and promulgated in December 1997. In pursuance of this Act, the SECP, having autonomous status, became operational on January 1 1999. The Act gave the organization the administrative authority and financial independence to carry out the reform program of Pakistan’s capital market with the assistance of the Asian Development Bank (ADB).
The scope of the authority of the SECP has been extensively widened since its creation. The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the Commission. Now the SECP's mandate includes investment financial services, leasing companies, housing
finance services, venture capital investment, discounting services, investment advisory services, real estate investment trust
and asset management services, etc. The SECP also regulates various external service providers that are linked to the corporate sector, like chartered accountants, rating agencies, corporate secretaries and others.
.
Securities and Exchange Commission of Pakistan
National Insurance Corporation Building,
Jinnah Avenue
,
Islamabad-54000,Pakistan
Telephone: 92-51-9207091 (3 lines)
Fax: 92-51-9204915
Email (General Information): enquiries@secp.gov.pk
SECP office in Karachi
is on: 4th floor State Life Building 2, Wallace Road, Karachi Pakistan.
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
sector and a capital market
Capital market
A capital market is a market for securities , where business enterprises and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer than a year, as the raising of short-term funds takes place on other markets...
based on sound regulatory principles, in order to foster economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
and prosperity in Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
.
History
The Securities and Exchange Commission of Pakistan (SECP) was created to succeed the Corporate Law Authority, which was an attached Department of the Ministry of Finance. The process of restructuring the Authority was initiated in 1997 under the Capital Market Development Plan of the Asian Development BankAsian Development Bank
The Asian Development Bank is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia...
(ADB). A Securities and Exchange Commission of Pakistan Act was passed by the Parliament and promulgated in December 1997. In pursuance of this Act, the SECP, having autonomous status, became operational on January 1 1999. The Act gave the organization the administrative authority and financial independence to carry out the reform program of Pakistan’s capital market with the assistance of the Asian Development Bank (ADB).
The scope of the authority of the SECP has been extensively widened since its creation. The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the Commission. Now the SECP's mandate includes investment financial services, leasing companies, housing
House
A house is a building or structure that has the ability to be occupied for dwelling by human beings or other creatures. The term house includes many kinds of different dwellings ranging from rudimentary huts of nomadic tribes to free standing individual structures...
finance services, venture capital investment, discounting services, investment advisory services, real estate investment trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
and asset management services, etc. The SECP also regulates various external service providers that are linked to the corporate sector, like chartered accountants, rating agencies, corporate secretaries and others.
Location
The SECP's main office is in the Blue Area in IslamabadIslamabad
Islamabad is the capital of Pakistan and the tenth largest city in the country. Located within the Islamabad Capital Territory , the population of the city has grown from 100,000 in 1951 to 1.7 million in 2011...
.
Securities and Exchange Commission of Pakistan
National Insurance Corporation Building,
Jinnah Avenue
Jinnah Avenue
Jinnah Avenue is an important road located in Blue Area, the main business district of Islamabad.-Location and Description:The Avenue starts from Sector F-5/1 near the Parliament and ends at the roundabout of F-10 Markaz. The total length of the Avenue is around 8 kilometers. The Avenue used to be...
,
Islamabad-54000,Pakistan
Telephone: 92-51-9207091 (3 lines)
Fax: 92-51-9204915
Email (General Information): enquiries@secp.gov.pk
SECP office in Karachi
Karachi
Karachi is the largest city, main seaport and the main financial centre of Pakistan, as well as the capital of the province of Sindh. The city has an estimated population of 13 to 15 million, while the total metropolitan area has a population of over 18 million...
is on: 4th floor State Life Building 2, Wallace Road, Karachi Pakistan.
See also
- Corporate sector of PakistanPakistan IncPakistan Inc. is a common term used by the Pakistani media to refer to the corporate sector of the nation.The Companies Ordinance 1984 allows a variety of formations in the mixed economy of Pakistan....
- Economy of PakistanEconomy of PakistanThe economy of Pakistan is the 47th largest in the world in nominal terms and 27th largest in the world in terms of purchasing power parity . Pakistan has a semi-industrialized economy, which mainly encompasses textiles, chemicals, food processing, agriculture and other industries...
- Karachi Stock ExchangeKarachi Stock ExchangeThe Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. It is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Currently located in Stock Exchange Building on Stock Exchange Road, in the heart of Karachi's Business...
- Lahore Stock ExchangeLahore Stock ExchangeLahore Stock Exchange Limited is Pakistan's second largest stock exchange after the Karachi Stock Exchange. It is located in Lahore, Pakistan.- History :...
- Islamabad Stock ExchangeIslamabad Stock ExchangeIslamabad Stock Exchange or ISE is one and youngest of the three stock exchanges of Pakistan and is located in the capital of Islamabad. Islamabad stock exchange was incorporated as a guarantee limited company on 25 October 1989 in Islamabad capital territory with the main object of setting up of...
- International Financial Reporting StandardsInternational Financial Reporting StandardsInternational Financial Reporting Standards are principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board ....