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The Chairman, Securities and Exchange Commission of Pakistan (SECP), Razi-ur-Rahman Khan, while speaking to the national media has said that due to the risk management and transparency measures taken by SECP, manipulations in the capital markets have been minimized to a large extent.

“No major decline has been witnessed in the Karachi Stock Exchange in 2007 despite being a turbulent year, which is mainly due to the risk management measures taken by SECP,” Mr. Khan said.

Mr. Razi-ur-Rahman Khan discussed at length the reforms process initiated by the SECP under which various initiatives were being taken for the development of corporate sector and capital markets.

“A Market Surveillance System to be put in place by the Commission very soon would further minimize the chances of manipulating the capital markets. Important initiatives like introduction of Universal Identification System (UIN) and Position Limits have been taken for investor protection” Mr. Khan said.


Mr. Razi ur Rehman Khan
Chairman, SECP


Replying to a question, the Chairman SECP said investor protection is at the top of SECP’s agenda. “All efforts of SECP are geared to avoid systemic risk, trading manipulations and front running,” he said adding that the SECP had paved the way for international strategic investors to invest in Pakistani markets.

Answering a question on the development of corporate sector, Mr. Razi-ur-Rahman Khan said the number of registered companies was on the rise primarily due to economic development in the country and facilitation offered to the business community by SECP. The number of companies registered with the SECP has crossed 50,000, while it was below 40,000 in 2006, which shows a sharp growth of the corporate sector.

He informed that through the online facilities offered by SECP, name availability and company registration had become extremely easy, while the Easy Exit Scheme offered an easy source to close a company. “The SECP has initiated e-Services and Scanning and Archiving Projects to facilitate the business community.”

The SECP Chairman said that with the introduction of Book Building, new listings in the capital market will increase. The SECP is working on new Derivative Product and Options. A Demutualization bill will soon be presented in the Parliament. “All these initiatives are geared towards development of capital market and investor protection,” Mr. Razi-ur-Rahman added.