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In
accordance with the approved plan, the work of the Commission has
been distributed amongst its six divisions, each of which divided
into Departments and Wings for effective administration. The Departments
are headed by Executive Directors, with oversight by commissioners.
Presently the Commission comprises of the following Divisions:
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company
law division
The Company Law Division (CLD) is entrusted
with wide array of responsibilities that encompass regulation, monitoring
and enforcement of laws pertinent to the corporate sector. It is
headed by the Executive Director. In recent years, the CLD has brought
about necessary amendments in existing laws as well as enacted new
laws to cater to the changing business needs and scenarios. It also
undertakes strict monitoring and vigilance of the corporate sector
with a view to promoting transparency, accountability and good corporate
governance practices, thereby protecting the interests of investors.
The CLD operates with the following departments.
registeration department
The Registration Department is responsible
for registration of new companies and ensuring compliance with legal
and regulatory requirements through examination of statutory returns
and accounts filed by companies. It also supervises and coordinates
the working of Company Registration Offices.
The Registration Department comprises the following
Wings:
Registration and Licensing
Investigation and Compliance
Management Information System
Enforcement Department
The Enforcement Department is responsible for monitoring listed
companies, except NBFCs, modarabas, and insurance companies. It
examines their published accounts, monitor compliance with applicable
laws, rules and regulations and takes necessary actions against
erring companies, their directors, management and auditors, as appropriate.
The Enforcement Department consists of the following
Wings:
Enforcement - I
Enforcement - II
Enforcement - III
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securities
market division
The Securities Market Division (SMD) is responsible
for monitoring, regulating and developing the securities market.
It is headed by the Executive Director.
The SMD regulates the primary and secondary markets
as well as market intermediaries through registration, surveillance,
investigation, enforcement and rule making, with the objective of
protecting investor interest. The SMD also processes and grants
approvals to prospectuses for public offering of both debt and equity
securities. In addition, it is entrusted with instituting appropriate
regulatory reforms to develop and promote the market, engender investor
confidence and instill transparency, effective risk management and
good governance at stock exchanges, commodity exchange, central
depository company and national clearing company.
The SMD is divided into the following Wings:
Stock Exchanges, Depository and Clearing, Policy and Regulation
Monitoring and Surveillance and Beneficial Ownership
Capital Issues
Brokers’ Registration, Inspection and Investor Complaints
Commodity Exchange
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specialized
company division
The Specialized Companies Division (SCD) is primarily
responsible for regulating and monitoring insurance companies, NBFCs,
modarabas and private pensions. The core objective of the Division
is to provide a conducive regulatory environment to foster growth
in the non-banking financial sector, safeguard the financial system
and protect the interests of shareholders, depositors and policyholders
under the relevant laws.
The SCD has been organized into the following Departments
and Wing.
Non-banking Finance Companies
Department
The Non-Banking Finance Companies Department (NBFCD) is headed
by Executive Director Mr.Akif Saeed.The NBFCD is
responsible for licensing and regulation of entities under its purview
and their enforcement and compliance with applicable laws, rules
and regulations. These include NBFCs (companies engaged in the business
of leasing, investment finance services, discounting services, housing
finance services, venture capital investment, asset management services
or investment advisory services), mutual funds, venture capital
funds, modaraba management companies and modarabas.
The NBFCD consists of the following Wings:
NBFC-I
NBFC-II
Modaraba
Monitoring and Inspection
PENSION WING
A separate Pensions Wing was established within
the SCD for regulation of contractual savings in the country. It
would initially be implementing and administrating the Voluntary
Pension System, on a longer term, it would devise a regulatory framework
for existing occupational saving schemes.
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finance
& admin division
The Finance &
Admin Division is headed by Javed K. Siddiqui,
Executive Director. It is responsible for directing and controlling
the areas of accounting, facilitating
overall operations of the SECP and ensuring its smooth functioning.
This division
has been organized into the following departments:
Finance & Accounts Department
Administration Department
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HR
& TRAINING division
The Human Resource
& Training Division is headed by Mansur Ahsan,
Executive Director.It is responsible for various activities that
include manpower planning, recruitment, selection and capacity building
of the SECP’s employees.
This division
has been organized into the following departments:
Human Resource Department
Training Department
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insurance
division
The Insurance Division (ID) regulates and monitors
the insurance sector and administers the relevant insurance laws.
the Executive Director heads the ID, which consists of the following
Wings:
Life Insurance
Non-Life Insurance
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iS
& T division
The IS & T Division is headed by Mr. Arshad Javed
Minhas, Executive Director ISTD/ CIO. It provides Information Technology
leadership to SECP, to build the organizational information infrastructure,
and to expand technology support, to create an environment that
will assist the whole organization to achieve its goals in the coming
decades. In short the IS & T division is the technology partner
for all members of the SECP community and is ISO 9001:2000 certified.
The IS & T Division has four distinct functional
units, named below:
Applications
Systems
Networks
Database
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