ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) hasbeen recognised as the “7th most effective regulator” by the World EconomicForum in its ‘Global Competitiveness Report-2019’.
“Pakistan was ranked as the 52nd most dynamic economy in the world. Thecountry secured this by improving 15 points from last year, as it stood at67th in 2018,” said a statement issued by Mishal Pakistan, Country Partnerat WEF’s Institute of the Future of Economic Progress System Initiative, onWednesday. “The progress of Pakistan’s competitiveness was due to theachievements made during the last 12 months.”
The most effective improvements were made due to the initiative andstrategies adopted by the apex regulator for the corporate sector and thecapital markets; supervision and regulation of insurance, non-bankingfinancial companies and private pension schemes.
The SECP improved Pakistan’s competitiveness rankings by improving the“number of days to start a business”, where Pakistan was ranked at the 90thposition compared with 96th in 2018.
SECP Chairman Aamir Khan, while briefing the WEF partner team, said thecommission is working hard to develop new approaches so as to connect andfacilitate its stakeholders. “The aim is to bring structural changes interms of attitude towards entrepreneurial risk and growth of innovativecompanies, where Pakistan already has an impressive global position at 53rdamong 141 nations.”
He said the strategies adopted by the commission were also instrumental inenabling more companies to embrace disruptive ideas.
“The SECP is working with other stakeholders to create the legalframework’s adaptability to digital business models, where Pakistan isperforming better than 100 other countries in the world.”
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According to the chairman, the SECP is committed to revolutionising itstechnology infrastructure so as to give shareholders a world-class serviceexperience, envisioned by the federal government.
Aamir Khan said, “We all must work together to improve the collectiveunderstanding of all stakeholders for a meaningful change in the businessenvironment. Digital solutions deployed by the SECP made companiesregistration and post-incorporation compliance simple, faster andcost-effective.”
In September 2019, 96pc of companies were registered online through SECP’seService while 50pc of companies were incorporated within the same day, heinformed. “Most importantly, 85 foreign applicants completed theregistration processes through the commission’s eService.”
He said the SECP has also introduced a digital transformation projectcalled Leading Efficiency through Automation Prowess (LEAP) programme,which enables sophisticated machine learning and artificial intelligence toallow SECP to better perform its regulatory role and give access toinsights and cutting edge analytics to best serve the financial ecosystemand the best interest of the citizens of Pakistan.
