ISLAMABAD: The National Assembly Wednesday passed the Future Market Bill, 2015 aimed at regulating the future market and provide protection to the investors.
Parliamentary Secretary for Finance, Revenue and Economic Affairs Rana Afzal piloted the bill on behalf of Minister for Finance Mohammad Ishaq Dar in the House.
Rana Afzal said that the bill would enhance business market in Pakistan and would provide a safe environment to the investors besides ensuring their confidence.
He said earlier the market was unregulated and it would help regulated the future market.
The statement of objects and reasons says that presently future market is being regulated under Securities and Exchange Ordinance,(SEO) 1969.
Securities and Exchange Commission of Pakistan (SECP)- a regulator of futures market-feels that the law remains fundamentally incomplete, lacks a proper and logical structure and suffers from numerous inconsistence and gaps. There is a need that the SEO 1969 be repealed and replaced with a comprehensive modern and all encompassing piece of future law.
The bill will help regulate the futures market and provide protections to the investors.
It is pertinent to mention here that the bill has already been passed by the Senate and after signing by the President it would become a law.
