ISLAMABAD: The 26th meeting of the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) Coordination Committee was held on at the SECP head office here on Wednesday. Governor SBP, Mr. Ashraf Mahmood Wathra and Chairman SECP, Mr. Zafar Hijazi headed their teams consisting of senior officers.
The forum viewed with concern the history of financial scams and fraudulent financial activities as well as illegal liquidity mobilization schemes and unregulated lending operations. It was decided to pay special attention to these areas by adopting a joint approach aimed at eradicating such practices, seeking the cooperation of law enforcement agencies to catch the culprits and ensuring that such people are denied access to the formal financial sector, by imposing restrictions and information sharing among all stakeholders.
During the meeting, numerous initiatives were discussed that shall lead to development of bond market, ease of doing business, strict enforcement of financial laws, collective action against those involved in financial malpractices and improving financial inclusion in the country by promoting housing finance and encouraging the expansion of access to finance.
The SECP chairman, Zafar Hijazi reiterated the need for effective collaboration between financial sector regulators for effective implementation of relevant rules and regulations as well as development of efficient financial markets.
The SBP Governor, Ashraf Mahmood Wathra stated that regulatory objectives of the two regulators are being served well through ongoing consultative process between the SECP and SBP. There was a broad consensus on approaching the systemic risk and financial stability issues in close collaboration between the two regulators.
The SECP-SBP Coordination Committee meets once in a quarter. These formal meetings supplement the ongoing regular coordination between the two regulators on all matters of mutual interest. These meetings enable the two regulators to share their viewpoints and collaborate with each other for the overall stability, and smooth functioning of the financial sector.—INP
