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Monday, December 30, 2013

How difficult is it to do business in Pakistan? - thenews.com.pk

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The Securities & Exchange Commission of Pakistan [SECP] was setup to thedevelopment of modern and efficient corporate sector and capital market, based on sound regulatory principles, that provide impetus for high economic growth and foster social harmony in the Country.
To develop a fair, efficient and transparent regulatory framework, based on international legal standards and best practices, for the protection of investors and mitigation of systemic risk aimed at fostering growth of a robust corporate sector and broad based capital market in Pakistan.
To develop an efficient and dynamic regulatory body that fosters principles of good governance in the corporate sector, ensures proper risk management procedures in the capital market, and protects investors through responsive policy measures and effective enforcement practices.

But, there are a lot of problems created by SECP for the entrepreneurs from registration to winding up process. The skying high fees are one side, the corruption under the umbrella autonomous body is on the other side. As many as, the listed companies are also very fed-up by the over-lettering by SECP officials.

It is interestingly witnessed that the SECP Act including Companies Ordinance 1984 and other incidental laws related with Act are written in English language while SECP required Urdu with regards to notices of certain statutory business ie. notice of AGM/EOGM etc. By doing so, some times, the cohesion of business affairs turns different when their translation in Urdu.

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