ISLAMABAD: Dr. Kabir Ahmed Sidhu has formally assumed charge as Chairman of the Securities and Exchange Commission of Pakistan (SECP).
The appointment establishes a new reform initiative that supports the Prime Minister’s Economic Governance Reforms through capital market development, business operation improvements, and financial access expansion.
Dr. Sidhu resigned from his role as Chairman of the Competition Commission of Pakistan (CCP) before he received his new appointment. The federal cabinet accepted his resignation on January 27.
Dr. Sidhu established his mission to create an equitable and open financial market system that allows people to invest their savings while driving innovation and sustainable economic development.
The SECP will focus on reducing business expenses through three main methods, according to him. The first method involves making rules easier to understand. The second method involves making business operations more efficient. The third method involves implementing digital changes throughout all corporate and financial regulatory systems.
Dr. Sidhu confirmed that capital markets serve as the main engine that drives economic development. His plan involved three main objectives, which required him to create a legal system that allowed different investment products to operate, including derivatives, REITs, green bonds, and fractional investment options.
The proposed actions will improve market conditions, which will benefit investors because they will establish multiple investment options while matching international market standards.
The new chairman plans to drive his organization forward by supporting the Non-Banking Financial Companies (NBFC) sector development and implementation.
