The Securities and Exchange Commission of Pakistan (SECP) convened a meeting of its policy board in Karachi yesterday.
One of the key items of the agenda includes a proposal to amend the SECP Act to extend the chairman’s rule for three to five years, which has been postponed according to sources.
The meeting will discuss the proposal to upgrade cars provided to the cars provided to the SECP directors. Another controversial item in the agenda suggests changes to the promotion process for SECP officers.
In particular, the Commission has a proposal to transfer the directors from the commission to the chairman to promote the chairman.
The proposed changes can lead to the appointment of favorite officers as executive directors. In addition, the current chairman, Akif Saeed’s term will expire in December 2025, which will make the meeting more important.