SECP terms news report on Promotion rules totally incorrect, misleading


Security Exchange Corporation of Pakistan (SECP) has said that a news report appearing in a section of press regarding SECP Board discusses Promotion rules is totally incorrect and misleading.
In fact, the issues highlighted in the news item were neither part of the agenda nor these were presented or discussed in the meeting, a clarification issued here on Monday said.
It added that this being the first meeting held under the Chairmanship of the Adviser to the Prime Minister on Finance & Revenues, some presentations on the Securities Market and stockcommodity exchanges including monitoring & surveillance software, CFS Mk II, de-mutualization of stock exchanges were made.
The Board was also apprised of the e-services project of SECP and status of the new terms & conditions offered to the officers. A proposal for increase in the salary of supporting staff was also placed before the Policy Board for approval.
The Chairman of the Policy Board emphasised upon the need to enhance retail investor base and to focus upon investors’ education. He further desired that new listings should be encouraged and new rules for book building process be framed by the Commission.
Besides, initiatives should be taken to set-up an institute for training and certification of market intermediaries, he added.

Copyright APP (Associated Press of Pakistan), 2007

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