ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and Employees Old Age Benefits Institution (EOBI) here on Monday signed a memorandum of understanding (MoU) to enhance cooperation and coordination in pursuance of mutual objectives.
Acting Chairman SECP, Tahir Mahmood and Chairman EOBI, Muhammad Ayub Sheikh signed the agreement behalf of their respective organizations.
The MoU mainly calls for sharing of information of mutual interest, utilization of services of field staff of EOBI and consultations on matters of common regulatory, supervisory and overseeing interest.
The information sharing arrangement is expected to greatly enhance the efficiency and effective of both organizations.
It will be mutually beneficial for the SECP and EOBI to share information that is relevant to each other.
Further, a mechanism has also been devised for information sharing between the two institutions.
It has been agreed to support and facilitate each other in pursuit of the common goal of documentation and corporatization of economy.
The MoU is envisaged to have a direct impact mainly on the documentation of economy front, wherein, non-corporate sector will be pursued to get in the formal corporate sector using the synergy created with the collaboration of the SECP and the EOBI.
Through the MoU, it has also been agreed that the two bodies shall inform each other about prospective legal and policy changes that have an impact on industry, product or overseeing responsibility of the other.