Video Conferencing Facility Launched In Pakistan to Protect Investors' Security
In the face of rising corporate crimes in the country, Security and Exchange Commission of Pakistan (SECP) has taken a few exemplary steps that received kudos from the country’s key industry associations.
Amid serious share market frauds, a dedicated video conferencing facility was launched by SECP. The initiative is aimed at saving the company representatives from travelling all the way to Lahore and Karachi, SECP commissioner Imtiaz Haidar pointed out in a news statement. This will make it easier for the SECP officials to interact with the companies that have complaints against them.
The government officials in Pakistan previously admitted that fraudulent activities in the name of share markets were rampant all over the country. SECP also admitted the share brokers’ involvement in these scams. Most of these cases invited swift action from SECP, Haidar insisted. The setting up of video conferencing facility is seemingly aimed at reinforcing investors’ security. The system is expected to speed up the procedure for addressing complaints of investors against fraudulent share brokers.
The video conferencing technology will connect the companies located in different parts of Pakistan to the SECP officials based either in Karachi or Lahore. This will enable the SECP officials to quickly get response from the companies facing complaints and take quick action regarding the de-listing of the company. Matters related to de-listing of different companies would be addressed in accordance with the law and stock market requirements, Haidar assured the private sector players.
The new video conferencing facility is also expected to ease the documentation requirements for the private entities aspiring to launch new ventures in the country. The president of Multan Chamber of Commerce and Industry (MCCI), Khawaja Usman earlier drew the authority’s attention to the heavy documentation requirements for private companies and suggested that companies be categorized as small and big entities. He also maintained that awareness campaigns should be launched for the corporate sector.
He said that SECP should organize at least four workshops at its regional offices to inform investors about incentives given by the government.
Haider divulged that although SECP considers documentation to be the foremost requirement and every one would have to follow it, a study is underway to reduce the documentation requirements and speed up the things for the private players.
In addition, SECP launched a website to delineate information about and build up awareness on tax laws, different problems and options.
The SECP commissioner however, advised investors to completely investigate investment offers from the brokers before making investments to avoid unpleasant results.
Edited by Maurice Nagle