The renowned organization, The Securities and Exchange Commission of Pakistan (SECP) has shared its annual report for the recent financial year and the results are quite pleasing. Not only are the details highlighted and appropriately described but in addition to that, the measures along with the strategies taken by SECP for promoting the corporate sector were also examined in the detail. Let’s dive into the details of SECP annual report to understand it better!
About SECP Annual Report
In the SECP annual report, there are a number of points that have come out to the front. The steps carried out to endorse the capital market, insurance sector as well as the non-banking financial sector were inspected in the detail. The outcomes were compared to the previous standing of the SECP and the future goals in order to become stronger were openly talked about. Never before have this kind of an annual report been presented that indicated the growth and development outcomes.
Furthermore, the efforts carried out by the SECP have also been talked about in the SECP annual report in which it has been implied that there are some of the steps executed to strengthen the regulatory framework. The factors accentuated in the report were as follows:
- Reduction in the cost of doing business
- Promoting ease of doing the business
- Leverage in the technological advances
All of these strategies have been talked about in the SECP annual report to make sure that Pakistan moves in the forward direction. All of these aspects do seem to indicate that if it keeps going like that, the future of Pakistan would be bright. Besides examining the progress, the ways that could be adopted in the future have also been talked about.
Features Of The Report
Some of the SECP annual report features are as follows:
It has been highlighted in the report that 11,370 companies got registered and it further indicated a growth of 37% in the corresponding year. It is one of the greatest achievements by the country so far and it will attract in more companies (both local and foreign) to get registered in Pakistan.
E-registration of the companies
In order to make the incorporation process easier, the time for online registration got further reduced. Therefore, the use of a straight forward and a hassle free method for registration was a huge step forward by SECP.
Registration of the microfinance institutions
There has been successful licencing of the microfinance institutions worth of Rs. 97.17 billion assets which is a remarkable step towards progress and development.
The report also suggests that there was a significant growth in the financial sector too.
The compliance was also increased from 62% to 83% (i.e., from the year 2015 to 2017).
In the SECP annual report, it has been clearly mentioned that the efforts shall keep on going until there is a continued development in the capital markets. As a result of that, the outcomes are prospected to be augmented that will lead to a stronger economy. Also, it is anticipated that SECP will establish the state-of-the-art facilitation centers in Islamabad, Karachi and Lahore CROs. Good news isn’t it?