With the retirement of Imtiaz Haider as commissioner and another set to retire next month, the Securities and Exchange Commission of Pakistan (SECP) will become a non-performing entity as at least three commissioners are required to run it.
Haider’s three-year tenure expired on Friday. He was commissioner for Specialised Companies Division, Internal Audit and Compliance Department and the Market Development and Investor Education Department
Mohammed Asif Arif, the commissioner for Insurance Division, is also going to retire next month. The functions of both these commissioners would be transferred to the SECP’s chairman.
“After Arif’s retirement, there’ll be only two commissioners in the SECP. There is no regular chairman, too,” said a senior official of the commission. “The procedure to appoint a commissioner is lengthy.”
The SECP has no appointed head for 16 months, possibly because of lack of interest on part of the finance ministry and the prime minister. Tahir Mahmood is working as the commission’s acting chief.
To appoint a commissioner, the finance ministry has to float an advertisement in reputed newspapers. After independent scrutiny, a special commission for the appointments of members/commissioners in regulatory bodies will finalise the names.
