The Securities and Exchange Commission of Pakistan (SECP) has clarified a news item, saying it would not become a non-performing entity after the retirement of its two commissioners, Imtiaz Haider and Asif Arif.
The commission said that Section 5 (V) of the SECP Act 1997 states that it will be considered fully functional even with two commissioners.
However, the SECP has further said that the law states, “Minimum number of commissioners in SECP is five and one of the commissioners is appointed as its chairman.”
The SECP said it had worked with two commissioners in the past (as well) and can deliver till the federal government appoints new commissioners.
