SOHAIL SARFRAZ & ZAHEER ABBASI
ISLAMABAD: The federal government has appointed Commissioner Securities and Exchange Commission of Pakistan, Shaukat Hussain as chairman SECP with immediate effect. A notification of Finance Division’s Investment Wing stated that in exercise of powers conferred by Section 6 of the SECP Act, 1997 (XLII of 1997), the federal government is pleased to appoint Shaukat Hussain, Commissioner Securities and Exchange Commission of Pakistan, as the chairman Securities and Exchange Commission of Pakistan with immediate effect. Accordingly, Hussain has assumed the charge of his new office.
Hussain is a fellow member of the Institute of Cost and Management Accountants of Pakistan. He has rich and diversified experience spanning over 32 years. Before assuming charge as a commissioner on March 27, 2018, he was executive director/registrar of Companies In-charge of Corporatization and Compliance Department (CCD) at the SECP. He joined the SEC as a joint registrar in September 2000. He has headed the SECP offices in Karachi, Islamabad and Peshawar. He has also worked as director Securities Market Division. Accordingly, he has complete grasp of all the laws administered by SECP.
Prior to joining the SECP, he had worked with a professional accountancy firm, a development financial institution and listed companies of both public and private sectors.
He has immensely contributed towards promotion of ease of doing business by improving company registration process flow, introducing technology to improve public interaction and reduction in the cost of doing the business. As a result, the new company registration peaked during the period he was overseeing the CCD.
In July 2017, Finance Ministry had given look-after charge of SECP to Zafar Abdullah following the arrest of Zafar Hijazi whom FIA team found guilty of record tampering. For the last around one year, Abdullah remained SECP chairman till Hussain replaced him.
During March 2018, two new commissioners were appointed in the SECP including Shaukat Hussain and Shauzab Ali for a period of three years.
