October 17, 2019

Seven months into his term, SECP chairman is replaced

Islamabad: Just seven months after his election, the Federal Cabinet turned over the chairman of the Pakistan Securities and Exchange Commission and its legislative committee on Friday, ending a dispute that broke out between the two.

On behalf of Farrukh Sabzwari, Cabinet approved the appointment of Aamir Khan to the position of SECP Chairman for three years and then went on to run for office, while Syed Masoud Ali Naqvi was elected Chairman of the SECP Steering Committee, replacing Khalid Mirza. It made them all fired up.

Aamir Khan has nearly 30 years of experience in banking, capital markets, financial / construction solutions, world development programs, business transformation and legal reform.

The chairman of the parliamentary committee, which the chairman did not agree with, also showed this at the gate.

Since 2012, he has served as executive director on various aspects of the SECP, including the establishment of Commodity Murabaha at PMEX, agricultural-related initiatives and the integration of microfinance companies into the SECP.

Mr Khan also held positions at Standard Chartered Bank, Royal Bank of Canada and American Express Bank Limited.

However, Mr Sabzwari will continue to serve as Commissioner to the SECP. He was elected chairman of the SECP in December 2018.

The other three SECP members are Tahir Mahmood, Shaukat Hussain and Shauzab Ali. Mr Naqvi is currently a member of the Board of Directors of the Central Depository Corporation (CDC) and a member of the FBR Taxation Coordinating Committee.

He has worked as a former partner of Kamewe Taseer Hadi & Co for 28 years. He also served as the President of the Institute of Chartered Accountants of Pakistan and President of the Pakistan Management Association and served as Chairman of the Corporate Reform Committee. Pakistan was formed in 2014. He served as a member of the Karachi Stock Exchange committee.

The Minister also considered appointing Nida Rizwan Farid, an electrical engineer and electrical engineer to be the executive vice president of National Energy Efficiency and Security (Neeca).

Founded in the 1980s, Neeca is an affiliate of the state Department of Energy. It is an intergovernmental body that coordinates, directs and oversees all energy storage activities in various sectors of the economy.

The Prime Minister also considered retiring Pakistan National Fertilizer Company engineer Omar Saeed Malik to office, while Syed Intikhab Alam was appointed as Executive Director of Pakistan Tourism Development Corporation.

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