SECP releases annual report for fiscal year 2021-22.

ISLAMABAD -- The Securities and Exchange Commission of Pakistan (SECP) has released its annual report for the fiscal year 2021-22. The Report comprises details of Commission activities and financial statements for fiscal year 2021-22. SECP Chairman Aamir Khan has expressed his satisfaction that the Commission has achieved significant progress in multiple areas including transparent and fair enforcement, promoting ease of doing business, supporting innovation and entrepreneurship, financial inclusion and market development. Aamir Khan, in his message published in the report, said that in pursuit of developmental reforms 'the over-arching enablers were identified as promoting digitalisation, simplifying regulatory structure, reducing cost of compliance and invigorating the exchange of ideas and concepts with market participants and stakeholders'. In FY 2021-22, building on the initiatives of the previous fiscal year of establishment of a dedicated supervision division and a dedicated adjudication division, the SECP has concluded 579 cases through orders imposing penalties amounting to Rs77 million on listed companies and licenced entities on account of violation of relevant laws. Likewise, 85,519 orders were issued to unlisted companies imposing penalties amounting to Rs4,701 million. This year, while moving further towards a functional based structure, the SECP has successfully consolidated its licensing activity under a centralized department. The centralization of licensing will bring uniformity, efficiency and transparency into the issuance and renewal of licenses, and related approvals. Other significant progress includes the issuance of digital company profile. To facilitate easy exit, an online portal of Companies' Easy Exit has been launched. Moreover, the process of company incorporation has been centralized at the head office to standardize and facilitate expeditions processing. The SECP, in coordination with SBP, has also launched an exclusive digital portal, which enables banks...

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