ISLAMABAD: The Senate's Standing Committee on Finance and Revenue in its meeting here Tuesday approved the draft Securities Bill, 2015.

The new approved law would strengthen the regulator (SECP) to take action against malpractices in the securities market.

The Committee discussed various provisions of the draft Bill at length including comments of the Committee members,presentation on the Securities Bill 2015 with members of Senate Standing Committee on Finance, chaired by Senator Nasreen Jalil.

Nasreen Jalil chairing the meeting said that new legislation was need of the hour and the new law needs to be passed.

She said that after judiciary, Securities and Exchange Commission of Pakistan (SECP) was the most important institution in the country.

Giving presentation on Securities Bill 2015 to the members of the Senate Standing Committee on Finance, (SECP) Chairman Zafar Hijazi said there were major shortcomings in the existing Securities and Exchange Ordinance 1969 that needs to be replaced with Securities Bill 2015.

He informed the committee that there were no provisions in the ordinance for duties of securities exchange, system audit of stock exchanges, power of intervention of the commission for investor protection and regulation of clearing houses.

He informed the committee that the Securities and Exchange Ordinance, 1969 (SEO 69) law has become obsolete and there was an urgent need to replace it with a new one to meet international standards.

Chairman SECP said that currently, there were several sensitive cases in the security market, over which SECP did not have any power to take up due to absence of legal power.

Hijazi informed the committee about the resolve of the apex regulator to ensure fair and transparent market and protection of investors interest.

The Committee appreciated SECP's efforts in drafting the Bill in line with international practices.

While Committee Chairperson,Nasreen Jalil concluded the meeting and congratulated all committee members and Chairman SECP for approval of Securities Bill,2015.

She added that implementation of law be ensured to empower SECP.

Syeda Sughra Hussain Imam,Haji Muhammad Adeel, Engr. Muhammad Hamayun Khan Mandokhel,Osman Saifullah Khan,Sardar Fateh Muhammad Hassani,Malik Muhammad Rafique Rajwana,Muhammad Talha Mehmood,Ilyas Ahmad Bilour participated in the meeting.

Chairman, Securities and Exchange Commission of Pakistan (SECP) and senior officials of SECP and other institutions were present in the meeting who responded to various questions.

APP