Financial Adviser Shaukat Tareen has extended the tenure of Chairman SECP Aamir Khan against the rules.
Under the policy of the Security Exchange Commission of Pakistan (SECP), the tenure of any chairman cannot be extended.
According to News 360 sources, Chairman SECP Aamir Khan had written a letter to Financial Adviser Shaukat Tareen regarding the termination of his tenure. However, Shaukat Tareen quietly prepared a summary and after approval from the Finance Ministry, Aamir Khan Extended tenure against the rules.
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News 360 sources said that other companies, including Pakistan Stock Exchange and Capital Market, have expressed serious concerns over the extension code against Aamir Khan, but no meaningful response has been received from Finance Ministry and Finance Advisor Shaukat Tareen.
The SECP is a corporate body established under the Securities and Exchange Commission of Pakistan Act 1997 with the mandate to make beneficial laws for Pakistan’s corporate sector, capital market and insurance industry.
The Commission is headed by a Chairman and a Commissioner appointed by the Federal Government under Section 5 of the SECP.
It should be noted that the SECP is a governing body of the Policy Board consisting of members appointed by the Federal Government under Section 12 of the SECP.
It may be recalled that after the approval of the Federal Government, following a notification from the Ministry of Finance, Aamir Khan was appointed as the new Chairman of the Securities and Exchange Commission of Pakistan (SECP) on August 17, 2019.
Aamir Khan was appointed to replace Farrukh Sabzwari, who was appointed chairperson of the corporate sector regulator just seven months ago.
The Finance Ministry has appointed Aamir Khan in place of Farrukh Sabzwari and Syed Masood Ali Naqvi in place of Khalid Mirza as Chairman SECP Policy Board.
According to sources, differences arose between Farrukh Sabzwari and Khalid Mirza on policy issues, as a result of which both were sacked.
Aamir Khan, who takes charge of his new office today, has nearly 30 years of experience in banking, capital markets, financial solutions, product design, leading national initiatives, business transformation, and regulatory reform.
He has been serving as the Executive Director in various departments of the SECP since 2012.
Aamir Khan has also held senior positions at Standard Chartered Bank, Royal Bank of Canada, and American Express Bank Limited.