Registration of companies increases by 17%, 2000 dormant companies revived

Islamabad, December 16, 2013 (PPI-OT): The Finance Minister Senator Mohammad Ishaq Dar has said that the government is keen to develop the secondary debt market with particular focus on the retail segment. Trading of government securities at the stock exchanges of Pakistan will encourage participation of small and private investors.

The increase in depth of secondary debt market will also contribute in the development of secondary corporate debt market, he added. He made these observations during the presentation made to him by the Securities Exchange Commission of Pakistan (SECP) at the Finance Ministry this morning.

That Finance Minister said that a vibrant secondary debt market will pave the way for development of primary debt market and channelizing the savings of small investors to the government schemes through the stock exchanges.

The Finance Minister said that although the government securities are being actively traded over the counter (OTC) market, the same is not visible at a single platform. The availability of trading data at a single platform will enhance the visibility of secondary debt market, thereby encouraging foreign investment.

Mr. Tahir Mehmood, Acting Chairman SECP informed the Finance Minster that there has been an increase of 17% in the incorporation of new companies since 1st July 2013 as compared to the same period, last year. In addition nearly 2000 companies which were dormant since many years have recently regularized themselves by filing overdue returns.

The Finance Minister said that this is reflective of the confidence of the business community in the pro-business policies and the economic initiatives taken by the (PML(N)government including the incentives scheme launched recently by Prime Minister Nawaz Sharif. The Finance Minister directed SECP to draft necessary regulation for setting up a Real Estate Regularity Authority to regulate the Real Estate Sector at par with modern jurisdiction.

The Finance Minister said that the government had decided to dedicate two Sectors in Islamabad where overseas Pakistanis could purchase Plots of land for which payment would be made in Foreign Currency.

The Overseas Pakistanis, the Finance Minister said should have the comfort that their investment is secure and the process is transparent. The Finance Minister was briefed about the progress made so for listing of T-Bills and Pakistan investment Bonds in Stock Exchanges. The Finance Minister decided that T-Bills and Pakistan Investment Bonds would be listed, quoted and traded in the Stock Exchanges in February 2014 after completing the necessary legal and corporate formalities.

The Finance Minister appreciated the initiatives being taken by SECP in simplification of regulations rules and processes to ensure transparency promote and facilitate the investor confidence.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326

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