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SECP proposed new broker registration regime – Alfalah Securities Limited

Karachi: Securities and Exchange Commission of Pakistan (SECP) has sent the ‘concept paper’ on ‘New Broker Registration Regime’ (BRR) to the exchanges for their feedback.

According to Alfalah Securities Limited, the proposed ‘Broker Registration Regime’ would strengthen the stock market by allowing only fit and proper brokers to operate in the market. It will provide a framework where only qualified, experienced, sustainable, technically and financially strong market participants would operate as brokers. The key objectives highlighted included:

• Structural and regulatory reforms for the market;

• Measures for investor education/awareness, restoration of investor confidence and expansion of market outreach;

• Development of equity, debt market and in particular the derivative market;

• Development of commodity and currency markets;

• Strengthening the capital market intermediaries for efficient operations and improved regulation;

• Improving governance, risk management, efficiency and transparency in the market operations,

• Development of Shariah-compliant investment alternatives;

In addition, other proposals such as, corporatization of exchanges, streamlining the account opening process and corporate governance issues including matters related with the Clearing House Protection Fund were also included.

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