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Film festival manifestation of sustainable peace in Karachi

Karachi, February 23, 2018 (PPI-OT): Sindh Chief Minister Syed Murad Ali Shah has said that after the 18th amendment film has become provincial subject and his government would be organizing such film festival to promote films in the country. This he said while delivering his presidential speech at ‘Karachi Sub Ka’ – Asia Peace Film Festival organized by Culture Department in collaboration with Information department, Asia Peace Film Festival at Expo Centre Karachi.

He said that the theme of the festival ‘Karachi Sub Ka’ is an inspiring and appealing one. “No doubt, Karachi being a moderate plural society belongs to each and every one living here, doing business here, linked here directly or indirectly,” he said and added “this ownership of this city would definitely further foster fraternity and brother hood among the people of different languages, thoughts and religions living here peacefully.

The chief minister lauded the efforts of Minister for Culture Syed Sardar Shah for organizing such events which show the actual harmony in our society. “The provincial government would continue its efforts for promotion of films and restoration of Cinema industry in the province,” he said. He said that in the festival over 50 countries are participating and more than 109 pictures would be screened. “This is good for sharing technological experiences, script work, script technics, picturising techniques, sharing different technologies work in different atmosphere and to explore film market in different countries,” he said.

“I feel proud to see the events like literary festival, food festival, film festival, musical programmes, literary sittings and such other programmes in the city that was once the target of terrorists, mafias, outlaws and gangsters,” Murad Ali Shah said and added “today the city is emerging as a city of peace, tranquillity, trade, industry and seat of learning and top of it city of lights.”

Murad Ali Shah said that the film festival also helps promote tourism which is evident from this film festival that over 400 people of different countries have come here to witness, participate and enjoy this film festival held in this city. Earlier, the chief minister launched the four-day film festival, February 23 to 26, 2018 by cutting the tap. He also visited painting exhibition held on the occasion of film festival.

For more information, contact:
Press Secretary,
Chief Minister House, Sindh
Tel: +92-21-99202019 (Ext: 336)
Website: www.cmsindh.gov.pk

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Securities and Exchange Commission of Pakistan amends Securities and Futures Advisers Regulations

Islamabad, February 23, 2018 (PPI-OT): The Securities and Exchange Commission of Pakistan has introduced amendments to the Securities and Futures Advisers (Licensing and Operations) Regulations, 2017, notified vide SRO No 253(I)/2018. The said notification and amended regulations are available on the SECP’s website: www.secp.gov.pk

The amendments have been notified to make advisory regulatory regime more practicable and conducive. The mandatory advisory licensing requirement for securities brokers have been withdrawn. The securities brokers have been allowed to provide securities advisory to their brokerage customers, being incidental to the conduct of their business without receiving any separate compensation thereof. Moreover, the securities brokers have also been allowed to distribute units of mutual funds and voluntary pension funds of multiple assets management companies (AMCs).

The advisory regime has been segregated into two segments, i.e. advisory with portfolio management to be governed under the non-bank finance companies (NBFC) regime whereas advisory with distribution of units of mutual funds and voluntary pension funds of multiple AMCs to be dealt under the amended Securities and Futures Advisers (Licensing and Operations) Regulations, 2017.

Considering the dynamics of local capital markets, the SECP has decided to grant licenses only to corporate entities for undertaking any regulated activity in the capital markets and not to any individuals. In order to help broaden the investor base, banks have been allowed to distribute units of mutual funds and voluntary pension funds of multiple AMCs, subject to certain regulatory requirements.

In order to facilitate the existing distributors, the deadline to obtain license has been extended to June 30, 2018. The rationalized licensing regime for securities brokers coupled with the SECP’s other measures would definitely contribute to reducing regulatory burden and cost of doing business for capital markets, ultimately promoting ease of doing business.

For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

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Federal Government want to retire loan by selling Sindh’s land – Murad Ali Shah vows to save Pakistan Textile City Company from winding up

Karachi, February 23, 2018 (PPI-OT): Sindh Chief Minister Syed Murad Ali Shah has said that under a pre-planned conspiracy Pakistan Textile City Company (PTC) at Port Qasim has been destroyed so that its industry could be shifted to somewhere else in the country, but “we would not allow this for the interest of the province, the country.”

This he said while meeting with a delegation of National Assembly Standing Committee on Commerce and Textile led by its Chairman Mohammad Siraj Khan. The Chairman NA Standing Committee and its members, Shazia Marri and others told the chief minister that they [standing committee] have recommended revival of Pakistan Textile City (PTC) on January 4, 2018 and again today they held a meeting here at FTC and reiterated their earlier stance of revival of the city.

Chief Minister Syed Murad Ali Shah after detailed discussion categorically decided that the winding up of Textile City was not in the interest of the country and the province. “The Sindh government will support revival of the city so that employment opportunities for 80,000 workers can be created,” he said.

Murad Ali Shah said that the land of Textile city measuring 1250-acre belongs to Sindh government. The federal government formed a company which borrowed over Rs1 billion from National bank of Pakistan and drained out with ill planning. The provincial government owns 16 percent share in the city.

The federal government took a simple and unrealistic decision of liquidating the company and then sell out its land to retire the loans. “How would you sell the land which does belong to you [fed govt], he questioned and went on saying the provincial government would not allow this broad day light robbery on the land of Sindh government. “We are ready to revive the city and pay the liability as per our share but rest of the liability would have to be borne by the federal government,” he said clearly.

The chief minister directed the Chief Secretary Sindh to write a letter to Barrister Zafrullah Khan, the Chairman Winding Up Committee for apprising the decision of the provincial government. He also directed the chief Secretary/Senior member Board of Revenue to write a letter to Port Qasim Authority and take up the issues of illegally allotment Sindh government land to different parties and leasing it out to Pakistan Textile City. “The land does not belong to you so how you are leasing it out to other parties,” he questioned.

Murad Ali Shah also said that the Sindh government would extend its full financial support to Textile City in case of proposed change in the financial and capital structure of the company. It was also told to the nominee Director on the Board of Textile City as well as Chief Executive Officer (CEO) of the company to communicate the stance of Sindh government to the Board of Director of the Company in their next board meeting.

The standing committee chairman and members said that they would direct Chairman PQA to sit with Chief Secretary/SMBR and Secretary Land Utilization Board of Revenue, Sindh to resolve the dispute of land. It may be noted that the Project of Pakistan Textile Company Limited, Karachi was initiated in 2004 but the actual development work started in 2007 with initial equity of Rs1.10 billion. However, at that time it was felt that equity is not sufficient as compared to the size of the project. Later on company offered 100 percent shares which were not subscribed by the majority of the shareholders.

At the beginning, the company was faced with non-availability of requisite infrastructure such as water supply, gas, electricity, sewerage etc. the Company utilized Rs2.4 billion which were subsequently blocked by the NBP. The Pakistan Textile Company Limited was provided land by Sindh government area measuring 1250 acres in shape of share of the Sindh Government and this share also included the returns from the company. The company has objectives as follows:

To provide the Textile sector an exclusive infrastructure to enhance productivity, quality, cost effectiveness and compliance in the post WTO era.

To create synergistic environment to encourage vertical integration and achieve economies of scale.

To attract local and foreign direct investment in the Textile Industry.

To boost export potential of value added textile products and

To create 80,000 jobs.

However, the company spent Rs458.80 million on levelling and grading of land and Rs. 471.00 million for construction of 3.2 k.m. and 48” MS, pipeline, which now requires additional Rs1.5 billion for competition. The company has accrued liability of Rs. 2.4 billion. With the view to this factual position, the Prime Minister has approved the winding up the company after due process and directed to constitute a committee consisting of the following to furnish its recommendation for further appropriate steps.

For more information, contact:
Press Secretary,
Chief Minister House, Sindh
Tel: +92-21-99202019 (Ext: 336)
Website: www.cmsindh.gov.pk

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Sindh government imposes complete ban on Ajinomoto salt

Karachi, February 23, 2018 (PPI-OT): The Government of Sindh in exercise of the powers conferred under Section 144 (6) Cr. PC has imposed complete ban on manufacturing, import and distribution of Ajinomoto Salt in the Province of Sindh with immediate e...

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Vehicles owners should abide by the law: Mukesh Kumar Chawla

Karachi, February 23, 2018 (PPI-OT): On the directives of Minister for Excise and Taxation and Narcotics Control Mukesh Kumar Chawla, as many 14 teams of Sindh Excise Department in collaboration with Traffic Police has launched a campaign against vehic...

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