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SECP chairman resigns

SECP chairman resigns

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Shaukat Hussain Abbasi has resigned from his post.

Being the employee of the commission, he would continue working as commissioner of this regulatory body. An official said that Secretary Finance has verbally asked Tahir Mehmood (Commissioner) of SECP to look after the chairman’s office. A summary to this effect has been sent to the Prime Minister Office for appointing Tahir Mehmood as the acting chairman of the commission, official confirmed.

It is worth mentioning that Shaukat Hussian was the most junior of the existing commissioners, who was given the charge by former Prime Minister Shahid Khaqan Abbasi during the last month of his government. He was also the most junior among the nine executives in the commission, but he was given promotion thrice during final year of the PML-N government and was raised to the post of chairman.

Before October 2017, he did not head any department in the SECP. This appointment was also challenged in the Lahore High Court. It is worth mentioning that some two weeks back, the PTI government had announced Shaukat Hussain Abbasi’s removal from his seat, but due to some bureaucratic dilly-dallying, notification of his removal was not been issued.

It is to be noted that the other day, Finance Minister Asad Umar took serious note that despite announcement of his removal, Abbasi was still the Chairman. Currently, there are three commissioners in SECP and Shaukat Hussain Abbasi is one of them. Except him, Shoazeb Ali and Tahir Mehmood are also commissioners. Tahir is the senior most of them.