Mehmood Mandviwalla appointed Chairman of the Board of SECP

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KARACHI:

The federal government has appointed Mehmood Mandviwalla as chairman of the policy board of the Securities and Exchange Commission of Pakistan (SECP).

The federal cabinet approved Mandviwalla’s appointment on Tuesday. Earlier, the Finance Division had proposed his name for a post that had been vacant for six months. Syed Masoud Naqvi resigned from the same post for personal reasons on June 23, 2021 and it has been empty since then, a SECP official told The Express Tribune.

Mandviwalla was appointed for a four-year term, he said.

Mehmood Mandviwalla is a distinguished lawyer. He obtained an LLB (Hons) from the London School of Economics and Political Science and qualified as an attorney at the Honorable Society of Lincoln’s Inn, London, UK.

“Mandviwalla has an extensive experience of over 38 years in all aspects of commercial and corporate law, including mergers and acquisitions in the area of ​​banking, corporate and financial restructuring of privatization,” we learned .

He is a member of the board of directors of the Deposit Protection Corporation, a subsidiary of the State Bank of Pakistan (SBP).

The official said the SECP Policy Board can have a maximum of 11 members, including five ex-officio members and six from the private sector. The president of the SECP is one of the 11 members.

Mandviwalla’s appointment would allow the board to review and approve the annual budget of the SECP which is on hold due to the absence of the chairman of the SECP board, he said.

The main purpose of the board of directors is to provide guidance to the commission (SECP) on all matters relating to its functions and to formulate policies in consultation with the commission, according to the official website of the SECP.

“The board of directors is also responsible for advising the government on matters falling under the law and other company laws and for expressing its opinion on policy matters referred to it by the government or the commission. “

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