Page 96 - CMA Journal (Nov-Dec 2025)

REGULATORY O TH ER F EATURES
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Other Features
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REGULATORY
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By ICMA Research and Publica ons Department

By ICMA Research and Publica ons Department
Dr Kabir Ahmed Sidhu SECP Revamps Research Analyst
appointed Chairman SECP Regulations to Boost Investor Confidence

Dr Kabir Ahmed Sidhu has been The Securities and Exchange Commission of Pakistan
appointed chairman of the Securities (SECP) has amended the Research Analyst Regulations,
and Exchange Commission of Pakistan 2015, to enhance transparency, governance, and market
(SECP), the Finance Division integrity. The changes now require research analysts to
announced. He currently heads the Competition register with SECP and bring social media influencers
Commission of Pakistan, where he reduced the court case performing similar roles under compliance rules. The
backlog by over 70%, recovered Rs. 1.36 billion in amendments also expand disclosures in research reports,
penalties, and strengthened enforcement against cartels clarify target prices and dates, extend blackout periods,
and misleading practices in sectors such as poultry, sugar, provide guidance on white-labelling service providers,
telecom, FMCG, and automobiles. He also launched the and introduce a code of conduct. These reforms follow
AI-powered Market Intelligence Unit (MIU) and facilitated extensive consultations with analysts, brokerage houses,
139 mergers, including PTCL–Telenor and Shell Pakistan’s asset managers, and industry stakeholders to ensure
sale to Wafi Energy. Dr Sidhu holds a PhD and LLM in law clarity and effectiveness.
from the University of Manchester and brings over 20
years of experience in legal, financial, and regulatory roles SECP Registers over 21,000 New
in Pakistan and the UK. Companies in 1HFY26

SBP Launches Pakistan Financial Pakistan’s business landscape showed strong momentum
Inclusion Index in the first half of FY2026, with the Securities and
Exchange Commission of Pakistan (SECP) registering
The State Bank of Pakistan (SBP) has launched the 21,668 new companies, up from 16,839 in the same
Pakistan Financial Inclusion Index (P-FII) to measure period last year. These incorporations added Rs. 30.7
access, usage, and quality of financial services. The 2024 billion in paid-up capital, bringing the total number of
results show an overall financial inclusion level of 58.1. registered companies to 279,724. IT & E-Commerce led
Developed using 69 indicators across banking, sector growth with 4,277 new firms, followed by Trading,
non-banking, and payment services, the index compares Services, and Real Estate. Foreign investment remained
progress against 2030 targets. The P-FII will guide robust, with 524 companies receiving Rs. 1.26 billion, led
evidence-based policymaking under SBP’s National by China at 71% of inflows, highlighting continued
Financial Inclusion Strategy 2024-28, with results investor confidence.
published annually to track improvements nationwide.
SECP Revises ESG Disclosure
SBP Releases Quarterly Payment Guidelines
Systems Review for Q1 FY26
The Securities and Exchange Commission of Pakistan
The State Bank of Pakistan (SBP) has released its Q1 FY26 (SECP) has issued revised ESG Disclosure Guidelines for
Payment Systems Review, highlighting growth in digital listed companies to improve sustainability reporting and
and retail payments. Retail transactions rose to 2.8 support Pakistan’s climate goals. The guidelines align
billion, up 10% from the previous quarter, with a total with the Pakistan Green Taxonomy, allowing companies
value of Rs. 166 trillion. Digital channels accounted for 2.5 to report climate risks, opportunities, and activity-level
billion transactions, valued at Rs. 55 trillion, led by mobile data. Disclosures will be voluntary until June 2029, then
app-based payments with 2 billion transactions worth mandatory in three phases. SECP will assist companies
Rs. 33.7 trillion. The Raast Instant Payment System through capacity-building, awareness sessions, and
processed 544 million transactions totaling Rs. 12.8 stakeholder engagement to enhance transparency,
trillion, while card payments, ATMs, and branchless investor confidence, and the corporate sector’s role in
banking continued to expand. These trends reflect sustainable development.
Pakistan’s progress toward a more inclusive and digitally
enabled payment ecosystem.

94 ICMA’s Chartered Management Accountant, Nov-Dec 2025