ISLAMABAD, Pakistan: The Senate on Wednesday passed the Future Market Bill, 2015 aimed at regulating the future market and provide protection to investors.
Minister for Climate Change moved the bill on behalf of Minister for Finance in the House.
The statement of objects and reasons says that presently futures market is being regulated under Securities and Exchange Ordinance, (SEO) 1969.
Securities and Exchange Commission of Pakistan (SECP)- a regulator of futures market-feels that the law remains fundamentally incomplete. There is a need that the SEO 1969 be repealed and replaced with a comprehensive modern and all encompassing piece of future law.
The proposed bill intends to regulate the futures market and provide protections to the investors.
Meanwhile, Zahid Hamid on behalf of Minister for Inter-Provincial Coordination Riaz Hussain Pirzada also laid the Annual Reports of Council of Common Interests (CCI) for the Financial year 2013-2014 and of 2014-15 as required under clause (4) of Article 153 of the Constitution.