The Securities and Exchange Commission of Pakistan created a 12-member working group to recommend reforms for the corporate debt market.
The Securities and Exchange Commission of Pakistan (SECP) officially notified a high-level working group on 30 July 2026, to reform the corporate debt market. SECP Commissioner Muhammad Ali Farid Khawaja heads the 12-member committee, while Executive Director Imran Inayat Butt serves as the coordinator.
Composition Of the Group
The notification issued by Executive Director Musarat Jabeen specifies the complete composition of the group:
- Muhammad Ali Farid Khawaja (Commissioner SECP – Chairperson)
- Farrukh H. Sabzwari (CEO Pakistan Stock Exchange Limited)
- Maheen Rehman (CEO InfraZamin Pakistan)
- Salman Ali Jafri
- Syeda Sharmeen Ahmed (MD Corporate Finance, Topline Securities)
- Muhammad Farid Alam (CEO AKD Securities Limited)
- Representative of Askari Bank Limited
- Badiuddin Akbar (CEO Central Depository Company)
- Representative of PACRA Credit Rating Agency
- Representative of Mohsin Tayebaly & Co.
- Muhammad Khaliq-uz-Zaman (Debt Management Office, Ministry of Finance)
- Imran Inayat Butt (Executive Director SECP – Coordinator)
Objectives and Submission Timeline
The committee will review existing rules for issuing debt securities and Sukuk. Officials want to make the issuance process faster, easier, and cheaper. The team will identify market hurdles and suggest actionable solutions.
The SECP directed the working group to submit its final report within 45 days. The group also has the authority to co-opt additional experts or institutions to assist with its work.
SECP Chairman Dr. Kabir Ahmed Sidhu told the importance of these reforms. He stated that growing the corporate debt market is a top priority for the regulator. A strong debt market provides long term capital to businesses and the government.
