An inaugural stakeholder survey today revealed significant operational shortcomings at the Securities and Exchange Commission of Pakistan (SECP), including slow response times and unclear regulations, prompting the regulator to announce an immediate strategic overhaul despite receiving high marks for integrity.
The comprehensive “Stakeholder Perception and Feedback Survey,” a first-of-its-kind initiative for the commission conducted by Gallup Pakistan, canvassed participants from Corporate Registries, Capital Markets, Insurance, and Non-Banking Financial Companies (NBFCs).
The findings, released Tuesday, showed a strong degree of confidence in the regulatory body”s fairness and stewardship. On a 5-point scale, stakeholders consistently rated the SECP”s integrity between 3.1 and 3.6. Gallup Pakistan highlighted that this positive perception is significant for a public sector entity in Pakistan.
However, the report also exposed critical gaps in user experience. Respondents, particularly those interacting with the Corporate Registry, cited challenges with the turnaround time (TAT) for queries, the clarity of regulatory language, and the responsiveness of official support channels.
In response, the SECP has committed to fostering a more “agile, responsive, and business-friendly regulatory environment.” Akif Saeed, the Chairperson of the commission, acknowledged the feedback and affirmed the regulator”s commitment to addressing the identified issues.
“While we are heartened by the trust the market places in our integrity, we are equally committed to respecting our stakeholders” time,” Mr. Saeed stated. He outlined a new strategy that includes developing plain-language text and video content and undertaking a rigorous review of complaint handling and call center processing times.
The financial watchdog intends to conduct the survey periodically to track its progress against these benchmarks and continue to strengthen the confidence demonstrated by market participants.