Islamabad, October 11, 2023: Pakistan Telecommunication Authority (PTA) and the Securities and Exchange Commission of Pakistan (SECP) signed a Memorandum of Understanding (MoU) to formalize mechanism for information sharing and cooperation between both regulators.
The signing ceremony was held at the SECP Head office in Islamabad. Chairman PTA, Maj Gen (R) Hafeez Ur Rehman; Chairman SECP, Mr. Akif Saeed; Commissioners SECP, Mr. Mujtaba Ahmed Lodhi and Mr. Abdul Rehman Warraich; Member Compliance and Enforcement PTA, Dr. Khawar Siddique Khokhar and senior officers from both organizations were in attendance.
The objective of the MoU is to establish a framework for bilateral cooperation between the PTA and SECP in various areas of mutual interest, encompassing a wide spectrum of initiatives and objectives, including: realization of a digital society to contribute towards Government of Pakistan’s “Vision 2025”; e-Governance initiatives; exchange of information; policy and regulatory input on areas of common interest, business processes efficiency, cybersecurity, data management and capacity building etc.
Chairman PTA, Maj Gen (R) Hafeez Ur Rehman, speaking at the occasion, emphasized the potential for both organizations to harness their collective strengths in order to elevate Pakistan's digital landscape. He highlighted PTA's successful cross-sector collaborations with various government bodies and private entities.
Chairman SECP Mr. Akif Saeed, applauded PTA’s proactive efforts in creating a safe and secure digital ecosystem in the country, and thanked PTA for its support in raising awareness about illegal loan apps. He also highlighted the significance of collective efforts by all regulatory bodies and the importance of creating awareness; as critical elements in strengthening overall cyber security measures.
Speaking at the event, Member C&E PTA said that by joining forces, the two entities’ aim is to promote innovation, enhance service delivery to the public, and collaboratively address common challenges while identifying opportunities for joint initiatives. While thanking the participants, Commissioner SECP, Mr. Mujtaba Ahmed Lodhi, appreciated PTA for joining forces with SECP in spreading awareness regarding ethical lending practices through recently launched SMS and ring back tone service.
Both SECP and PTA expressed their firm commitment to regularly meet and coordinate on all matters of mutual interest.