The government to name its senior most person-working as Commissioner at Securities Exchange Commission's as the acting chairman following position vacant after Mr. Zafar Hijazi got arrested on record tampering case earlier this morning.
The Acting Chairman would be announced in the case if the position becomes vacant. In lieu of the official protocol the Senior Most Commissioner at the SECP is selected as the Acting Chairman of the Exchange Commission until a final candidate is selected.
Mr. Zafar Hijazi the ex SECP Chairman was arrested after he was found in tampering the documents submitted to the Joint Investigation Team.
According to the rules and regulation of the SECP, the senior most commissioner of the SECP should be named as the Acting Chairman of the SECP. Moreover, according to the rules the government has to de-notify the appointment of the chairman. Following the appointment of the Acting Chairman, the government will have 120 days to name the Chairman for the SECP.
Tahir Mehmood has been the senior most commissioner of the SECP and earlier too when the seat was vacant he was working as the Chairman of the SECP.
Moreover, according to the rules all five commissioners should be present in Pakistan before the announcement of the Acting Chairman can be made, according to source close to SECP.