SECP Newsletter Dec 2008

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visionOfficial Newsletter of SECP

The development of modern and efficient corporate sector and capitalmarket, based on sound regulatory principles, that provide impetus forhigh economic growth and foster social harmony in the Country.

continued on page 4

nfotainment

EventsA Month in Business HistoryHumorBirthdaysHoroscopeObituary

Prelude

The Securities & Exchange Commission of Pakistan (SECP) aspire to develop acontemporary but efficient corporate sector & capital market, based on firm regulatory

principles that provide thrust for towering economic growth and encourage collectiveharmony in the country as the apex regulator of the capital market, corporate sector,financial (non-banking) sector and Insurance sector in Pakistan.

SECP instigated its operations on January 1, 1999 as a successor to the formerCorporate Law Authority, as a statutory body created under the Securities & ExchangeCommission of Pakistan Act, 1997. Since then, headquartered in Islamabad and with ageographical foot-print in all the major cities in Pakistan including Karachi, Lahore,Faisalabad, Sukkur, Quetta, Peshawar and Multan, SECP as an insight-bearingregulator, has been actively monitoring the following sectors in Pakistan:

The cosmos of SECP was indispensable for the advantageous regulation of the capitalmarkets, superintendence and control of the corporate entities in Pakistan and formatters connected therewith. The regulation of Non-Banking Financial Companies(NBFCs) sector, Insurance sector and Voluntary Pension Schemes (VPS) wasentrusted to SECP over a period of time to endow with a holistic and infused regulation ofthose sectors.

The Latitude of SECP

1. Corporate Sector

One of the core functions of SECP is to regulate, monitor and enforce laws pertinent tothe corporate sector in Pakistan by undertaking vigilance and promoting transparency,accountability and good corporate governance practices. The SECP's Registration

An Interview withED Enforcement Mr. Tahir

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Corporate Growth

December 2008

Editorial

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Page 5

The Chairmanays...

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December 2008Winter Edition

Volume VIII, Issue V

SECP

Job Placement

Regulatory Oversight

ecurities and Exchange Commissionof Pakistan

SECP's Regulatory PoliciesResult In Increased Compliance

Corporate sectorCapital marketsInsurance sectorNon-banking financial sector

Private pensions andSelf-regulatory organizations

A quick excursion to


2/12vision2The development of modern and efficient corporate sector and capitalmarket, based on sound regulatory principles, that provide impetus forhigh economic growth and foster social harmony in the Country.

his month we all are celebrating the 132nd birthnniversary of Father of the Nation, Quaid-e-Azam

Muhammad Ali Jinnah. I begin with a famous messagehat our great leader gave to the nation on the occasion ofid-ul-Azha:

My message to you all is of hope, courage andonfidence. Let us mobilize all our resources in aystematic and organized way and tackle the grave

ssues that confront us with grim determination andiscipline worthy of a great nation. Eid-ul-Azha

Message to the Nation October 24, 1947

he Quaid's life was all about discipline, hard work,etermination and faith. He practiced what he preached

hus becoming a role model for the millions of peopleround the globe. In his life we find a lot of lessons as

ndividuals and as a nation. The three golden principles,aith, Unity and Discipline, as enunciated by the Quaid,

ay down a complete roadmap of progress for our nation.We must follow these golden principles in order to reachhe highest level of excellence.

On the occasion of independence, the Quaid had said:Finally, let me tell you, fellow citizens, Pakistan is a landf great potential resources. But to build it up into aountry worthy of the Muslim nation, we shall requirevery ounce of energy that we possess and I amonfident that it will come from all whole-heartedly.

he maximum utilisation of our precious human capital

will realize all the dreams of our Quaid and it is bindingpon all of us to put our own share into the journeyowards progress.

must urge all of you to continue with the sameommitment and dedication as practiced by our leaders.

We must rise to the occasion and go extra mile in workingwith sincerity and commitment for the development ofur country.

n the end, I would like to wish all of you happy Eid-ul-Azha and happy Christmas. We must understand the real spirit of Eid-ul-zha which teaches us the value of sacrifice and devotion.

Razi-ur-Rahman Khan

November 30, 2008

The

ChairmanThe

Chairmansays...

The Quaid's life was all aboutdiscipline, hard work,

determination and faith. Hepracticed what he preached thus

becoming a role model for themillions of people around the

globe. In his life we find a lot oflessons as individuals and as a

nation.

Mr. Razi Ur Rahman KhanChairman, SECP


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Official Newsletter of SECP

December 2008

Winter Edition

understanding of SECP and its role and an apex regulator.Moreover, a detailed write-up on Occupational Schemesgives important information about this relatively new field.In the end, I would like to wish all of you Eid greetings andhappy Christmas.

A total of 224 companies have been registered during the month of

November, 2008, comprising of 2 public unlisted, 209 private, 12 singlemember companies, and 1 company limited by guarantee u/s 43.

Aggregate authorized capital and paid up capital of the companiesregistered during the month of November, 2008 amounted to Rs.1,583.3 million and Rs. 450.5 million respectively.

The most flourishing sector in terms of number of new registration wasServices sector whereby 39 companies were registered, followed by 35companies registered in Trading, 21 in Information Technology, 18 inConstruction, 13 in Food and Beverages, 8 each in textile andengineering.

Editorialhe month of December carries special significance forall of us as in this month we celebrate the birthday ofTQuaid-e-Azam Muhammad Ali Jinnah. In the person of

Quaid-e-Azam we find a true leader under whose leadershiphe struggle for a free homeland for millions of Muslims in the

Sub-Continent ended in an unprecedented success. Pakistan,a dream of Allama Muhammad Iqbal, was realised after great

sacrifices. Now it's time for us to realise that gaining freedomwas not the end, we all have to work harder to face thechallenges brought with the freedom. And indeed we have gothe ability to face all challenges. Quaid-e-Azam has give us

very clear direction how to cope up with challenges as in one ofhis message, Quaid said,

My message to you all is of hope, courage and confidence.Let us mobilize all our resources in a systematic and organizedway and tackle the grave issues that confront us with grimdetermination and discipline worthy of a great nation.Eid-ul-Azha Message to the NationOctober 24, 1947

Let's put all our resources together, develop collective thinkingand rise above.

am happy to mention that the overall change in the layout anddesign of our newsletter was widely accepted and appreciatedby you. This gives me and my team the encouragement tobring more value in the publication. I appreciate your feedbackand an increasing participation in Vision.n this issue we have produced a special article to give an

oversight of the SECP's functioning. This will refresh your

Corporate GrowthNovember 2008

The Vision TeamEditor: Imran Ghaznavi

Asst. Editor:Asfandyar KhattakUrdu Contributor:Abid Agha

Graphic Designer:Attia Zainab

For contributions and suggestions contact us at:Internal and External Communications Department,SECP

NIC Building, Jinnah Avenue, Islamabad-44000Ph: +92-51-9218593, Fax: +92-51-9206459

Email: [email protected]



Regulation) Rules, 1996lCommodity Exchange and Future Contract Rules, 2005

2.Companies (Appointment of Legal Advisers) Act 1974

3.Modaraba Companies and Modaraba (Floatation andControl) Ordinance, 1980lModaraba Companies Modaraba Rules, 19814.Companies Ordinance, 1984lCompanies (General Provisions and Forms) Rules, 1985lCompanies (Invitation and Acceptance) Rules, 1987lCompanies (Issue of Capital) Rules, 1996lEmployees' Provident Fund (Investment in Listed

Securities) Rules, 1996lCompanies (Audit of Cost Accounts) Rules, 1998lNon-Banking Finance Companies (Establishment and

Regulation) Rules, 2003lVoluntary Pension System Rules, 2005lNon-Banking Finance Companies (Establishment and

Regulations) Rules, 2008

5.Central Depositories Act, 1997lSecurities & Exchange Commission of Pakistan Act, 1997lCompanies (Buy-Back of Shares) Rules, 1999

lCompanies (Asset-Backed Securitization) Rules, 1999lCompanies' Share Capital (Variation in Rights and

Privileges) Rules, 2000lMembers' Agents and Traders (Eligibility Standards)

Rules, 2001lPublic Companies (Employees Stock Option Scheme)

Rules, 2001lStock Exchange Members (Inspection of Books and

Records) Rules, 2001lBrokers and Agents Registration Rules, 2001lBalloters, Transfer Agents and Underwriters Rules, 2001lSecurities & Exchange Commission of Pakistan

(Appellate Bench Procedures) Rules, 2003lMargin Trading Rules, 2004lClearing Houses (Regulation & Registration) Rules, 2005

6. Insurance Ordinance, 2000lFederal Government Insurance Rules, 2002lSecurities & Exchange Commission (Insurance) Rules,

2002lTakaful Rules, 2005

7 . L i s t e d c o m p a n i e s(Substantial Acquisition of

Voting

It is the firm commitment of

SECP to develop fair, efficientand transparent regulatoryf r a m e w o r k b a s e d o ninternational standards andbest practices. All is aimedt o w a rd s p ro t e c t i o n o f investors, mit igat ion ofsystemic risk, and fosteringgrowth of a robust corporatesector and broad-basedfinancial markets in Pakistan.

epartment is entrusted with the responsibility to administernd enforce the Companies Ordinance, 1984 besides otherelevant laws, rules and regulations. Its primary functionsnclude registration of companies, monitoring the corporateompliance and regulating their statutory functions. On thether hand, the Enforcement Department ensures the listedorporate sector's compliance (excluding NBFCs, and

Modarabas) with various corporate laws and regulations inarticular order to protect the interests of the stakeholders,pecifically shareholders and creditors.

. Capital Marketsapital markets encapsulate a key wedge of our economy.ECP on the vanguard on financial markets and as mindful

egulator strongly realizes its role in developing and promotingfair and modern capital market in Pakistan, while protecting

nvestors in an efficiently regulated soak and facilitating capitalormation. SECP through its Securities Market Divisionegulates the primary and secondary market activities as wells capital market intermediaries. The scopes broadlyncompasses registration, surveillance, investigation,nforcement, compliance and rule making. It processes andrants approvals of prospectus

or public offerings of both debtnd equity securities anderforms the oversight for

monitoring the working andctivities of stock & commodityxchange and other players in

he capital markets.

. Insurance SectorOne of SECP's objectives is tohield the interests of insuranceolicyholders and endorse soundevelopment of the insurance

ndustry. It is responsible for theupervision and monitoring of thensurance industry (includingnsurance companies of life &on- l i fe segment, takafu lompanies including family &eneral segment and intermediaries) for ensuring compliance

with relevant legal regulatory framework.

. Non-Banking Financial Sector

On the forefront of Non-Banking Financial Sector, SECP isroviding an encouraging regulatory environment forevelopment and promotion of robust markets while protecting

nterest of the stakeholders, and simultaneously facilitatingiversification & polymorphism in products and services of thisegment. Through its Specialized Companies Division,ECP's primary responsibilities include licensing, monitoringnd enforcement of participants comprising Non-Bankinginance Companies, Mutual Funds, Modarabas, Real Estate

nvestment Trusts, Pension Funds, Private Equity Funds andenture Capital Funds.

ECP's Ascendancy in Laws

ome of the laws for which SECP has been entrusted with theovernance and administration in the country are:

. Securities & Exchange Ordinance, 1969Securities & Exchange Rules, 1971Credit Rating Companies Rules, 1995

Central Depository Companies (Establishment and

A quick excursion to SECP...continued from page 1

One of SECP'sobjectives is to

shield theinterests ofinsurance

policyholdersand endorse

sounddevelopment

of theinsurance

It is the firmcommitment of

SECP todevelop fair,

efficient andtransparentregulatoryframeworkbased on

internationalstandards andbest practices.


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Vision: Qualities of good team leader?

Vision: How good governance can be ingrained inakistan's Corporate Sector?

M: I believe that the team leader should be open to the ideasnd create an environment where subordinate do not fear toxpress themselves. He instills a feeling of ownership among

he team members. After all a leader is someone who helpsthers do and become more than they ever thought possible.eadership is about unlocking potential. It is not about tellingeople what to do, but inspiring them to see what they areapable of, then, helping them get there. Few good qualities

which came instantly to my mind are that a good team leadernow himself, he is committed and understands that he doesot know everything, he is open to change, above all a good

em leader always go the extra mile.

M: Good Governance ensures that stakeholders with aelevant interest in the company's business are fully taken intoccount. In addition, good governance can make a significantontribution to the prevention of malpractice and fraud.hroughout the world, institutions are awakening to thepportunities presented by governance activism. As a result,oards and management are voluntarily and proactively

aking steps to improve their own accountability. Simply put,he corporations, including Pakistani corporations, haveegun to recognize the need for change for positive gain.

long with traditional financial criteria, the governance profile

of a corporation is now an essential factorthat investors and lenders take intoconsideration when deciding how toallocate their capital. The more obscurethe information, the less likely thatinvestors and lenders would be attractedand persuaded to invest or lend. The lackof transparency, unreliable disclosure,unaccountable management and the lackof supervision of financial institutions arethe consequences of inadequate

corporate governance. All these menacescombine to infringe investors' rights. Poorcorporate governance has a tendency toinflate uncertainty and hamper theapplication of appropriate remedies.

Corporate governance is an essentialelement in improving economic efficiencyand growth. It serves as a deterrent tomismanagement and infuses discipline inthe decision making processes of boardsof directors. Good corporate governanceencourages companies and those whoown and manage them to achieve their

corporate aims through more efficient useof resources and it is vital for thedevelopment of a healthy and competitivecorporate sector. A strong corporatesector boosts sustained and sharedeconomic growth growth which canwithstand economic shocks and benefitall the stakeholders.

Good Governance in Pakistani listedcompanies can be ingrained by promotingindependent directors on board, stringentcompliance of the entities with the Code of

Corporate Governance. Complete, accurate and timelydisclosure of the information. Legal reform protectingshareholder rights through lawsuits, accounting reforms andsupervision of auditors

I would like to stress here that Corporate Governance isactually good for the profitability of companies and that theprofit-making dimension of companies is fundamental.

Ensuring good corporate governance practices in thecorporate sector is best policy to increase legal compliance

on part of corporate sector; it has also been an area of focusfor SECP. we are also looking to engender good governancepractices in the professional service providers associatedwith them. SECP provides the foundations of good corporategovernance by building institutional, legal and regulatoryframework for the better management of the corporatesector entities. To strengthen the regulatory mechanism,SECP introduced the code of corporate governance forlisted companies in 2002 and established Pakistan Instituteof Corporate Governance (PICG) to move forward thethought process on the subject. I believe this is the bestpolicy to increase the legal compliance whereby a capablefront regulator enhances the legal compliance.

Vision: What is best policy to increase legalcompliance on part of corporate sector?

An Interviewwith

Mr. Tahir MahmoodExecutive DirectorEnforcement Department

Profile

Mr. Tahir Mehmood is a FellowMember of the Institute of Cost &Management Accountant ofPakistan (FCMA) and the Instituteof Chartered Secretaries ofPakistan (FCIS). He is also a Lawgraduate (LLB).

In a snap shot, Mr. Mehmoodstarted his professional career as a bank officer, than he movedto a government-owned corporation as Deputy Manager and

promoted to a position of Resident Representative (RegionalHead) and remained there till 1989. Thereafter, he joinedCorporate Law Authority as Deputy Registrar and thenappointed as Cost & Management Accountant in CLA atIslamabad. In 1993, he went on deputation to Employees Old-Age Benefits Institution (EOBI) as Head of Finance & SecretaryBoard. He rejoined as Director (Additional Registrar) at (SECP) inMay, 1999 and thereafter elevated to the position of ExecutiveDirector (Enforcement) in 2006.



Vision: How far is our country's corporateector compliant of law?

M: The compliance in the country's corporate sector ismproving. The listed companies in particular have shownmarked improvement over the recent years particularly in the

rea of information disclosure. There has been improvementn the holding AGMs and circulation of annual and quarterlyccounts. SECP has already adopted Internationalccounting Standards due to which the harmonization of the

nformation disseminated by the listed companies is evident.ere I would like to appreciate the work of the Enforcementepartment in making the information understandableisseminated by the listed Companies to shareholders for

AGMs and EOGM. Review of accounts and subsequentroceedings by the Enforcement Department during the year007 resulted in 78 Orders and in 2008 it will be above 100rders. All these actions will act as a deterrent for the futureon compliances. I can see very compliant corporate sector

in Pakistan in years to come.

TM: Our Future Plans includes amendment in laws to furtherstrengthen the regulatory infrastructure, in this regard,Corporate Law Review Commission has already received firstdraft of New Companies Law. Moreover, draft Regulationsunder Section 208 of the Companies Ordinance, 1984 is in themaking. We intend to further strengthen the on-site

inspections and investigations skill. We are also planning toremove the difficulties/hindrances in on-site inspections andinvestigations through legal amendments. Our goals alsoinclude enhancing the skill set for review of the auditedaccounts of the listed companies, review of auditor's work andenforcing the Code of Corporate Governance.

Vision: What are the future goals ofEnforcement Department?

he compliance level on part of the corporate sector hasboosted substantially as a result of the effectiveTregulatory policies of SECP.

uring the year 2008, the SECP authorized 19 inspectionswhere it was suspected that substantial shareholdersnterests may have been affected or where such activitieswere observed which were against the shareholders

nterests. Inspections in some companies revealed instanceswhere raw material worth millions was misappropriatednder the disguise of impairment anderies of suspicious transactionsotentially leading to a concertedcheme aimed at striping off theompany from its assets in a phased

manner; premises of a listed companywas leased without shareholders

pproval and rent was taken away byne of the directors; manufacturing

acility was leased out and the rentwas received by the associated

oncern; and funds raised through thesue of rights shares were funneled out of the listed companyy extending advances and loans to the directors, etc. While

n another case, fake shares of a listed company are inrculation and proceedings are underway to get hold of those

nvolved in this criminal activity.nspections of books of accounts also revealed that some ofhe Companies were not maintaining basic statutory record,

which includes fixed asset register, shareholders register,minutes books of directors/shareholders meeting and books

f accounts of the company. In order to improve compliance,unitive action has been taken against such companies,nder the relevant provisions of the Companies Ordinance,

984. As a result of inspections, further proceedings under

Section 263 of the Companies Ordinance, 1984 have beeninitiated against certain companies. However, somecompanies have resisted the inspection orders of SECP andhave filed appeals.SECP is continuously monitoring compliance of rules andregulations on part of the corporate sector in Pakistan. As aresult of on going activity various enforcement actions weretaken during the year which included directing the company to

undo the defaults and to carry out certain actions wherebyshareholders interest is protected by presenting true picture of

the state of affairs of the companies.During the period from January 1, 2008to October 31, 2008, 107 orders havebeen passed by the EnforcementDepartment of the SECP under variousprovisions of the Companies Ordinance,1984 while a number of otherproceedings are under way pendingfinalization.

Earlier, the SECP had conducted an

investigation in the case of a listedcompany where the directors had sold off the companysinvestment in shares of another listed company to anassociated off-shore company and as a result of thesubsequent sell-off of the other listed company pocketed hugegains. The SECP restrained those involved in this criminalactivity from receiving the proceeds of the price differentialfrom the fraudulent deal, and directed that the payment beheld in trust with SECP. The directors of the company went intoappeal against the order of the SECP before the Sindh HighCourt, however, the Court dismissed the appeal while statingthat the detection of scam by SECP in the case wascommendable and that the appeal had no merits.

SECP's Regulatory Policies result in

Increased Compliance


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relatively more popular though these two do not strictlyECP with the establishment of the initial productsqualify as retirement benefits, particularly in case ofin the shape of pension funds authorized underS private sector. The reason for this is that the fundsthe Voluntary Pension System realizes that aunder these schemes are usually consumed beforeobust system of Occupational Pensions and Savingsretirement in shape of early withdrawals andSchemes also needs to be established in a way thatborrowings or are consumed at the time of jobhe system adds to the social and financial stability ofswitching when these are paid in lump sum. Thehe country. As the current arrangements of pensionsfollowing explains the current calculus as per legalnd occupational savings are largely unregulated, amandates applicable to different sectors.eed for a proper regulatory arrangements is felt which

ould offer characteristics as, appropriate employeeenefit structures; professional management of the Public Sectormoney of such arrangements; and protection of the

nterests of the members. Further, the Commissionecognizes that an enabling environment would The public sector employees include the employees ofontribute towards the the Federal, Provincialo c i a l g o a l s o f and Local Governments.n c r e a s i n g t h e Such employees are

ntegrity/confidence of provided pension /he employees by superannuation schemensuring that more on pay-as-you-go basis.eople are promised a Long serving employeesenefit through working may expect to get, onn d o c c u p a t i o n a l retirement, a pensionavings; and someone based on final salary and

who is promised a y e a r s o f s e r v i c e .enefit receives that Employees can also optenefit when it is due; for commutation up to and that the benefits certain percentage ofre a lso fa i r and their calculated pensionffordable. and receive a lump sum

amount on the retirementdate. There is alsohe Occupa t iona lprovision for familyPensions and Savingspensions on death,Schemes refer to theduring service or afterm p l o y e e b e n e f i tretirement. The publicrrangements meant tosector employees arerovide a source ofa l s o e n t i t l e d t on c o m e t o t h emembership of themployees usually at

General Provident Fundhe t ime o f the i r to wh ich they a ree t i r e m e n t . I t i srequired to contribute.m p o r t a n t t oOn retirement they getnderstand here thattheir own contributionshe retirement benefittogether with accruedr rangements canbenefits i.e. return /i ther be def inedinves tmen t i ncomeenefit arrangements

thereon. The Government as employer does notr defined contribution arrangements. The formercontribute to General Provident Fund of its employees.uarantees the disbursement of promised benefits byThe public sector employees, who do not continuehe employer to the employee whereas, in case of thetheir services till achieving the pensionable age,atter, the amount of a benefit under the schemes isbecome entitled to a gratuity in lieu of pension, which isetermined solely by reference to the contributions tonormally calculated by multiplying last drawn salary byhe scheme's funds by or in respect of the member

number of years in service.oncerned and any investment earnings in respect ofuch contributions.

Private Sector

The private sector employees i.e. those serving theo have a quick precise look at the existing portrait of industrial and commercial establishments, are entitledetirement benefit arrangements in Pakistan, one can to benefits under different tax-driven schemes such asnd three broad sorts of retirement benefit provident fund schemes, gratuity schemes,rrangements, more common in private and public superannuation/ pension and voluntary pensionector. These are - provident funds, gratuity, and schemes. It is mandatory for an employer to offerension funds. While the provident fund is a defined gratuity, provident fund or voluntary pension schemeontribution arrangement; the gratuity and the pension to its employees, as per the requirements of labor law.unds are, in nature, defined benefit arrangements. However, some employers also offer other retirement

he provident fund and gratuity can be found to be benefit arrangement voluntarily, in addition to the

Occupational Pensions and Savings Schemes inPakistan Current State:

Occupational Pensions and Savings Schemes:

Occupational Pensions and Savings Schemes:

of

Part-I

Occupational Pensions andSaving Schemes in Pakistan

(Part I)

Regulatory Oversight



Occupational Pensions and Savings Schemes Role of SECP:While the public sector retirement benefitarrangements fall beyond the jurisdiction of SECP, an

understanding prevails inthe industry that the SECPbeing the regulator of thecorporate sector, shoulda l s o c o n t e m p l a t eregulation of the privatesec to r Occupa t i ona lPensions and Savings

Schemes. The need wasfelt because the existingstructure of the retirementbenefit arrangements aresafely devoid of goodgovernance practices. Thearrangements are notsubject to strict regulatoryoversight in respect ofi m p o r t a n t a r e a s a sf inanc ia l s t rength o f trustees of such schemes -t h e i r i n d e p e n d e n c e ,

experience and integrity; quality and appropriatenessof trust deeds of such schemes; quality of accountingprinciples; auditors; as well as those responsible forrecord keeping and administration.

mandatory schemes. If any of the voluntary/ mandatorychemes fulfill certain conditions as laid down in thencome Tax Ordinance, 2001, the Federal Board ofRevenue offers tax incentives to the employer,mployee and the moneyo n t r i b u t e d t o s u c hchemes.

n a d d i t i o n t o t h ebovementioned schemes,he labour and clericalmployees of industrial and

ommercial establishmentsre also entitled to receiveensions or other benefitsom Employees Old Ageenefits Institution, subject

o fulfillment of certainonditions. This scheme is

mandato ry fo r everyndustry or establishmentwherein 20 or more persons

r e e m p l o y e d . B o t hmployee and the employero n t r i b u t e c e r t a i nercentage of the salary/wage/remuneration during

working life of the employees and, in turn, themployees, at retirement or in case of disability, beforeetirement, receive the pension/benefit.

1900 A new 35-horsepower car built by Gottlieb Daimlerfrom a design by investor Email Jellinek iscompleted. The auto was named for Jellinek'sdaughter, Mercedes.

DECEMBER 261904 Pioneer of the takeover bid, financier Sir Charles

Clore is born the son of a Russian immigrant inLondon.

DECEMBER 28

1967 Muriel (Mickie) Siebert becomes the first woman tobe a member of the New York Stock Exchange. Herseat cost $445,000 plus a $7,515 initiation fee.

.

DECEMBER 311600 The British East India Company is granted a charter

by Queen Elizabeth I.

1884 Florence Nightingale Graham_ Known to the worldas Elizabeth Arden, the mother of the treatmentbusiness and creator of a beauty empire incosmetics, salons, and clothes_ is born inWoodbridge, Ontario.

DECEMBER 4871 Germany goes on the gold standard and adopts the

mark as its unit of currency.

DECEMBER 8765 Eli Whitney_ inventor of the cotton gin and one of the

first to manufacturer with interchangeable parts_ isborn the son of a successful farmer in Westboro,Massachusetts.

DECEMBER 15886 More than a million shares of stock are traded for the

first time on one stock exchange.

DECEMBER 18972 The term junk food first appears in print, in Time

magazine.

DECEMBER 22882 The first string of Christmas tree lights is created by

Edward H. Johnson, an associate of Thomas AlvaEdison. The dangerous custom of decoratingChristmas trees with burning candles was soonobsolete.

Decemberin the history of Business

SECP with the establishment ofthe initial products in the shape

of pension funds authorizedunder the Voluntary Pension

System realizes that a robustsystem of Occupational

Pensions and Savings Schemesalso needs to be established ina way that the system adds to

the social and financial stabilityof the country.


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Ding a CapricornThe virtues of Capricorns are such that there will always bepeople for and against them. Many admire then, many dislikehem. Why? It seems to be because of Capricorn's powerrges. A well-developed Capricorn has his or her eyes set on

he heights of power, prestige and authority. In the Sign ofCapricorn, ambition is not a fatal flaw, but rather the highestirtue.

Capricorns are not frightened by the resentment theirauthority may sometimes breed. In Capricorn's cool,alculated, organized mind all the dangers are alreadyactored into the equation- the unpopularity, the animosity,

he misunderstandings, even the outright slander-and a plans always in place for dealing with these things in the mostefficient way. To the Capricorn, situations that would terrify anordinary mind are merely problems to be managed, bumpson the road to ever-growing power, effectiveness andprestige.

S o m e p e o p l e a t t r i b u t epessimism to the CapricornSign, but this is a bit deceptive. Its true that Capricorns like toake into account the negativeide of things. It is also true thathey live to imagine the worst

possible scenario in every

ndertaking. Other peoplemight find such analyses

epressing, but Capricorns onlyo these things so that they can

ormulate a way out- an escapeoute.

Capricorns will argue withuccess. They will show youhat you are not doing as well asou think you are. Capricorns dohis themselves as well as to

others. They do not mean toiscourage you but rather tooot out any impediments toour greater success. A

Capricorn boss or supervisor feels that no matter how goodhe performance there is always room for improvements.

This explains why Capricorn supervisors are difficult toandle and even infuriating at times. Their actions are,owever, quite often effective-they can get theirubordinates to improve and become better at their jobs.

Capricorn is a born manager and administrator. Leo is betterat being king or queen, but Capricorn is better at being primeminister - the person actually wielding power.

Capricorn is interested in the virtues that last, in the thingshat will stand the test of time and trials of circumstance.

Temporary fads and fashions mean little to a Capricorn -except as things to be used for profit or power. Capricornsapply this attitude to business, love, to their thinking andeven to their philosophy and religion.

Major TrendsLast year was a year for travel, higher education and going

eeper into religion and philosophy - evolving yourpersonal philosophy of life - and the trend will continue formost of the year ahead.There was prosperity last year and the trend continues eventronger in the year ahead. Benevolent Jupiter enters your

money house on January 5 and stays there for the rest of theear.

Thought you are always ambitious, you were less so in the

past. But that is about to change. Saturn, your ruling planet,will cross your Windhaven and enter your (Career onOctober 29. This begins a two-and-a-half-year period ofcareer success.

However, the main headline is Pluto's move into your ownSign late last year. You only felt this influence intermit-tenthlylast year, as Pluto flirted back and forth between Sagittariusand Capricorn. Now he is in Capricorn for the long term (wellinto 2023).This is going to bring an intense interest inpersonal transformation and invention. You will be working togive birth to the body and image of your dreams your ideal.Some of you will start out with the conventional methods,

cosmetic kinds of surgery and the things like Yoga, Tai Chi,diet and meditation, and this is the more correct (and longer-lasting) way. Along with this is you will be redefining yourpersonality, probably many times. This always bringschanges, especially in relationships. People make friendswith Capricorn X. but Capricorn X is now someone else. Heor she has redefined him or herself, and now people are not

sure they like this newperson.

Pluto's move is alsobringing you new friends,devoted ones. In fact youdon't need to do anything.They come to you.

Communica t ion andintellectual interests studying and teaching -have been important formany years and the trendst i l l cont inues. Youremain in a period forgaining knowledge and ithas important financialimplications as well.

Your most importantareas of interest this yearare the body, image and

personal appearance;finance: communication and intellectual interests: religion,philosophy, higher education and foreign travel; career (afterOctober 29).Your paths of greatest fulfillment in the coming year arefinance; the body, image and personal appearance (afterJuly 27)

Self-improvementThis is a year for higher education, foreign travel and gainingrevelation. It is also a year for religious revelation. It is also ayear for religious pilgrimage. Capricorns are definitelytravelling more this year.

This importance of religious and philosophical revelation isoften overlooked. Yet, it is vital in the way you live your lifeand the way that you interpret events. So, getting this area oflife in order_ which is what is happening now is going tohave many positive and healthy results.

Capricorns tend to be conservative and traditional aboutreligion and philosophy. They tend to be comfortable in thetradition that they were brought up in and rarely question the.But this is a period where these practices need to bereviewed. Sure, the tradition you were brought up in no doubthas the truth buried somewhere, but you need to reach this,understand this in a deeper way and fluff off some of thehuman accretions. You need to separate the purity of yourtradition from what has been put on it by humans and their

distortions. This will give you a new respect for your tradition.

Personality Profile - Capricorn at a GlanceElement-Earth | Ruling Planet- Saturn | Career Planet Venus

Love planet- moon | Money planet- Uranus | Planet of communication- Neptune |

Planet of Health and work-Mercury | Planet of Home and Family life- Mars | Planetof spirituality Jupiter | Colours- black, indigo |Colour that promotes love, romance and social harmony-Puce, sliver |

Colours that promotes earning power- ultramarine blue | Gem- black onyx | Metal-lead | Scents- magnolia, pine, sweat pea, wintergreen | Quality-Cardinal (=activity)

| Qualities most needed for balance warmth, spontaneity, sense of fun |Strongest virtues sense of duty, organization, perseverance, patience, ability to

take the long term viewDeepest needs- to manage, take charge, administrate | Characteristics to avoid pessimism, depression, undue materialism, undue conservatism | Characteristics

of greatest compatibility- Taurus, Virgo |Signs of overall incompatibility-Aries, Cancer, Libra | Sign most helpful to career

Libra | Sign most helpful to emotional support- Aries | Sign most helpfulfinancially- Aquarius | Sign best for marriage and/or partnerships-Cancer | Sign

most helpful for creative projects-Taurus |Best Sign to have fun with-Taurus | Signs most helpful in spiritual matters-Virgo,

Sagittarius | Best day of the week-Saturday

CAPRICORNThe Goat, Birthdays from 21st December to 19th January


10/12vision10The development of modern and efficient corporate sector and capitalmarket, based on sound regulatory principles, that provide impetus forhigh economic growth and foster social harmony in the Country.vision10The development of modern and efficient corporate sector and capitalmarket, based on sound regulatory principles, that provide impetus forhigh economic growth and foster social harmony in the Country.

Good people order and arrangeWhen Zihua, one of the disciples of Confucius, went on amission to another state, another disciple, Zhanzi, asked forome grain for Zihua's mother. Confucius said to give her aertain amount. Zhanzi asked for more, and Confucius

ncreased the measure. Still not statisfies, Zhanzi gaveihua's mother even more than Confucius had indicated.

Confucius said, Ehen Zihua went off, he was riding a wellfedorse and wearing light

eather. I have heardhat exemplary peopleelp the neddy and doot add to the wealth of

he rich. (6:4)The ruler of a certaintate asked Confuciusbout government.

Confucius repl ied,Have leaders, haved min i s t r a t o r s b edministrators, have

athers be fathers, haveons be sons.

The ruler said, God! Oftruth, if leaders don not lead, administrators do not

dminister, and fathers do not behave as fathers and sons ofot behave as sons, then even if there were grain, how could Iat of it? (12:11)

Good people nurture character with fruitful actioncertain student was sleeping in the daytime.

Confucius said, Rotten wood cannot be sculpted, a manurewall cannot be plastered. What admonition is there for me to

ive? (5:10)Confucius also said, At fist the way I dealt with people was tosten to their words and trust they would act on them. Now Isten to their words and observe whether they act on them. It

was within my power to change this. (5:10)Confucius said, God people should be slow to speak but

uick to act. (4:24)One of the disciples always used to say, Neither harming normportuning how can this not be good?

Confucius said, How can this way be enough to beonsidered good? (9:28)

Someone asked Confucius how to serve ghosts and spirits.Confucius said, As long as you are unable to serve people,

ow can you serve ghosts?The inquirer also asked about death.

Confucius said, As long as you do not know life, how can youknow death? (11:12)Confucius said, To eat your fill but not apply your mind toanything all day is a problem. Are there no games to play?Even that would be smarter than doing nothing. (17:22)

A disciple asked Confucius, Do cultivated people valuecourage?

Confucius said,Cultivated peopleconsider justiceforemost. Whencultivated peopleh a v e c o u r a g e

without justice,t h e y b e c o m erebellious. Whenpetty people havecourage without

j u s t i c e , t h e ybecome brigands.(17:23)

G o o d p e o p l eenjoy lifeConfucius said, The knowing enjoy water, the humane enjoymountains. The knowing are diligent; the humane are quiet.

The knowing are happy, the humane are long-lived.(6:23)When at ease, Confucius was relaxed and genial. (7:4)Confucius said, Even if my fare is plain and my lifestyleaustere, I still find pleasure in them. Riches and status unjustlyattained are to me like floating clouds. (7:15)

An official of the state of Chu asked one of Confucius'disciples about the teacher, but ht edisciple didn't answer.Confucius remarked, Why didn't you say, His character issuch that he gets so enthusiastic that he forgets to eat, and isso happy thaht he forgets worries; he is not conscious ofimpending death'? (7:18)

When they do things, good people plan firstA certain elder statesman of Lu was said to act after reflecting

three times. When Confucius heard of this, he said,Reflecting twice will do. (5:20)Confucius said, People who do not think far enough aheadinevitably have worries near at hand. (15:12)

A disciple asked about exemplary people.Confucius said, Apply their words before following them.(2:13)

ConfuciuslGood people order and arrangelGood people nurture character with fruitful actionlGood people enjoy life

lWhen they do things, good people plan first

Job Placement

Take the prospective employees you are trying tolace and put them in a room with only a table and

wo chairs. Leave them alone for two hours, withoutm instruction. At the end of that time, go back andee what they are doing.

f they have taken the table apart in that lime, puthem in Engineering. If they are counting the butts in

the ashtray, assign them to finance.

If they are screaming and waving their arms, sendthem off to Manufacturing.If they are talking to thechairs, Personnel is a good spot for them.

If they are sleeping then are Managementmaterial.

If they don't even look up when you enter the room,assign them to Security.

And if they've left early, put them in Sales.

Humor


11/1211


December 2008

Winter Edition

Ghulam Shabir Mashori Assistant Director December 1 Shahid Javed Deputy Director December 2

Asma Tayyiba Deputy Director December 3 Farrukh Majeed Qureshi Junior Executive December 3 Hammad Javed Assistant Director December 3 Muhammad Bashir Awan Protocol Officer December 4 Muhammad Shakil Ahmed Sr. Support Executive December 4 Nasir Mahmood

Office Attendant

December 5

Mahboob Ahmad

Joint Registrar

December 5

Abdul Hameed

Executive Officer

December 5

Anmol Shahzadi

Assistant Registrar

December 6

Pervaiz Iqbal

Sr. Support Executive

December 8

Amina Aziz

Joint Director

December 8Tariq Mehmood

Sr. Executive Secretary

December 8

Muhammad Anas Noman

Joint Registrar

December 8Waheed Iqbal

Assistant Director

December 12

Ubaidullah S. Ansari (Training)

Director

December 14Obaid-ur-Rehman

Deputy Registrar

December 14

Anwar Ali

Executive Officer

December 15

Abdul Ghaffar

Sr. Executive Secretary

December 15

Malik Muhammad Tariq Iqbal Sr. Support Executive

December 15

Kashif Ghani

Assistant Director

December 16

Javed Iqbal

Support Executive

December 16

Ghulam Muhammad

Watchman

December 16

Rashid Safdar Piracha

Director

December 17

Mian Abdullah

Office Attendant

December 17

Muhammad Shahzeer khan

Support Executive

December 18

Tayyaba Nisar

Assistant Director

December 18

Muhammad Tanweer

Deputy Registrar

December 18

Muhammad Asif Jalal Bhatti

Director

December 18

Mumtaz Hussain

Executive Officer

December 19

Nadeem Rafiq

Assistant Director

December 21

Sidra Mansur

Deputy Registrar

December 22

Shamsher Akhtar

Support Executive

December 24

Saima Ahrar

Deputy Director

December 24

Ahsan ul Haq

Support Executive

December 24

Ishtiaque Siddiqui

Sr. Support Executive

December 25

Musarat Jabeen

Director

December 25

Shujaat Ali Assistant Registrar

December 25

Salman Saif

Deputy Director

December 25

Muhammad Aziz

Office Attendant

December 26

Laiq ur Rehman Khan

Executive Officer

December 27

Faraz-ud-Din Amjad

Deputy Director

December 28

Shahid Nasim

Executive Director

December 28

Zain-ul-Abidin

Joint Director

December 30

Mohammad Kashif Khan

Office Attendant

December 30

Muhammad Tariq Rasheed Sr. Support Executive

December 30

Tariq Ahmad

Deputy Director

December 30

Sajid Mahmood Driver

December 30

Nadia Rasheed

Deputy Director

December 31

Saboohi Ashraf

Deputy Registrar

December 31

Harima Mubeen

Assistant Director

December 31

Shan Mahi

Driver

December 31

BirthdaysDecember

Around the corner I have a friend,In this city that has no end;The days go by & weeks rush on,

And before I know, a year has gone;I never see my old friend's face.For life now has a swift pace;He knows I like him just as well,

As in the days when I range his bell;In times we were younger when,But now we are busy tired men;Tired of playing a foolish game,Tired of trying to make a name;Tomorrow I say I'll call on him,Just to show that I am thinking of him;But tomorrow comes & tomorrow goes,

And distance between us grows and grows;Around the corner yet miles away,Heres a Telegram; Sir, He died today;That's what we get & deserve in the end,

Around the corner, a vanished friend!

Contributed by M. Arshad Rabbani

Friend


12/12

December 2008Winter Edition

Volume VIII, Issue VII

12

SECP Newsletter Dec 2008

Documents

Transcript of SECP Newsletter Dec 2008