ISLAMABAD (Ahmed Mughal):- The Federal Cabinet has removed Farrukh Sabzwari from Chairman SECP and appointed Amir Khan as new head.

The Federal Cabinet has decided to remove Farrukh Sabzwari from the post of Chairmanship of Securities and Exchange Commission of Pakistan.

After the decision of the Cabinet, the Finance Ministry also issued notification. According to the notification, Chairman SECP Farrukh Sabzwari has been removed.

Source in the Finance Ministry told the scribe that the competent authorities were not happy with the performance of Farrukh. Mr Farrukh couldn’t take proper steps to control the crises in stock exchange recently, the sources further said.

The Policy Board of SECP had also expressed dissatisfaction over the steps taken by SECP to control the situation. The Govt had appointed Farrukh Sabzwari new head of SECP in 27th Dec 2018 by replacing Shaukat Hussain.

The government of Pakistan on Friday approved appointment of Amir Khan as Chairman SECP. Aamir has been working as Commissioner, company Law Division (Corporate Supervision). He was also Commissioner Specialized Companies Division at SECP by the Imran Khan’s government as a commissioner in 2018.

Aamir Khan has extensive experience, spanning almost 30 years covering banking, capital markets, structuring of financial solutions/products, leading national initiatives, business transformation, and regulatory reform.

Since 2012, he has been serving as an Executive Director (ED) at the SECP. During his tenure of over 6 years with SECP, he headed key operational departments.

Khan has led key initiatives at SECP such as launching of Commodity Murabaha at PMEX. He also worked at Agri related initiatives, bringing Microfinance companies onto SECP’a regulatory ambit, finalizing of numerous laws and improving business climate.