ISLAMABAD: The finance ministry has finally appointed Syed Masoud Naqvi as chairman of the SECP Policy Board, while the Securities and Exchange Commission of Pakistan is expected to place the information on its website on Monday, June 1.
The notification regarding the appointment of the new SECP Board chairman has ultimately ended the nine-month-long conflict between the finance ministry and former policy board chairman Khalid Mirza.
Earlier in August 2019, the government had ordered the removal of Khalid Mirza and appointed Masoud Naqvi for the same position, but the matter became subjudiced as Mr Mirza had approached the Islamabad High Court against the government’s decision.
Since the finance ministry had already issued a joint notification for Mr Naqvi’s appointment as member and chairman of the SECP Policy Board, it had to withdraw the notification after the court decision in favour of Mr Mirza.
Mr Naqvi was later appointed “only as a member of the policy board” in October 2019.
Meanwhile, the notification issued on Thursday revealed that Khalid Mirza would continue to serve as a member of the policy board.
He had resigned earlier this month after the finance ministry agreed to withdraw a notification regarding his removal as the member of the policy board. He was appointed as SECP Policy Board chairman in November 2018, when Asad Umar was the finance minister.
Syed Masoud Ali Naqvi is currently serving at the board of Central Depository Company of Pakistan (CDCP) and Pakistan Stock Exchange. He is also a member of Institute of Chartered Accountants of Pakistan.
According to documents, Mr Naqvi had previously served as the president of Management Association of Pakistan and as a senior partner at KPMG Taseer Hadi & Co.