Pakistan's SECP launches working group to reform corporate debt market

The Securities and Exchange Commission of Pakistan (SECP) has created a 12‑member working group to overhaul the country’s corporate debt market. Chaired by SECP Commissioner Muhammad Ali Farid Khwaja, the panel includes senior executives from the Pakistan Stock Exchange, InfraZamin Pakistan, the Central Depository Company, Askari Bank, credit‑rating agency PACRA, the law firm Mohsin Tayebaly & Co., and a representative from the Debt Management Office of the Ministry of Finance.

The group’s mandate covers a review of the credit‑rating framework, an end‑to‑end assessment of bond and sukuk issuance processes, and an evaluation of the Shariah and legal rules governing sukuk. It will also examine the full cost of issuing corporate debt—including regulatory fees, professional charges, listing expenses and taxes—and propose measures to reduce these costs, standardise documentation, and amend regulations where needed. The panel is tasked with benchmarking Pakistan’s framework against international best practices and must submit its report within 45 days.