After taking sense of the House, Chairman Mian Raza Rabbani admitted the motion, moved by Senator Col r Syed Tahir Hussain Mashhadi, and allocated two hours time for discussion on Friday.
Meanwhile, Senate also unanimously passed a bill [the Futures Market Bill 2015] for regulation of futures market and provide protection to investors.
According to a statement of objects and reasons, the bill that was tabled by Minister for Climate Change Zahid Hamid, is aimed at effectively regulating futures market.
Presently, futures market is being regulated under Securities and Exchange Ordinance, 1969 (SEO 1969). “Securities and Exchange Commission of Pakistan (SECP) feels that the law remains fundamentally incomplete, lacks a proper and logical structure and suffers from numerous inconsistencies and gaps,” said the statement.
So, there was a need that SEO 69 be replaced with a comprehensive modern and all encompassing piece of Futures law.