The Securities and Exchange Commission of Pakistan (SECP) has constituted a high-level Working Group to undertake a comprehensive review of the corporate debt market and recommend practical reforms aimed at improving market efficiency, reducing issuance timelines and costs, and broadening market participation, it was reported on Tuesday.
According to an official notification issued by the Securities Market Division’s Policy, Regulation and Development Department on July 30, 2026, the initiative follows feedback from market participants highlighting lengthy issuance timelines and the high cost of issuing corporate debt instruments through both private placements and public offerings as major impediments to the development of Pakistan’s corporate debt market.
The SECP said the Working Group will review the existing regulatory framework governing the issuance of corporate debt securities and Sukuk, identify bottlenecks hindering market development, and propose practical recommendations to make the issuance process faster, simpler and more cost-effective.
As part of its mandate, the Working Group will review the existing credit rating framework to identify measures for improving efficiency, transparency and market confidence.
It will assess the impact of credit rating requirements on issuance timelines, costs and market accessibility, and recommend reforms to simplify the rating process and facilitate innovation in rating products.
The group will also conduct an end-to-end review of the issuance process for privately placed and publicly offered corporate debt securities.
The Working Group will be chaired by SECP Commissioner Muhammad Ali Farid Khwaja. Its members include Farrukh H. Sabzwari, CEO of Pakistan Stock Exchange Limited; Maheen Rehman, CEO of InfraZamin Pakistan;
Salman Ali Jafri; Syeda Sharmeen Ahmed, Managing Director Corporate Finance at Topline Securities; Muhammad Farid Alam, CEO of AKD Securities Limited; a representative of Askari Bank Limited;
Badiuddin Akbar, CEO of Central Depository Company; a representative of PACRA Credit Rating Agency; a representative of Mohsin Tayebaly & Co.; Muhammad Khaliq-uz-Zaman from the Debt Management Office, Ministry of Finance; and Imran Inayat Butt, Executive Director, SECP, who will serve as coordinator.
The notification states that the Working Group may co-opt any additional expert or institution, where required, to facilitate its work and will submit its report within 45 days of its constitution.
SECP Chairman Dr. Kabir Ahmed Sidhu said that the development and stability of the corporate debt market is a key priority, adding that a robust debt market will provide long-term capital for industry and the government.
