On Wednesday, the National Assembly passed the Futures Market Bill 2015, targeted at regulating the futures market honestly, competently and visibly, and guarding investors who trade in the commodity.
Telecom FDI Rises by 60 Percent: Anusha Rehman
The bill was enthused by Secretary Parliamentary Affairs for Finance and Revenue Rana Muhammad Afzal Khan on behalf of Finance Minister Ishaq Dar.
At present the futures market is being controlled under the Securities and Exchange Ordinance (SEO), 1969 by the Securities and Exchange Commission of Pakistan (SECP).
“There is a need to repeal the SEO 1969 and replace it with a comprehensive, modern and all-encompassing piece of futures law.”
Read the avowal of objects and reasons of the Futures Market Bill.
According to the new law, when SECP comes to know about an inability by a regulated person to comply with financial resources regulations it can suspend the individual’s licence or authorize to continue with the business.
Minister for Information Technology and Telecommunications, Anusha Rehman also informed the National Assembly that Foreign Direct Investment (FDI) has reached 60% in the Telecom Sector. She also said that after the introduction of 3G and 4G technologies, the number of mobile users amplified to 26 million.
She further stated that 5G is a profitable marketing term that refers to the next main phase of mobile telecommunications standard technology. It is estimated that 5G networks will roll out by 2020 globally. Foreign investment in the telecom sector has augmented from 160.8 million dollars in 2012-13 to 908 million in 2014-15, said Anusha Rehman.
The minister also revealed that while comprehending the full potential of ICTs in socio-economic development, Ministry of IT’s special emphasis is on ICT skills development, capacity building and entrepreneurship inventiveness for youth.
Anusha also indicated that the ministry has collaborated with Microsoft to inaugurate computer labs.
“Workshops have been organised with MIT Enterprise Forum of Pakistan and CEOs of leading IT companies to train youth for launching successful IT businesses.”
The minister added.