SECP HEADQUARTERS, ISLAMABAD - In a groundbreaking meeting held earlier this week, Mian Sheraz Javaid, a prominent figure in the legal and financial sectors, engaged in a strategic dialogue with the Securities and Exchange Commission of Pakistan (SECP)'s legal team. The meeting was organized to discuss the future of Alternative Dispute Resolution (ADR) and arbitration within the regulatory framework of SECP.

As the main regulator for securities and financial markets in Pakistan, SECP's role in dispute resolution is paramount. The core of the discussion revolved around SECP's bylaw, which emphasizes the promotion of ADR and arbitration. Both parties discussed how to seamlessly integrate ADR within the mechanisms and workings of SECP. This includes creating a robust framework that aligns with international standards and caters to the unique needs of the Pakistani market. Mian Sheraz Javaid and the SECP's legal team also explored various avenues to enhance the effectiveness of dispute resolution mechanisms within the financial sector.

The Chartered Institute of Arbitrators (CIArb) is recognized internationally as the gold standard for alternative dispute resolution internationally, and is also known for providing ADR services and trainings. The insights provided by Mian Sheraz, Chair of CIArb Pakistan Branch, were deemed crucial in aligning SECP's policies with global best practices. The dialogue touched on the importance of providing accredited mediator training to SECP employees. Such training would equip them with the necessary skills to mediate disputes, ensuring a fair and unbiased resolution process.

Both parties also deliberated on the practicalities of setting up ADR centers specifically tailored for SECP. These centers would serve as hubs for resolving disputes efficiently, thereby fostering a more conducive business environment.

The meeting between Mian Sheraz Javaid and SECP's legal team marks a significant step towards modernizing and strengthening the dispute resolution landscape in Pakistan. By aligning with international standards and leveraging the expertise of organizations like CIArb, SECP is poised to become a leader in ADR and arbitration. This collaboration not only reflects a commitment to excellence but also a vision for a more transparent and efficient financial sector.