Official Newsletter of SECP

Securities and Exchange Commission of Pakistan

The development of modern and efficient corporate sector and capital market, based on sound regulatory principles, that provide impetus for high economic growth and foster social harmony in the Country.

vision
SECP

December 2008 Winter Edition
Volume VIII, Issue V

The Chairman says... Editorial

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A quick excursion to
Prelude The Securities & Exchange Commission of Pakistan (SECP) aspire to develop a contemporary but efficient corporate sector & capital market, based on firm regulatory principles that provide thrust for towering economic growth and encourage collective harmony in the country as the apex regulator of the capital market, corporate sector, financial (non-banking) sector and Insurance sector in Pakistan. SECP instigated its operations on January 1, 1999 as a successor to the former Corporate Law Authority, as a statutory body created under the Securities & Exchange Commission of Pakistan Act, 1997. Since then, headquartered in Islamabad and with a geographical foot-print in all the major cities in Pakistan including Karachi, Lahore, Faisalabad, Sukkur, Quetta, Peshawar and Multan, SECP as an insight-bearing regulator, has been actively monitoring the following sectors in Pakistan: Corporate sector Capital markets Insurance sector Non-banking financial sector Private pensions and Self-regulatory organizations

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Corporate Growth December 2008 An Interview with ED Enforcement Mr. Tahir

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Job Placement
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Regulatory Oversight
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The cosmos of SECP was indispensable for the advantageous regulation of the capital SECP's Regulatory Policies markets, superintendence and control of the corporate entities in Pakistan and for Result In Increased Compliance matters connected therewith. The regulation of Non-Banking Financial Companies
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Infotainment
Events A Month in Business History Humor Birthdays Horoscope Obituary

(NBFCs) sector, Insurance sector and Voluntary Pension Schemes (VPS) was entrusted to SECP over a period of time to endow with a holistic and infused regulation of those sectors. The Latitude of SECP 1. Corporate Sector One of the core functions of SECP is to regulate, monitor and enforce laws pertinent to the corporate sector in Pakistan by undertaking vigilance and promoting transparency, accountability and good corporate governance practices. The SECP's Registration continued on page 4

the Quaid had said: “Finally. lay down a complete roadmap of progress for our nation.” The maximum utilisation of our precious human capital will realize all the dreams of our Quaid and it is binding upon all of us to put our own share into the journey towards progress. that provide impetus for high economic growth and foster social harmony in the Country. 1947 The Quaid's life was all about discipline. I must urge all of you to continue with the same commitment and dedication as practiced by our leaders. Razi-ur-Rahman Khan November 30. I would like to wish all of you happy Eid-ul-Azha and happy Christmas. We must understand the real spirit of Eid-ulAzha which teaches us the value of sacrifice and devotion.. Faith. I begin with a famous message that our great leader gave to the nation on the occasion of Eid-ul-Azha: “My message to you all is of hope. The three golden principles. let me tell you. He practiced what he preached thus becoming a role model for the millions of people around the globe. 2008 2 vision The development of modern and efficient corporate sector and capital market.Chairman says. based on sound regulatory principles. SECP The Quaid's life was all about discipline.” Eid-ul-Azha Message to the Nation October 24. The The Mr. Pakistan is a land of great potential resources. . On the occasion of independence. Unity and Discipline. fellow citizens. as enunciated by the Quaid. We must rise to the occasion and go extra mile in working with sincerity and commitment for the development of our country. Quaid-e-Azam Muhammad Ali Jinnah. we shall require every ounce of energy that we possess and I am confident that it will come from all whole-heartedly. We must follow these golden principles in order to reach the highest level of excellence. Let us mobilize all our resources in a systematic and organized way and tackle the grave issues that confront us with grim determination and discipline worthy of a great nation. determination and faith. Razi Ur Rahman Khan Chairman. courage and confidence. But to build it up into a country worthy of the Muslim nation. In his life we find a lot of lessons as individuals and as a nation. hard work. determination and faith. He practiced what he preached thus becoming a role model for the millions of people around the globe. This month we all are celebrating the 132nd birth anniversary of Father of the Nation. In the end. hard work. In his life we find a lot of lessons as individuals and as a nation..

we all have to work harder to face the challenges brought with the freedom. The most flourishing sector in terms of number of new registration was Services sector whereby 39 companies were registered. This will refresh your Corporate Growth November 2008 A total of 224 companies have been registered during the month of November. The Vision Team Editor: Imran Ghaznavi Asst. 12 single member companies.” Eid-ul-Azha Message to the Nation October 24. and 1 company limited by guarantee u/s 43. In the end. courage and confidence. Aggregate authorized capital and paid up capital of the companies registered during the month of November. 1947 T understanding of SECP and its role and an apex regulator. 21 in Information Technology.newsletter@secp. Quaid said. Editor: Asfandyar Khattak Urdu Contributor: Abid Agha Graphic Designer: Attia Zainab For contributions and suggestions contact us at: Internal and External Communications Department. Now it's time for us to realise that gaining freedom was not the end. 450. And indeed we have got the ability to face all challenges. This gives me and my team the encouragement to bring more value in the publication. 18 in Construction. In the person of Quaid-e-Azam we find a true leader under whose leadership the struggle for a free homeland for millions of Muslims in the Sub-Continent ended in an unprecedented success. In this issue we have produced a special article to give an oversight of the SECP's functioning. Quaid-e-Azam has give us very clear direction how to cope up with challenges as in one of his message.gov. Islamabad-44000 Ph: +92-51-9218593. Let us mobilize all our resources in a systematic and organized way and tackle the grave issues that confront us with grim determination and discipline worthy of a great nation. Official Newsletter of SECP December 2008 Winter Edition 3 . 1. 2008. comprising of 2 public unlisted. 209 private. 8 each in textile and engineering. a dream of Allama Muhammad Iqbal.583. Moreover. 13 in Food and Beverages. develop collective thinking and rise above. I appreciate your feedback and an increasing participation in “Vision”.3 million and Rs. Jinnah Avenue. a detailed write-up on Occupational Schemes gives important information about this relatively new field. I would like to wish all of you Eid greetings and happy Christmas. “My message to you all is of hope. I am happy to mention that the overall change in the layout and design of our newsletter was widely accepted and appreciated by you.SECP NIC Building. Fax: +92-51-9206459 Email: editor. was realised after great sacrifices.pk Let's put all our resources together.Editorial he month of December carries special significance for all of us as in this month we celebrate the birthday of Quaid-e-Azam Muhammad Ali Jinnah.5 million respectively. followed by 35 companies registered in Trading. Pakistan. 2008 amounted to Rs.

2001 l Securities & Exchange Commission of Pakistan (Appellate Bench Procedures) Rules. 2003 l Margin Trading Rules. Non-Banking Financial Sector On the forefront of Non-Banking Financial Sector. On the other hand. and Modarabas) with various corporate laws and regulations in particular order to protect the interests of the stakeholders. 2008 5. 1996 l Companies (Audit of Cost Accounts) Rules. 2005 insurance 3. 7. Mutual Funds. 2001 l Balloters. Insurance Ordinance. 2002 l Takaful Rules. 2002 l Securities & Exchange Commission (Insurance) Rules. Modarabas. 2005 Department is entrusted with the responsibility to administer and enforce the Companies Ordinance. 1997 l Securities & Exchange Commission of Pakistan Act. 1971 l Rating Companies Rules. monitoring the corporate compliance and regulating their statutory functions. 2. The scopes broadly encompasses registration. 2. 1999 l Companies' Share Capital (Variation in Rights and Privileges) Rules. Real Estate Investment Trusts. Private Equity Funds and Venture Capital Funds. 1995 Credit l Central Depository Companies (Establishment and It is the firm commitment of SECP to develop fair. Transfer Agents and Underwriters Rules. Its primary functions include registration of companies. SECP's primary responsibilities include licensing. rules and regulations. 1996 l Employees' Provident Fund (Investment in Listed Securities) Rules. It is responsible for the supervision and monitoring of the of the insurance industry (including insurance insurance companies of life & non-life segment. 1985 l Companies (Invitation and Acceptance) Rules. Insurance Sector policyholders One of SECP's objectives is to and endorse shield the interests of insurance policyholders and endorse sound sound development of the insurance development industry. SECP is providing an encouraging regulatory environment for development and promotion of robust markets while protecting interest of the stakeholders. specifically shareholders and creditors. 2001 l Exchange Members (Inspection of Books and Stock Records) Rules. 2005 6. 4. and simultaneously facilitating diversification & polymorphism in products and services of this segment. 1969 l Securities & Exchange Rules. 1999 l Companies (Asset-Backed Securitization) Rules. SECP through its Securities Market Division regulates the primary and secondary market activities as well as capital market intermediaries.. 4 vision The development of modern and efficient corporate sector and capital market. 2003 l Voluntary Pension System Rules. takaful companies including family & general segment and intermediaries) for ensuring compliance with relevant legal regulatory framework. Securities & Exchange Ordinance. 2005 l Non-Banking Finance Companies (Establishment and Regulations) Rules. 1996 l Commodity Exchange and Future Contract Rules.Companies (Appointment of Legal Advisers) Act 1974 3. efficient and transparent regulatory framework based on international standards and best practices. 1998 l Non-Banking Finance Companies (Establishment and Regulation) Rules. 2000 l Members' Agents and Traders (Eligibility Standards) Rules. that provide impetus for high economic growth and foster social harmony in the Country. Capital Markets Capital markets encapsulate a key wedge of our economy. 2000 l Federal Government Insurance Rules. Pension Funds.. 1984 besides other relevant laws. surveillance.Companies Ordinance. All is aimed towards protection of investors. SECP's Ascendancy in Laws Some of the laws for which SECP has been entrusted with the governance and administration in the country are: 1. 1997 l Companies (Buy-Back of Shares) Rules. monitoring and enforcement of participants comprising Non-Banking Finance Companies. Through its Specialized Companies Division. the Enforcement Department ensures the listed corporate sector's compliance (excluding NBFCs. 1984 l Companies (General Provisions and Forms) Rules. 2001 l Brokers and Agents Registration Rules. 1987 l Companies (Issue of Capital) Rules. 2001 l Public Companies (Employees Stock Option Scheme) Rules. efficient and transparent regulatory framework based on international standards and best practices. It processes and grants approvals of prospectus for public offerings of both debt and equity securities and One of SECP's performs the oversight for objectives is to monitoring the working and activities of stock & commodity shield the exchange and other players in interests of the capital markets. while protecting investors in an efficiently regulated soak and facilitating capital formation. investigation. 2004 l Clearing Houses (Regulation & Registration) Rules.continued from page 1 Regulation) Rules.A quick excursion to SECP .Central Depositories Act.Modaraba Companies and Modaraba (Floatation and Control) Ordinance. enforcement. mitigation of systemic risk. and fostering growth of a robust corporate sector and broad-based financial markets in Pakistan. SECP on the vanguard on financial markets and as mindful regulator strongly realizes its role in developing and promoting a fair and modern capital market in Pakistan. based on sound regulatory principles. compliance and rule making. .Listed companies (Substantial Acquisition of Voting It is the firm commitment of SECP to develop fair. 1981 4. 1980 l Modaraba Companies Modaraba Rules.

The more obscure the information. Mr. He rejoined as Director (Additional Registrar) at (SECP) in all the stakeholders. have policy to increase the legal compliance whereby a capable begun to recognize the need for change for positive gain. Tahir Mahmood Official Newsletter of SECP December 2008 Winter Edition 5 . the less likely that with investors and lenders would be attracted and persuaded to invest or lend. 1999 and thereafter elevated to the position of Executive Good Governance in Pakistani listed Director (Enforcement) in 2006. Throughout the world. accounting reforms and express themselves. To strengthen the regulatory mechanism. companies can be ingrained by promoting independent directors on board. he is open to change. but inspiring them to see what they are profit-making dimension of companies is fundamental. I would like to stress here that Corporate Governance is Leadership is about unlocking potential. he is committed and understands that he does Vision: What is best policy to increase legal not know everything. Poor corporate governance has a tendency to Mr. good governance can make a significant framework for the better management of the corporate contribution to the prevention of malpractice and fraud. As a result. front regulator enhances the legal compliance. Good corporate governance In a snap shot. Complete. Thereafter. Management Accountant of Corporate governance is an essential Pakistan (FCMA) and the Institute element in improving economic efficiency of Chartered Secretaries of and growth. Tahir Mehmood is a Fellow inflate uncertainty and hamper the Member of the Institute of Cost & application of appropriate remedies. He is also a Law mismanagement and infuses discipline in graduate (LLB). After all a leader is someone who helps others do and become more than they ever thought possible. listed companies in 2002 and established Pakistan Institute Boards and management are voluntarily and proactively of Corporate Governance (PICG) to move forward the taking steps to improve their own accountability. institutions are awakening to the SECP introduced the code of corporate governance for opportunities presented by governance activism. unreliable disclosure. Along with traditional financial criteria. Few good qualities which came instantly to my mind are that a good team leader know himself. May. It is not about telling actually good for the profitability of companies and that the people what to do. unaccountable management and the lack Executive Director of supervision of financial institutions are Enforcement Department the consequences of inadequate corporate governance. Legal reform protecting and create an environment where subordinate do not fear to shareholder rights through lawsuits. we are also looking to engender good governance Pakistan's Corporate Sector? practices in the professional service providers associated TM: Good Governance ensures that stakeholders with a with them. Mehmood encourages companies and those who started his professional career as a bank officer. then. A strong corporate appointed as Cost & Management Accountant in CLA at sector boosts sustained and shared Islamabad. helping them get there. the decision making processes of boards of directors. accurate and timely TM: I believe that the team leader should be open to the ideas disclosure of the information. the governance profile An Interview Mr. He instills a feeling of ownership among supervision of auditors the team members. The lack of transparency. Simply put. Ensuring good corporate governance practices in the corporate sector is best policy to increase legal compliance on part of corporate sector. SECP provides the foundations of good corporate relevant interest in the company's business are fully taken into governance by building institutional. In addition. stringent compliance of the entities with the Code of Vision: Qualities of good team leader? Corporate Governance. legal and regulatory account. he went on deputation to Employees Oldeconomic growth – growth which can Age Benefits Institution (EOBI) as Head of Finance & Secretary withstand economic shocks and benefit Board. I believe this is the best the corporations. sector entities. All these menaces Profile combine to infringe investors' rights. In 1993. including Pakistani corporations. capable of.of a corporation is now an essential factor that investors and lenders take into consideration when deciding how to allocate their capital. above all a good compliance on part of corporate sector? tem leader always go the extra mile. it has also been an area of focus Vision: How good governance can be ingrained in for SECP. thought process on the subject. he joined development of a healthy and competitive Corporate Law Authority as Deputy Registrar and then corporate sector. than he moved own and manage them to achieve their to a government-owned corporation as Deputy Manager and corporate aims through more efficient use promoted to a position of Resident Representative (Regional of resources and it is vital for the Head) and remained there till 1989. It serves as a deterrent to Pakistan (FCIS).

During the year 2008. punitive action has been taken against such companies. I can see very compliant corporate sector Vision: How far is our country's corporate in Pakistan in years to come. SECP has already adopted International Accounting Standards due to which the harmonization of the information disseminated by the listed companies is evident. which includes fixed asset register. in this regard. 1984 while a number of other proceedings are under way pending finalization. As a result of inspections. SECP's Regulatory Policies result in Increased Compliance T he compliance level on part of the corporate sector has boosted substantially as a result of the effective regulatory policies of SECP. fake shares of a listed company are in circulation and proceedings are underway to get hold of those involved in this criminal activity. shareholders register. In order to improve compliance. There has been improvement in the holding AGMs and circulation of annual and quarterly accounts. 107 orders have been passed by the Enforcement Department of the SECP under various provisions of the Companies Ordinance. Moreover. and directed that the payment be held in trust with SECP.marked improvement over the recent years particularly in the area of information disclosure. The directors of the company went into appeal against the order of the SECP before the Sindh High Court. etc. the Court dismissed the appeal while stating that the detection of scam by SECP in the case was commendable and that the appeal had no merits. manufacturing facility was leased out and the rent was received by the associated concern. . the SECP authorized 19 inspections where it was suspected that substantial shareholders’ interests may have been affected or where such activities were observed which were against the shareholders’ interests. During the period from January 1. SECP is continuously monitoring compliance of rules and regulations on part of the corporate sector in Pakistan. 2008 to October 31. Here I would like to appreciate the work of the Enforcement Department in making the information understandable disseminated by the listed Companies to shareholders for AGMs and EOGM. The SECP restrained those involved in this criminal activity from receiving the proceeds of the price differential from the fraudulent deal. that provide impetus for high economic growth and foster social harmony in the Country. Our goals also include enhancing the skill set for review of the audited accounts of the listed companies. While in another case. Corporate Law Review Commission has already received first draft of New Companies Law. further proceedings under Section 263 of the Companies Ordinance. However. We are also planning to remove the difficulties/hindrances in on-site inspections and investigations through legal amendments. draft Regulations under Section 208 of the Companies Ordinance. As a result of on going activity various enforcement actions were taken during the year which included directing the company to undo the defaults and to carry out certain actions whereby shareholders interest is protected by presenting true picture of the state of affairs of the companies. We intend to further strengthen the on-site inspections and investigations skill. 1984 is in the making. premises of a listed company was leased without shareholders approval and rent was taken away by one of the directors. 1984 have been initiated against certain companies. 6 vision The development of modern and efficient corporate sector and capital market. the SECP had conducted an investigation in the case of a listed company where the directors had sold off the company’s investment in shares of another listed company to an associated off-shore company and as a result of the subsequent sell-off of the other listed company pocketed huge gains. sector compliant of law? TM: The compliance in the country's corporate sector is Vision: What are the future goals of improving. some companies have resisted the inspection orders of SECP and have filed appeals. 2008. Inspections of books of accounts also revealed that some of the Companies were not maintaining basic statutory record. Review of accounts and subsequent proceedings by the Enforcement Department during the year 2007 resulted in 78 Orders and in 2008 it will be above 100 orders. based on sound regulatory principles. Earlier. 1984. Inspections in some companies revealed instances where raw material worth millions was misappropriated under the disguise of impairment and series of suspicious transactions potentially leading to a concerted scheme aimed at striping off the company from its assets in a phased manner. All these actions will act as a deterrent for the future non compliances. The listed companies in particular have shown Enforcement Department? TM: Our Future Plans includes amendment in laws to further strengthen the regulatory infrastructure. review of auditor's work and enforcing the Code of Corporate Governance. under the relevant provisions of the Companies Ordinance. and funds raised through the issue of rights shares were funneled out of the listed company by extending advances and loans to the directors. minute’s books of directors/shareholders meeting and books of accounts of the company. however.

The former contribute to General Provident Fund of its employees. The provident fund and gratuity can be found to be Private Sector Occupational Pensions and Savings Schemes: The private sector employees i. return / either be defined investment income benefit arrangements thereon. superannuation/ pension and voluntary pension schemes. S relatively more popular though these two do not strictly qualify as retirement benefits. gratuity schemes. guarantees the disbursement of promised benefits by The public sector employees. are entitled to benefits under different tax-driven schemes such as provident fund schemes. latter. and someone who is promised a benefit receives that benefit when it is due. those serving the industrial and commercial establishments. the Commission recognizes that an enabling environment would contribute towards the social goals of increasing the integrity/confidence of the employees by ensuring that more people are promised a benefit through working and occupational savings. The following explains the current calculus as per legal mandates applicable to different sectors. and protection of the interests of the members. concerned and any investment earnings in respect of such contributions. These are . the gratuity and the pension funds are. appropriate employee benefit structures.e. on retirement. Further. in nature. particularly in case of private sector. Public Sector Regulatory Oversight Occupational Pensions and of Saving Schemes in Pakistan Occupational Pensions and Savings Schemes in Pakistan – Current State: To have a quick precise look at the existing portrait of retirement benefit arrangements in Pakistan. Schemes refer to the during service or after employee benefit retirement. who do not continue the employer to the employee whereas. It is mandatory for an employer to offer gratuity. Long serving employees may expect to get. some employers also offer other retirement benefit arrangement voluntarily. However. a pension based on final salary and years of service. professional management of the money of such arrangements. The Government as employer does not or defined contribution arrangements.provident funds. (Part and that the benefits are also fair and affordable. in addition to the Official Newsletter of SECP December 2008 Winter Edition 7 . There is also The Occupational provision for family Pensions and Savings pensions on death. i m p o r t a n t t o On retirement they get understand here that their own contributions the retirement benefit together with accrued arrangements can benefits i. As the current arrangements of pensions and occupational savings are largely unregulated. provident fund or voluntary pension scheme to its employees. one can find three broad sorts of retirement benefit arrangements. defined benefit arrangements. and pension funds.Occupational Pensions and Savings Schemes: The public sector employees include the employees of the Federal. gratuity. more common in private and public sector. The reason for this is that the funds under these schemes are usually consumed before retirement in shape of early withdrawals and borrowings or are consumed at the time of job switching when these are paid in lump sum. It is required to contribute. which is determined solely by reference to the contributions to normally calculated by multiplying last drawn salary by the scheme's funds by or in respect of the member number of years in service. in case of the their services till achieving the pensionable age. Provincial and Local Governments. Such employees are provided pension / superannuation scheme on pay-as-you-go basis. a need for a proper regulatory arrangements is felt which could offer characteristics as. ECP with the establishment of the initial products in the shape of pension funds authorized under the Voluntary Pension System realizes that a robust system of Occupational Pensions and Savings Schemes also needs to be established in a way that the system adds to the social and financial stability of the country. While the provident fund is a defined contribution arrangement. Employees can also opt for commutation up to a I) certain percentage of their calculated pension and receive a lump sum amount on the retirement Part-I date. as per the requirements of labor law. the amount of a benefit under the schemes is become entitled to a gratuity in lieu of pension. The public arrangements meant to sector employees are provide a source of also entitled to income to the membership of the employees usually at General Provident Fund the time of their to which they are retirement.e.

an understanding prevails in the industry that the SECP being the of the SECP with the establishment of corporate regulator should sector.000 plus a $7. 2001. Both financial strength of employee and the employer trustees of such schemes contribute certain their independence. auditors. and clothes_ is born in Woodbridge. as well as those responsible for retirement. Florence Nightingale Graham_ Known to the world as Elizabeth Arden. “the mother of the treatment business” and creator of a beauty empire in cosmetics. Her seat cost $445. mandatory schemes. the of trust deeds of such schemes. DECEMBER 28 Muriel (“Mickie”) Siebert becomes the first woman to be a member of the New York Stock Exchange. based on sound regulatory principles. December in the history of Business 1871 DECEMBER 4 Germany goes on the gold standard and adopts the mark as its unit of currency. regulation of the private of pension funds authorized the labour and clerical sector Occupational under the Voluntary Pension employees of industrial and Pensions and Savings commercial establishments Schemes. The to fulfillment of certain a way that the system adds to conditions. Massachusetts.” financier Sir Charles Clore is born the son of a Russian immigrant in London. quality and appropriateness working life of the employees and. receive the pension/benefit. 1765 1904 1967 . in Time magazine. DECEMBER 22 The first string of Christmas tree lights is created by Edward H. the Federal Board of Revenue offers tax incentives to the employer. that provide impetus for high economic growth and foster social harmony in the Country.Occupational Pensions and Savings Schemes – Role of SECP: While the public sector retirement benefit arrangements fall beyond the jurisdiction of SECP. 1900 A new 35-horsepower car built by Gottlieb Daimler from a design by investor Email Jellinek is completed. Johnson. Mercedes. the initial products in the shape a l s o c o n t e m p l a t e In addition to the abovementioned schemes. record keeping and administration. DECEMBER 15 More than a million shares of stock are traded for the first time on one stock exchange. in turn. The dangerous custom of decorating Christmas trees with burning candles was soon obsolete.515 initiation fee. salons. quality of accounting employees. If any of the voluntary/ mandatory schemes fulfill certain conditions as laid down in the Income Tax Ordinance. . at retirement or in case of disability. percentage of the salary/wage/remuneration during experience and integrity. The need was System realizes that a robust are also entitled to receive felt because the existing system of Occupational pensions or other benefits structure of the retirement from Employees’ Old Age Pensions and Savings Schemes benefit arrangements are Benefits Institution. The auto was named for Jellinek's daughter. This scheme is arrangements are not mandatory for every subject to strict regulatory the social and financial stability oversight in respect of industry or establishment of the country. DECEMBER 18 The term junk food first appears in print. wherein 20 or more persons important areas as are employed. DECEMBER 26 Pioneer of the “takeover bid. Ontario. an associate of Thomas Alva Edison. DECEMBER 8 Eli Whitney_ inventor of the cotton gin and one of the first to manufacturer with interchangeable parts_ is born the son of a successful farmer in Westboro. DECEMBER 31 The British East India Company is granted a charter by Queen Elizabeth I. subject safely devoid of good also needs to be established in governance practices. 1600 1884 1886 1972 1882 8 vision The development of modern and efficient corporate sector and capital market. employee and the money contributed to such schemes. before principles.

This always brings on the road to ever-growing power. pine.an escape many years and the trend Strongest virtues – sense of duty. the animosity. It is also true that devoted ones. Official Newsletter of SECP December 2008 Winter Edition 9 . the tradition you were brought up in no doubt has the truth buried somewhere. that you are not doing as well as –Libra | Sign most helpful to emotional support.Saturn | Career Planet – Venus they live to imagine the worst don't need to do anything. Libra | Sign most helpful to career implications as well. with Capricorn X. s t i l l c o n t i n u e s . Yet. Capricorns apply this attitude to business. Capricorns do most helpful for creative projects-Taurus | this themselves as well as to Your most important Best Sign to have fun with-Taurus | Signs most helpful in spiritual matters-Virgo. Leo is better at being king or queen. organized mind all the dangers are already give birth to the body and image of your dreams your ideal. but rather the highest virtue.and the trend will continue for most of the year ahead.the unpopularity.to manage. spontaneity. Thought you are always ambitious.ultramarine blue | Gem.black. as Pluto flirted back and forth between Sagittarius and Capricorn. Temporary fads and fashions mean little to a Capricorn except as things to be used for profit or power.Aries | Sign most helpful financially. your ruling planet. People make friends prestige. In the Sign of Capricorn. Their actions are.Mars | Planet Communication and of spirituality Jupiter | Colours.the person actually wielding power. This explains why Capricorn supervisors are difficult to Your paths of greatest fulfillment in the coming year are handle and even infuriating at times. Sure. situations that would terrify an lasting) way. but Capricorn is better at being prime minister . even the outright slander-and a plan cosmetic kinds of surgery and the things like Yoga. organization. image and root out any impediments to personal appearance. but this is a bit deceptive. quite often effective-they can get their July 27) subordinates to improve and become better at their jobs. sweat pea. Along with this is you will be redefining your ordinary mind are merely problems to be managed. might find such analyses intellectual interests — Colour that promotes love. and now people are not sure they like this new Some people attribute person. patience. image and personal appearance (after however. This begins a two-and-a-half-year period of career success. Some of you will start out with the conventional methods. higher education and going deeper into religion and philosophy . and this is the more correct (and longerefficient way. in the things that will stand the test of time and trials of circumstance.Aquarius | Sign best for marriage and/or partnerships-Cancer | Sign you think you are. depression.magnolia. getting this area of life in order_ which is what is happening now – is going to have many positive and healthy results. You only felt this influence intermit-tenthly last year. probably many times.evolving your personal philosophy of life . Capricorns are definitely travelling more this year. foreign travel and gaining revelation. Benevolent Jupiter enters your money house on January 5 and stays there for the rest of the year. love. It is also a year for religious revelation. your greater success. ambition is not a fatal flaw. factored into the equation. To the Capricorn. In fact you Personality Profile . October 29). personal transformation and invention. This importance of religious and philosophical revelation is often overlooked. the misunderstandings. Virgo | has important financial success. is always in place for dealing with these things in the most diet and meditation. prestige and authority. to their thinking and even to their philosophy and religion. the main headline is Pluto's move into your own Sign late last year. They tend to be comfortable in the tradition that they were brought up in and rarely question the. finance. But this is a period where these practices need to be reviewed. Other people Planet of Health and work-Mercury | Planet of Home andindigo | life.Uranus | Planet of communication. take charge. sense of fun | formulate a way out. They will show you Signs of overall incompatibility-Aries.moon | Money planet. higher education and foreign travel. It is true that Capricorns like to Pluto's move is also take into account the negative bringing you new friends. sliver | depressing. you were less so in the Self-improvement This is a year for higher education. bumps personality. There was prosperity last year and the trend continues even stronger in the year ahead. romance and social harmony-Puce. Capricorn boss or supervisor feels that no matter how good philosophy. CAPRICORN Capricorn is a born manager and administrator. administrate | Characteristics to avoid – remain in a period for pessimism. In Capricorn's cool. but you need to reach this. Birthdays from 21st December to 19th January Sign. effectiveness and changes. pessimism to the Capricorn The Goat. Now he is in Capricorn for the long term (well Capricorns are not frightened by the resentment their into 2023). side of things.Taurus. This will give you a new respect for your tradition. the body. but Capricorn X is now someone else. Love planet. It is also a year for religious pilgrimage. A well-developed Capricorn has his or her eyes set on the heights of power. many dislike them. You will be working to calculated.However.black onyx | Metalstudying and teaching do these things so that they can lead | Scents. They do not mean to areas of interest this year Sagittarius | Best day of the week-Saturday discourage you but rather to are the body. Why? It seems to be because of Capricorn's power urges. understand this in a deeper way and fluff off some of the human accretions.Capricorn at a Glance Element-Earth | Ruling Planet. So. undue materialism. Saturn. He or she has redefined him or herself. ability to route. perseverance.Neptune | possible scenario in every They come to you. Yo u take the long term view Deepest needs. undue conservatism | Characteristics gaining knowledge and it Capricorns will argue with of greatest compatibility. Cancer. Many admire then. but Capricorns only Colours that promotes earning power. career (after the performance there is always room for improvements. past. Tai Chi. Capricorns tend to be conservative and traditional about religion and philosophy. will cross your Windhaven and enter your (Career on October 29. wintergreen | Quality-Cardinal (=activity) have been important for | Qualities most needed for balance – warmth. Capricorn is interested in the virtues that last. especially in relationships. Ding a Capricorn The virtues of Capricorns are such that there will always be people for and against them. it is vital in the way you live your life and the way that you interpret events. Major Trends Last year was a year for travel. others.This is going to bring an intense interest in authority may sometimes breed. Family undertaking. You need to separate the purity of your tradition from what has been put on it by humans and their distortions. A finance: communication and intellectual interests: religion. But that is about to change.

courage?” Confucius said.” (17:22) increased the measure. put them in Engineering. When help the neddy and do cultivated people not add to the wealth of have courage the rich. and fathers do not behave as fathers and sons of not behave as sons. send them off to Manufacturing. And if they've left early. (7:4) Good people nurture character with fruitful action Confucius said. have sons be sons. one of the disciples of Confucius. “God! Of Good people a truth. the humane enjoy mountains.” (6:4) without justice. It so happy thaht he forgets worries. and Confucius Even that would be smarter than doing nothing. “How can this way be enough to be “Reflecting twice will do. Riches and status unjustly Confucius said. eat of it?” (12:11) The knowing are happy. Still not statisfies. “People who do not think far enough ahead Someone asked Confucius how to serve ghosts and spirits. they administrators be become brigands. austere. “At fist the way I dealt with people was to Confucius remarked. “As long as you are unable to serve people. the humane are quiet. assign them to Security. I still find pleasure in them.If they are talking to the chairs. At the end of that time. What admonition is there for me to An official of the state of Chu asked one of Confucius' give?” (5:10) disciples about the teacher. 10 vision The development of modern and efficient corporate sector and capital market. good people plan first administrators. assign them to finance. When about government.” (5:10) impending death'?” (7:18) Confucius said. Are there no games to play? vertain amount. Confucius said to give her a anything all day is a problem. he is not conscious of was within my power to change this. and is listen to their words and observe whether they act on them.” (15:12) Confucius said.” The ruler said. administrators do not enjoy life administer. “Neither harming nor A certain elder statesman of Lu was said to act after reflecting importuning how can this not be good?” three times. “The knowing enjoy water. went on a know death?” (11:12) mission to another state.” l When they do things. I have heard consider justice that exemplary people foremost. If they are screaming and waving their arms. then even if there were grain. The knowing are diligent. petty people have l Good people nurture character with fruitful action Confucius replied.”(6:23) When at ease. Confucius was relaxed and genial. horse and wearing light “Cultivated people leather. “Apply their words before following them. A disciple asked about exemplary people. “As long as you do not know life. Zhanzi. The ruler of a certain they become state asked Confucius l Good people order and arrange rebellious. When Confucius heard of this. Personnel is a good spot for them.” (7:15) wall cannot be plastered. “Do cultivated people value Zihua's mother even more than Confucius had indicated. have (17:23) fathers be fathers. Zhanzi gave A disciple asked Confucius. that provide impetus for high economic growth and foster social harmony in the Country. but ht edisciple didn't answer. Confucius also said. Confucius said.” (4:24) When they do things. If they have taken the table apart in that lime. inevitably have worries near at hand. he said. If they don't even look up when you enter the room. “Even if my fare is plain and my lifestyle A certain student was sleeping in the daytime. “Ehen Zihua went off. “God people should be slow to speak but quick to act. if leaders don not lead. (2:13) ‘Confucius’ Humor Job Placement Take the prospective employees you are trying to place and put them in a room with only a table and two chairs. Zhanzi asked for more.” The inquirer also asked about death. go back and see what they are doing. “Rotten wood cannot be sculpted.” (5:20) considered good?” (9:28) Confucius said.Good people order and arrange Confucius said. based on sound regulatory principles. he was riding a wellfed Confucius said. . without am instruction.” Now I such that he gets so enthusiastic that he forgets to eat. courage without “Have leaders. another disciple. have l Good people enjoy life justice. a manure attained are to me like floating clouds. put them in Sales. If they are sleeping then are Management material. good people plan first One of the disciples always used to say. asked for Confucius said. Leave them alone for two hours. “His character is listen to their words and trust they would act on them. “To eat your fill but not apply your mind to some grain for Zihua's mother. “Why didn't you say. how could I Confucius said. how can you serve ghosts?” Confucius said. the humane are long-lived. how can you When Zihua. If they are counting the butts in the ashtray.

Ansari (Training) Obaid-ur-Rehman Anwar Ali Abdul Ghaffar Malik Muhammad Tariq Iqbal Kashif Ghani Javed Iqbal Ghulam Muhammad Rashid Safdar Piracha Mian Abdullah Muhammad Shahzeer khan Tayyaba Nisar Muhammad Tanweer Muhammad Asif Jalal Bhatti Mumtaz Hussain Nadeem Rafiq Sidra Mansur Shamsher Akhtar Saima Ahrar Ahsan ul Haq Ishtiaque Siddiqui Musarat Jabeen Shujaat Ali Salman Saif Muhammad Aziz Laiq ur Rehman Khan Faraz-ud-Din Amjad Shahid Nasim Zain-ul-Abidin Mohammad Kashif Khan Muhammad Tariq Rasheed Tariq Ahmad Sajid Mahmood Nadia Rasheed Saboohi Ashraf Harima Mubeen Shan Mahi Assistant Director Deputy Director Deputy Director Junior Executive Assistant Director Protocol Officer Sr. Executive Secretary Joint Registrar Assistant Director Director Deputy Registrar Executive Officer Sr. But now we are busy tired men. Support Executive Assistant Director Support Executive Watchman Director Office Attendant Support Executive Assistant Director Deputy Registrar Director Executive Officer Assistant Director Deputy Registrar Support Executive Deputy Director Support Executive Sr. For life now has a swift pace. But tomorrow comes & tomorrow goes. Tomorrow I say I'll call on him. And distance between us grows and grows. That's what we get & deserve in the end. Arshad Rabbani Official Newsletter of SECP December 2008 Winter Edition 11 . Executive Secretary Sr. Heres a Telegram. Just to show that I am thinking of him. Around the corner yet miles away. Tired of playing a foolish game. In times we were younger when. He knows I like him just as well.Ghulam Shabir Mashori Shahid Javed Asma Tayyiba Farrukh Majeed Qureshi Hammad Javed Muhammad Bashir Awan Muhammad Shakil Ahmed Nasir Mahmood Mahboob Ahmad Abdul Hameed Anmol Shahzadi Pervaiz Iqbal Amina Aziz Tariq Mehmood Muhammad Anas Noman Waheed Iqbal Ubaidullah S. Around the corner. Sir. Support Executive Director Assistant Registrar Deputy Director Office Attendant Executive Officer Deputy Director Executive Director Joint Director Office Attendant Sr. Support Executive Deputy Director Driver Deputy Director Deputy Registrar Assistant Director Driver December 1 December 2 December 3 December 3 December 3 December 4 December 4 December 5 December 5 December 5 December 6 December 8 December 8 December 8 December 8 December 12 December 14 December 14 December 15 December 15 December 15 December 16 December 16 December 16 December 17 December 17 December 18 December 18 December 18 December 18 December 19 December 21 December 22 December 24 December 24 December 24 December 25 December 25 December 25 December 25 December 26 December 27 December 28 December 28 December 30 December 30 December 30 December 30 December 30 December 31 December 31 December 31 December 31 Birthdays December Friend Around the corner I have a friend. I never see my old friend's face. He died today. As in the days when I range his bell. Support Executive Joint Director Sr. Support Executive Office Attendant Joint Registrar Executive Officer Assistant Registrar Sr. In this city that has no end. The days go by & weeks rush on. a vanished friend! Contributed by M. Tired of trying to make a name. And before I know. a year has gone.

December 2008 Winter Edition Volume VIII. Issue VII 12 .