SECP organizes awareness seminar for employees of Askari Bank Limited

March 07, 2017

With the resolve to spread awareness through its investor education program ‘Jamapunji’, the Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Askari Bank Limited, conducted an awareness session for the employees of Askari Bank Limited at its regional training facility in Rawalpindi. The session stressed on the need for acquiring requisite knowledge prior to financial investment decisions. The focus of the event remained on mutual funds and voluntary pension system (VPS) segments regulated by the SECP. The interactive session, spearheaded by senior SECP officers with participation from industry experts, elaborated on the rights of investors, potential benefits of investing in mutual funds and VPS through qualified fund managers, the role of trustees and highlighted the risks involved for the investor when opting for available mutual funds and VPS investment options. The SECP’s senior officers facilitating the session not only answered questions raised by the participants to their full satisfaction, but also included detailed explanation of the regulations governing mutual funds and VPS and explained how the SECP has contributed to advancement of the financial sector through supporting innovative product development while taking necessary measures to better safeguard interests of the investors. Giving product background, differences between conventional government pension schemes and VPS were explained. Similarly differences between Sharia-compliant funds and conventional funds, withdrawal conditions and risk profile switch options during the life of the product were discussed. In addition to providing clarity on fee structures and the importance of monitoring net asset value (NAV) through periodic account statements and the SMS service provided by fund managers was also stressed. The session was attended by the Principal, Askari Bank Training Academy North, Head of Training and Development of the Academy, several Vice Presidents and other senior Askari Bank Limited bankers and employees. The participants took keen interest in the products and showed inclination for participating as investors.