The federal government has given its official approval for the appointment of Dr Kabir Ahmed Sidhu as the new head of the Securities and Exchange Commission of Pakistan (SECP). The Finance Division issued the notification, making the appointment effective immediately.
A Proven Track Record of Reform
Dr Sidhu moves to the SECP from his role as Chairman of the Competition Commission of Pakistan (CCP), where he is credited with orchestrating a remarkable institutional revival. When he assumed leadership at the CCP in August 2023, the regulator was struggling with significant enforcement challenges and a massive pile of unresolved court cases and inquiries.
Under his guidance, the commission achieved a dramatic reduction in its legal backlog. Within two years, it resolved 434 out of 567 pending cases, cutting the backlog by more than 70 percent. This decisive action was pivotal in restoring the CCP's credibility and strengthening its ability to enforce the law, while also building a solid foundation of legal precedents.
Background and Professional Expertise
Dr Kabir Sidhu brings a formidable academic and professional background to his new position. His qualifications include:
- A Bachelor's degree in Law and an LLM in Banking, Insurance and International Business Law.
- A PhD from the University of Manchester, where his research concentrated on investor protection and the regulation of stock exchanges in the UK, the US, and Shariah-compliant markets.
- A postgraduate diploma in Civil Litigation from the Manchester Law Society.
- Professional certifications in mortgage and financial advice from the London Institute of Banking and Finance.
With over 20 years of experience, he has worked with insurance firms, legal practices, and financial institutions in the United Kingdom, in addition to serving in various Pakistani government ministries. Before leading the CCP, he acted as a Senior Legal Consultant at the Ministry of Law and the Privatisation Commission.
Landmark Achievements at the CCP
Dr Sidhu's tenure at the competition watchdog was marked by unprecedented enforcement results and strategic reforms. The commission recovered approximately Rs 1.36 billion in penalties during his leadership. This figure is staggering when compared to the total recoveries of only 20 crore rupees in the two decades prior to his appointment. Furthermore, the CCP levied over Rs 2 billion in new penalties through fresh enforcement actions.
He spearheaded a vigorous campaign against cartels and anti-competitive practices across vital sectors. Major investigations and actions were launched against cartels in:
- Poultry
- Sugar
- Edible oil
- Telecom
- Medical services
Several of these enforcement orders received strong validation from the Supreme Court and the Competition Appellate Tribunal.
Consumer protection was another major focus. The CCP imposed substantial fines on companies in real estate, fast-moving consumer goods (FMCG), education, pharmaceuticals, and automobiles for deceptive marketing. Notable companies penalized included Kingdom Valley, Friesland Campina, Unilever, Engro, Al-Ghazi Tractors, Hyundai Nishat, British Lyceum, and 3N Lifemed.
A key institutional innovation under his watch was the establishment of the Market Intelligence Unit (MIU), the CCP's first surveillance arm powered by artificial intelligence. This move signalled a shift towards proactive, data-driven detection of competition violations.
On the facilitation side, the CCP processed 139 merger applications across 34 different industries. High-profile deals reviewed included the PTCL–Telenor merger, the sale of Shell Pakistan to Wafi Energy, and several transactions in financial services, energy, and logistics. The PTCL-Telenor merger decision, in particular, was noted for effectively balancing the facilitation of investment with necessary competition safeguards.
The commission also founded a centre of excellence in competition law to conduct studies aimed at modernizing the legal and regulatory frameworks across all economic sectors.
Dr Kabir Sidhu's appointment to lead the SECP signals the government's intent to place a reform-minded leader with a demonstrated record of turning around a major financial regulator at the helm of the country's apex securities market authority.
