Author: dailybalochistantimes.com

Islamabad: The Board of Directors of the Institute of Financial Markets of Pakistan (IFMP) has approved the relocation of the Institute’s head office to Islamabad as part of a major strategic transformation.

The move is aimed at for making IFMP the country’s premier institution for financial market education, continues professional training, and capacity building. The Institute will, however, maintain a regional office in Karachi, said a press releas issued by the SECP on Friday.

The Board unanimously elected Dr. Kabir Ahmed Sidhu, Chairman of the Securities and Exchange Commission of Pakistan (SECP), as Chairperson of the IFMP Board, while Muhammad Ali Farid Khawaja, Commissioner, Securities Market Division (SMD), SECP, joined the Board as SECP’s nominee member.

The meeting was attended by Dr. Mubbashar Sadiq, Chief Executive Officer (CEO), IFMP; Jawad Hashmi, Chief Operating Officer (COO), Pakistan Stock Exchange (PSX); Shariq Jaffrani, Chief Financial Officer (CFO), Central Depository Company (CDC); Dr. Ahmed Junaid, Dean, Karachi School of Business and Leadership (KSBL); Shahrukh Usmani, Company Secretary, IFMP; and Mr. Ahmad Javed, Manager Finance, IFMP.

Addressing the meeting, Dr. Kabir Ahmed Sidhu said that with 64-67% of Pakistan’s population under 30, the country has immense potential to expand financial inclusion, retail investment, entrepreneurship, and employment.

He said SECP has set a target of increasing Pakistan’s capital market investor base from around 500,000 to 2.5 million, emphasizing that financial literacy and skills development will be fundamental to achieving this objective.

He said IFMP will lead a nationwide financial literacy initiative by taking financial education to schools, universities, and professional communities across Pakistan.

The Institute will equip youth and professionals with the knowledge and skills needed to participate in the formal financial sector, strengthen investor confidence, and impart professional courses to develop qualified human capital for the capital market and insurance industries.

Commissioner SECP Mr. Muhammad Ali Farid Khawaja said the Pakistan Stock Exchange must expand its reach across Pakistan, noting that a growing number of new investors are emerging from Punjab and other regions of the country.

He said IFMP will significantly expand its mandate by introducing free online financial literacy courses, continuous professional development programmes, certification courses for capital market and insurance intermediaries, and specialized industry training to build a skilled financial services workforce.

The Board also placed on record its appreciation for the valuable contributions of outgoing SECP nominee directors Mr. Osman Syed and Dr. Yasir Mahmood, and acknowledged the dedicated leadership of Mr. Shoaib Javed Hussain during his tenure as Chairperson of the IFMP Board.

Islamabad: Pakistan on Friday honoured outstanding wildlife rangers and a community conservation organisations at the Pakistan Wildlife Protection Awards 2026 for their exceptional contributions to wildlife conservation.

They were given awards on anti-poaching efforts and the protection of biodiversity in the country’s remote mountain regions.

The awards ceremony, organised by the Snow Leopard Foundation (SLF) in collaboration with the Ministry of Climate Change and Environmental Coordination (MoCCandEC) and the British High Commission Pakistan, was held to mark World Ranger Day.

Minister of State for Climate Change and Environmental Coordination Dr Shezra Mansab Kharal attended the event as chief guest, while British High Commissioner Jane Marriott was the guest of honour.

The awards recognised wildlife rangers serving in the mountainous areas of Gilgit-Baltistan, Khyber Pakhtunkhwa and Azad Jammu and Kashmir, where they work under challenging conditions to protect endangered species and combat illegal wildlife trade and poaching.

The prestigious National Snow Leopard Award 2026 was presented to Deputy Ranger Gulbaz Khan of Kohistan, Khyber Pakhtunkhwa, for foiling an attempt to smuggle a snow leopard skin.

Other award recipients included Muhammad Younis Hasrat (Musk Deer Award), Nasir Ahmad (Markhor Award), Seer Zehab (Black Bear Award), Sajjad Hussain (Urial Award), Fida Hussain (Himalayan Lynx Award) and Parvez Iqbal (Ibex Award).

Ashiq Ahmad Khan Community-Based Conservation Excellence Award was introduced this year to recognise outstanding community-led conservation efforts.

The inaugural award was presented to the Valley Conservation and Development Organization (VCDO) of Zondrangram Valley, Upper Chitral, for its exemplary contribution to wildlife conservation.

Addressing the ceremony, Dr Shezra Mansab Kharal said Pakistan’s wildlife was a national asset whose protection required collective commitment and shared responsibility.

She paid tribute to wildlife rangers for protecting forests, mountains and wildlife despite harsh weather and difficult terrain, saying their dedication reflected Pakistan’s commitment to biodiversity conservation.

British High Commissioner Jane Marriott said Pakistan’s wildlife rangers and mountain communities were playing a vital role in protecting globally important ecosystems.

She said the UK’s support through the Darwin Initiative was helping locally led conservation efforts, from snow leopard landscapes to urial habitats.

Snow Leopard Foundation Pakistan Director Dr Muhammad Ali Nawaz said effective conservation was only possible through close cooperation among local communities, wildlife departments and conservation experts.

He said sustained efforts had helped restore wildlife populations and reduce human-wildlife conflict in Pakistan’s mountain landscapes.

Islamabad: The Federal Tax Ombudsman (FTO) has urged the Federal Board of Revenue (FBR) to launch a Faceless Income Tax Refund System to enable the automated processing of eligible tax refunds and their direct electronic transfer into taxpayers’ bank accounts, saying the move would reduce delays and improve taxpayer facilitation.

The recommendation came while deciding a complaint filed by M/s Sprint Oil and Gas Services FZC, which sought the release of an income tax refund of Rs 42.86 million for tax year 2025. The company had submitted its online refund application on April 13, but alleged that the refund remained pending despite the expiry of the statutory 60-day processing period.

According to the complaint, the delay constituted maladministration under the Federal Tax Ombudsman Ordinance, 2000. The complainant also referred to an Islamabad High Court directive calling for the implementation of an automated refund mechanism under Section 170A of the Income Tax Ordinance, 2001, to minimise taxpayer interaction with tax offices and speed up refund payments.

In its response, the Chief Commissioner Inland Revenue, Corporate Tax Office (CTO), Islamabad, stated that refund applications were being processed on a first-in, first-out (FIFO) basis under FBR instructions and that the taxpayer’s claim was still under verification after notices were issued seeking supporting documents.

After reviewing the record, the Tax Ombudsman Zafar Hijazi ruled that the refund application had remained pending beyond the statutory timeframe and that such delay amounted to maladministration due to departmental neglect and inattention. The FTO rejected the department’s reliance on the FIFO policy as a justification for prolonged delays, observing that administrative procedures could not override taxpayers’ legal rights.

The FTO directed FBR to instruct the Commissioner Inland Revenue (Refund Zone), CTO Islamabad, to decide the pending refund claim in accordance with the law after determining the nature of the taxes paid or deducted and submit a compliance report within 30 days.

In a significant policy recommendation, the Ombudsman advised FBR to operationalise a Faceless Income Tax Refund System under Section 170A of the Income Tax Ordinance, 2001. The proposed system would allow refunds, verified through the Board’s computerised system, to be transferred electronically into taxpayers’ notified bank accounts without requiring formal refund applications, similar to the faceless customs clearance and assessment regimes already introduced by FBR.

The FTO said such a mechanism would enhance efficiency, reduce taxpayer hardship and promote a modern, technology-driven tax administration.