Farrukh Majeed Qureshi, Company Secretary

Farrukh Majeed Qureshi

Company Secretary

Trading Corporation of Pakistan

Location
Pakistan - Karachi
Education
Master's degree, Islamic Banking and Finance
Experience
16 years, 10 Months

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Work Experience

Total years of experience :16 years, 10 Months

Company Secretary at Trading Corporation of Pakistan
  • Pakistan - Karachi
  • My current job since September 2023

• To provide secretarial support to the Board of Directors in convening the meetings of the Board of Directors, its Committees, the Annual General Meetings and/or Extra Ordinary General Meetings in accordance with the provisions of the Companies Act, 2017;

• To file/disseminate statutory returns/notices/forms/statements under the relevant provisions of the Companies Act, 2017, the State-Owned Enterprises (Governance & Operations) Act, 2023, and the rules and regulations made thereunder, and the directives / Code(s) and circulars issued thereunder;

• To monitor and ensure regulatory compliance with the provisions of the Companies Act, 2017, the State-Owned Enterprises (Governance & Operations) Act, 2023, and the rules, regulations and policies made thereunder;

• To maintain various statutory registers including register of members and ultimate beneficial owners;

• To record, draft and maintain minutes of the meetings of the Board, Committees and the shareholders;

• To frame new policies and procedures in compliance with the statutory requirements concerning various aspects / processes for better internal controls and oversight;

• To act as secretary to the Gratuity and Provident Funds, of which the employees hold the membership.

Company Secretary & Head of Compliance at National Insurance Company Limited
  • Pakistan - Karachi
  • December 2016 to August 2023

• To provide assistance to the Board of Directors in convening its meetings and the meetings of the Board’s Committees;

• To provide assistance to the Board of Directors in convening the Annual General Meetings and/or Extra Ordinary General Meetings in accordance with the provisions of the Companies Act, 2017 (previously the Companies Ordinance, 1984);

• To file/disseminate statutory returns/notices/forms/statements under the relevant provisions of the Companies Act, 2017 (previously the Companies Ordinance, 1984) and the Insurance Ordinance, 2000, and the rules and regulations made thereunder, and the directives / Code(s) and circulars issued thereunder;

• To ensure compliance with all provisions of the Companies Act, 2017 (previously the Companies Ordinance, 1984) and the Insurance Ordinance, 2000 across all departments / functions;

• To ensure compliance with anti-money laundering laws especially the regulations and the guidelines issued by the Securities and Exchange Commission of Pakistan;

• To record, draft and maintain minutes of the meetings of the Board, Committees and the shareholders, and to maintain register of members and ultimate beneficial owners;

• To frame new policies and procedures in compliance with the statutory requirements concerning various aspects / processes for better internal controls and oversight.

Additional Responsibilities / Portfolios:
• Acted as Member of the Risk Management & Compliance Committee of National Insurance Company Limited;

• Acted as Member of the Ministry of Commerce & Textile’s Committee on expansion of insurance business in Pakistan;

• Acted as Member of the Ministry of Commerce & Textile’s Committee on Motor Third-Party Liability Insurance.

• To act as Vice Chairman on the Board of Directors / Council of Pakistan Insurance Institute for the term 2020 to 2023, as nominee of National Insurance Company Ltd.

Vice Chairman, Board of Directors / Council at Pakistan Insurance Institute
  • Pakistan - Karachi
  • July 2020 to June 2023

• To perform any or all duties as member and Vice Chairman of the Board of Directors / Council of the Pakistan Insurance Institute;

• To assist the Chairman in convening the meetings of the Board of Directors / Council of the Institute;

• To act authorized signatory for banks of the Institute.

Deputy Director (Policy, Regulation & Development - Insurance) at Securities and Exchange Commission of Pakistan (SECP)
  • Pakistan - Islamabad
  • February 2015 to November 2016

• To carry out extensive research based on current market practices and the international best practices;

• To review and strengthen the insurance regulatory and supervisory framework in line with the international best practices;

• To develop policies, rules, regulations and guidelines in order to strengthen the regulatory framework for the insurance and takaful industry;

• To take appropriate enforcement actions against the non-compliant players of the insurance and takaful industry in the light of the provisions of the Companies Ordinance, 1984, Insurance Ordinance, 2000, the Rules made thereunder, and all applicable International Accounting Standards and Financial Reporting Standards;

• To take actions against unregistered / bogus insurance / takaful companies for winding up of all such companies;

• To oversee cases filed by the insurance / takaful companies against the Securities and Exchange Commission of Pakistan before the Honorable Courts of Law and the Appellate Bench of the Securities and Exchange Commission of Pakistan;

• To monitor the insurer’s reinsurance programs and to grant approvals for placement of facultative reinsurance outside Pakistan.

Assistant Director (Enforcement - Insurance) at Securities and Exchange Commission of Pakistan (SECP)
  • Pakistan - Karachi
  • July 2010 to January 2015

• To monitor regulatory compliance and to examine the accounts of the insurance companies for compliance under the Companies Ordinance, 1984, Insurance Ordinance, 2000, the Rules made thereunder, and all applicable International Accounting Standards and Financial Reporting Standards.

• To take appropriate enforcement actions against the non-compliant players of the insurance and takaful industry in the light of the applicable laws which fall under the regulatory ambit of the Securities and Exchange Commission of Pakistan;

• To perform financial modeling, statistical analysis and offsite review of the financial statements, financial projections and various other forms of analysis on the basis of the financial data available with the Commission.

• Other assignments include:
 Coordinated with the Information Systems & Technology Division for in-house software development;
 Day-to-day correspondence with Ministries and other regulators on various matters
 Inspection team member of an onsite inspection;
 Takaful (Islamic Insurance) product approvals after thorough scrutiny of the relevant documents as per the law .

Junior Executive (Enforcement - Insurance) at Securities and Exchange Commission of Pakistan (SECP)
  • Pakistan - Karachi
  • March 2008 to June 2010

• To assist the Joint Director - Insurance in monitoring the regulatory compliance and examination of accounts of the insurance companies for compliance under the Companies Ordinance, 1984, Insurance Ordinance, 2000, the Rules made thereunder, and all applicable International Accounting Standards and Financial Reporting Standards;

• To perform financial modeling, statistical analysis and offsite review of the financial statements, financial projections etc. on the basis of the financial data / statements.

Software Designer / Analyst at Winson (Private) Limited
  • Pakistan - Karachi
  • February 2002 to September 2002

• To devise novel and innovative software solutions for plotting the location of the tracking device on satellite maps, accurately;

• To develop routines / programs for micro controllers (PIC & 8051);

• To design customer satisfaction survey forms for the PhaseForward website.

Education

Master's degree, Islamic Banking and Finance
  • at Institute Of Business Administration
  • August 2023

Degree entails an in-depth knowledge of theoretical and applied concepts of Islamic finance, Islamic jurisprudence, conventional finance, banking and economics.

Higher diploma, Corporate Governance Leadership Skills / Director Education Program
  • at Pakistan Institute of Corporate Governance (PICG)
  • January 2019

Certified Director.

Master's degree, Finance
  • at Bahria University
  • July 2007

MBA degree program with Finance as major.

Bachelor's degree, Software Engineering
  • at Bahria University
  • July 2004

4 years of Bachelor of Software Engineering degree program.

Specialties & Skills

Corporate Law
Company Secretarial
Corporate Governance
Policy Design
Compliance Matters
Compliance
Corporate Secretarial Practice
Management
Strategy Formulation
Legislative Writing and Legal Interpretation
Insurance and Takaful
Policymaking
Financial Analysis and Projection
Corporate Governance
Corporate Law
Programming
MS Office (Word, Excel, Powerpoint, Access etc.)
Database Design

Languages

English
Expert
Urdu
Expert

Memberships

Pakistan Institute of Corporate Governance (PICG)
  • Certified Director / Independent Director
  • January 2019

Training and Certifications

International Conference on Islamic Funds & Investment (Certificate)
Date Attended:
April 2012
Valid Until:
April 2012
Train the Trainers Course on Global Legal Framework Against Terrorism and Areas of Counter-Terrorism (Certificate)
Date Attended:
April 2012
Valid Until:
January 2043
Seminar on Reinsurance Accounting (Certificate)
Date Attended:
June 2010
Valid Until:
June 2010
Training on Financial Reporting – Dealing with Complexities (Certificate)
Date Attended:
June 2011
Valid Until:
June 2011
Certified Director - Director Education Program (Pakistan Institute of Corporate Governance) (Certificate)
Date Attended:
January 2019