Govt committed to make Pakistan's capital market more competitive: Miftah

ISLAMABAD: Adviser to Prime Minister on Finance, Miftah Ismail Friday said that the government was endeavouring to make Pakistan's financial and capital market, among the most competitive in the world.

He was speaking during a meeting with high officials of Securities and Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange (PSX) here.

Terming the integration and prioritization of stock exchanges as a landmark achievement, the Adviser said that the reforms carried out during the last four years had paid huge dividends.

He said that foreign investment in Pakistan Stock Exchange (PSX) was welcome and efforts in this regard must continue.

He appreciated the role of Chinese consortium in smooth transition of PSX, enhancing confidence of foreign investors and paving way for attracting investment in Pakistan.

Adviser said that the matters relating to election of directors should be resolved by PSX in consultation with SECP as per the regulatory requirements.

Chairman SECP briefed the adviser on the regulators efforts to facilitate the development of strong capital market and said that the Commission maintains close contacts with all stakeholders to resolve various issues confronted by them.

He said that due to the implementation of major reforms, a strong enforcement and compliance regime was in place to guard against market manipulation and other unfair practices.

Chairman PSX appreciated the role of SECP and continued support of government to the stock exchange.

He stressed that PSX was committed to play pivotal role in strengthening fair and transparent capital markets.

Chinese investment was catalyst in introducing technological advancement, diversified financial products and global visibility, he added.

The meeting was attended by senior officials of Ministry of Finance, SECP and Pakistan Stock Exchange.