ANL 23.10 Decreased By ▼ -0.70 (-2.94%)
ASC 16.10 Decreased By ▼ -0.30 (-1.83%)
ASL 22.25 Decreased By ▼ -0.40 (-1.77%)
BOP 8.55 Increased By ▲ 0.17 (2.03%)
BYCO 8.96 Increased By ▲ 0.15 (1.7%)
FCCL 18.07 Decreased By ▼ -0.40 (-2.17%)
FFBL 24.45 Decreased By ▼ -0.15 (-0.61%)
FFL 17.90 Decreased By ▼ -0.15 (-0.83%)
FNEL 8.40 Decreased By ▼ -0.14 (-1.64%)
GGGL 22.09 Decreased By ▼ -0.21 (-0.94%)
GGL 43.18 Decreased By ▼ -0.77 (-1.75%)
HUMNL 7.02 Decreased By ▼ -0.15 (-2.09%)
JSCL 20.85 Decreased By ▼ -0.73 (-3.38%)
KAPCO 37.90 Decreased By ▼ -0.20 (-0.52%)
KEL 3.61 Increased By ▲ 0.01 (0.28%)
MDTL 3.00 Decreased By ▼ -0.07 (-2.28%)
MLCF 36.30 Decreased By ▼ -0.18 (-0.49%)
NETSOL 153.30 Decreased By ▼ -4.45 (-2.82%)
PACE 5.98 Decreased By ▼ -0.03 (-0.5%)
PAEL 31.20 Decreased By ▼ -0.45 (-1.42%)
PIBTL 9.36 Decreased By ▼ -0.11 (-1.16%)
POWER 7.90 Decreased By ▼ -0.14 (-1.74%)
PRL 20.85 Decreased By ▼ -0.13 (-0.62%)
PTC 10.40 Increased By ▲ 0.02 (0.19%)
SILK 1.67 Decreased By ▼ -0.02 (-1.18%)
SNGP 43.19 Decreased By ▼ -0.56 (-1.28%)
TELE 22.06 Decreased By ▼ -0.64 (-2.82%)
TRG 173.50 Decreased By ▼ -2.41 (-1.37%)
UNITY 36.20 Decreased By ▼ -0.77 (-2.08%)
WTL 3.25 Decreased By ▼ -0.08 (-2.4%)
BR100 4,979 Decreased By ▼ -47.44 (-0.94%)
BR30 24,460 Decreased By ▼ -312.8 (-1.26%)
KSE100 46,636 Decreased By ▼ -284.38 (-0.61%)
KSE30 18,480 Decreased By ▼ -177.85 (-0.95%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,206
7124hr
Pakistan Cases
1,223,841
2,58024hr
4.69% positivity
Sindh
450,126
Punjab
421,800
Balochistan
32,757
Islamabad
104,114
KPK
171,072

KARACHI: Pakistan Stock Exchange (PSX), Mutual Funds Association of Pakistan (MUFAP) and the Capital Market entities and participants are appreciative of the Ministry of Finance, the Director General (Debt), DPCO, Finance Division, Government of Pakistan and Securities and Exchange Commission of Pakistan(SECP) for carrying out long overdue capital market reforms.

PSX and MUFAP feel greatly encouraged by the initiatives and reforms undertaken recently for capital market development. We believe that this demonstrates the commitment shown by the federal government, finance ministry, SECP and its policy board towards development of capital markets.

The recent initiatives and reforms include, but are not limited to, the discontinuation of institutional investment in National Savings Scheme in line with international best practices, regulatory amendments for launch of ETFs, revamping of the REIT Regulations, reduction in annual monitoring fees for mutual funds and pension funds, the removal of tax anomalies for the mutual funds industry, book building of the PHL Energy Sukuks through competitive book building at the PSX platform in line with international best practices and the expansion in allowable expenses on mutual funds. These changes will all go a long way towards development of vibrant capital markets and greater investor participation in the same.

It is hoped that in the same vein, the government and regulators, will accept the other proposals presented to streamline and reform the Capital Markets, including revamping the NBFC regulatory structure in line with international best practices, introducing regulatory framework and instruments for infrastructure funds, continuing reforms in the National Savings Schemes with respect to pricing which will help reduce the interest rate / pricing risk of the government, and better manage its debt maturity profile.

PSX MD Farrukh H Khan felicitating the government on this step, said "We appreciate the ministry of finance, SECP and debt office for starting the reform of NSS." He further stated, "NSS is ultimately a scheme for the individual and vulnerable members of the society and it is best invested in by these citizens. The reform process initiated will enable the GoP to help such citizens better, while reducing the cost and managing the maturity of such debt with greater certainty. This will also help to develop a proper yield curve and grow the capital markets in Pakistan, which is essential to improve the very low savings and investment rates in the country".

MUFAP chairperson Maheen Rahman appreciating the initiatives taken by the government and regulators stated, "The recent changes in various regulatory requirements will greatly help the mutual fund industry gain a wider footprint across the country. The mutual funds industry stands ready to grow, expand and dedicate our collective efforts and resources towards the establishment of a wider presence of investment through mutual funds which will help contribute towards increasing the savings rate and expansion of capital markets in the country."

Copyright Business Recorder, 2020

Comments

Comments are closed.