KARACHI: The chairman of Securities and Exchange Commission of Pakistan (SECP), Akif Saeed, during his visit to Karachi met officials and members of the Board of Directors of Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan Limited (NCCPL) as well as the Executive Committee of Pakistan Stock Brokers Association (PSBA), representing the brokerage industry.
The chairman was accompanied by Commissioner SECP, Abdul Rehman Warraich and the SECP team, including Musarat Jabeen, Executive Director, Chairman’s Secretariat, and Asif Iqbal, Head of Department, PRDD-SMD.
The chairman of SECP and his team were welcomed by the MD and CEO PSX, Farrukh H Khan, PSX Board Members and PSX senior management. The objective of the meeting was to apprise the newly appointed Chairman and the Commissioner, SECP, of the latest capital market developments, current progress, challenges, and to identify areas where focused efforts and mutual cooperation of PSX, the front-line regulator, and SECP, the apex regulator, would be required.
The senior officials of SECP and PSX discussed measures for growth of the capital market, encouraging new listings, enhancing efficiency of the digital on boarding mechanism for investors, and benefiting from the emerging financial technology. The officials further discussed proposals for reforms in taxation and pension plans, product development, Exchange Traded Funds, derivatives market and fixed income products and the need for adequate training of staff of market intermediaries. Moreover, the possibility of listing CPEC projects at PSX was also deliberated upon.
In a subsequent meeting with the Board and senior management of NCCPL during the day, the Chairman and his team were briefed about the ongoing developments and future plans by the NCCPL. Various measures were discussed for bringing reforms in risk management, Shariah-compliant leveraged market products and government debt securities to promote the debt market in the country.
The SECP Chairman also stressed upon joint efforts of frontline and apex regulators for investor education to increase investors’ footprints in the capital market.
Further, another meeting was held with the Executive Committee of PSBA wherein brokers welcomed the new Chairman SECP and submitted proposals to facilitate brokerage industry by providing ease of doing business, necessary simplification of regulatory requirements, and elimination of duplication to reduce costs and improve efficiency. It was emphasized to utilize shared KYC mechanism and digital on boarding facilities to increase investor base in Pakistan.
The Chairman, SECP, stressed the importance of continuous engagement with market participants and further resolved to provide necessary support to capital market infrastructure institutions and relevant stakeholders for the progress and development of capital market in Pakistan.
Copyright Business Recorder, 2023
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