The Securities and Exchange Commission of Pakistan (SECP) has briefed the International Monetary Fund (IMF) about the recent stock exchange crisis, reforms and demutualisation of the stock exchanges.
A delegation of the IMF visited the head office of SECP on Wednesday and met its Chairman, Dr Tariq Hassan, Commissioner (Securities Market) Shahid Ghaffar and other senior officials.
The IMF delegation, headed by Mohsin S Khan, Director, Middle East and Central Asian Region, discussed with SECP officials various issues relating to capital market.
The SECP made a detailed presentation on Pakistan's capital market and the reform measures being undertaken by SECP to improve risk management and investor protection. Issues relating to the recent market events of March 2005 and actions taken by SECP were discussed.
The delegation was also updated on the status of phasing out of COT/badla financing and demutualization of stock exchanges as per international best practices.
The IMF delegation appreciated the steps being taken by the SECP for investor protection and bringing transparency in the market.