As the formal inauguration of the Pakistan Stock Exchange (PSX) Limited draws near, the Lahore Stock Exchange's TREC holders were formally inducted into the former, enabling them to start trading on the eve of the launch on January 11. The chairman of the Securities and Exchange Commission of Pakistan (SECP) and the Board of Directors of the former Lahore Stock Exchange doled out trading right entitlement certificates of Pakistan Stock Exchange Limited to these holders.
Former Lahore Stock Exchange chairman and head of former Pakistan Stock Exchange Limited Demutualisation Committee congratulated them and wished them success in their endeavours. The ceremony was preceded by a briefing session and later followed by fully fledged pre-production mock-trading sessions that will continue for two days. The sessions were attended by an overwhelming majority of the Lahore-based holders.
Speakers said, "It was the beginning of a new era for Pakistan" which would bring numerous opportunities for its capital market and for the Lahore-based members of the Pakistan Stock Exchange Limited". Commission Chairman Zafar Hijazi, in his address, said he was pleased by the cooperation extended by the holders towards the entire process and also praised his commission's efforts as an institution towards the successful achievement of this landmark event.
He stressed that the establishment of the Pakistan Stock Exchange Limited was not "the destination but an important milestone" towards the creation of a fair, efficient and competitive capital market. He then talked about the surge in economic activity, saying, "Pakistan is witnessing a turnaround and the capital market is presented with tremendous opportunities which it must capitalise."
He went on to say his commission's commitment to building a robust capital market and assured of his support to the participants and investors of the capital market. He also said the holders had an important responsibility to fulfil and "that they too have to strive to gain confidence of investors by promoting norms of transparent business and facilitating them".