The Securities and Exchange Commission of Pakistan (SECP) team, headed by its Chairman Farrukh H. Sabzwari, had its first meeting with members of the Pakistan Stock Exchange (PSX) board of directors and management of stock exchange on Thursday.
Sabzwari, along with his team comprising, Commissioner (Securities Market Division) and Executive Director, Securities Market Division, visited the Pakistan Stock Exchange Limited (PSX), confirmed a statement issued by SECP.
The SECP team met the management and stockbrokers separately.
Farrukh H. Sabzwari emphasized that the capital market has a pivotal role in boosting economic activity in the country.
The SECP, in line with the vision of the government, is therefore focused on implementing a multifaceted reform agenda for the development of the market as a globally competitive investment destination.
The meeting, at first, had an overview of the past and present reforms in the market. Both sides discussed on measures required for further development of the market through the timely introduction of new products, developmental reforms, measures for investor protection and efforts for expanding market outreach through investor education and awareness initiatives.
During the two-hour long discussion, issues and suggestions were presented by the brokers to the chairman which included the easing of certain regulatory frameworks and reducing the cost of doing business.
He also invited the brokers to work towards increasing the investors base in the capital market.
Expounding on the role of PSX as a capital generation platform, it was agreed that SECP and PSX management should provide a platform to promote new listings of equity issues and SMEs.
It was stressed that PSX is well positioned as a viable platform for meeting the infrastructural financing needs of the government and increasing retail participation in government and corporate debt segment.
The PSX board of directors thanked the SECP Chairman and his team and expressed their resolve to continue working tirelessly for further development of the market.