Muhammad Rafique Umer has been appointed as the Acting CEO of the Pakistan Stock Exchange.
In a notification to the bourse, PSX announced that Muhammad Rafique Umer, current Company Secretary and Head of Legal Affairs, has been given the additional charge of Acting CEO of the Company with effect from June 12, 2019.
The notification read that,
In continuation to our earlier communication dated May 28, 2019 regarding the resignation of Chief Executive Officer [CEO] of Pakistan Stock Exchange Limited [PSX or the Company] and its acceptance by the Board of Directors with immediate effect.
It further read that on the recommendation of the Board of Directors of PSX and with due concurrence of the Securities and Exchange Commission of Pakistan, Muhammad Rafique Umer has been given the additional charge.
Muhammad Rafique Umer has been associated with Pakistan Stock Exchange since 2001 and currently holds the position of Secretary to the Board and General Manager, Legal Affairs of the Pakistan Stock Exchange Limited (PSX). In addition to his existing role, Rafique has been appointed by the Board as Acting Managing Director of PSX with effect from June 12, 2019.
He is a graduate in Commerce and Law from the University of Karachi. He has also attempted in selected subjects, as a regular student of Institute of Business Administration. Further, he obtained Banking Diploma and Banking Certificate from the Institute of Bankers Pakistan with First position throughout the country.
Rafique has attended seminars & workshops on various subjects, within and outside the country, including Capital Market Compliance & Examination workshop arranged by the US Securities & Exchange Commission at USA. He is also a certified director from Pakistan Institute of Corporate Governance.
Rafique Umer has local and foreign experience of more than four decades in the field of finance, banking & capital markets. Prior to joining PSX, he remained with United Bank Ltd; Saudi French Bank (Saudi Arabia) and Atlas Group of Companies.
Previously, Richard Morin had tendered his resignation as the Chief Executive Officer of Pakistan Stock Exchange Limited.
The PSX board of directors had issued a show-cause notice to Morin, a Canadian national, a month ago and gave him a 15-day deadline to submit his reply and explain his position whether he was serving in a Canadian company while simultaneously heading the PSX.
It is astonishing to note that he attempted a few courses in IBA and attended many international workshops and seminars; a routine statement to show the capability of incapable. We must come out of this and must first 1) develop professional criteria 2) Ask for applications showing achievements 3) Interview by very experienced professionals (not chartered accountants). Example of achievements (real and not fake) He led the project to integrate the three stack exchanges and operationalized it within the timeframe and very successfully.