The newly appointed Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan is currently on a three-day visit to Karachi.
The commissioner (Securities Market) and senior officials of the SECP are holding meetings with all stakeholders of the capital market including the front line regulator Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan Limited (NCCPL), Central Depository Company of Pakistan Limited (CDC), Mutual Funds, senior members and brokers during their visit to Karachi.
SECP is monitoring the stock market situation and considering reforms for enhancing liquidity and removing practical difficulties said the media reports.
The SECP team led by Chairman Aamir Khan will be in Karachi on Wednesday to hold more meetings with stock market stakeholders.
According to the reports, different proposals being considered are aimed at long term growth of capital markets, better management of systemic risk and ensuring market transparency.
During the meetings, they have reviewed the VAR based margining regime, in particular, additional margins imposed above VAR based exposure margins and the liquidity margins in the Ready Market.
They also discussed issues considering uptick rule on blank sales in the Deliverable Futures Market and removal of practical difficulties concerning the use of F8 window in the Deliverable Futures Market.
The meetings also discussed allowing mutual funds to partially avail the borrowing limit currently allowed for redemption, only for investing in the market.
“The objective of the meetings is to extensively discuss reforms at the PSX in consultation with all the stakeholders,” SECP spokesperson Musarat Jabeen
She said all these meetings are a part of the consultative process and all the proposals discussed in these meetings would be deliberated at Commissioner level and decisions will be taken in the best interest of the capital market.
PSX Stockbrokers Association former general secretary Adil Ghaffar raised the issue of base minimum capital during the meetings. He stated that “Base minimum capital’s maintenance is one of the major hurdles to the brokerage business. The SECP had assured to do away with overregulation where it felt necessary.
Jab say manhoos khan ka saya para hai stock market ki aisi ki tesi ho gayee hai. Kya ab yeh bhi previous corrupt rulers ki waja say hua hai???