The Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, chaired the first meeting of the Capital Market Advisory Council (CMAC), held at the Finance Division today.
The Finance Minister directed the council to form a Coordination Committee for smooth implementation of the TORs of CMAC. He further instructed to include members from SECP, SBP, Pakistan Banking Council, commercial markets, legal counsel, and an expert on Islamic Banking in the Coordination Committee for comprehensive stakeholder feedback.
It was also decided that the SECP shall be the secretariat of the Coordination Committee, and Chairman SECP shall be the head/secretary of the Coordination Committee. It was agreed that the Coordination Committee would meet once every month and send its recommendations for review to the Apex committee of the CMAC, which will issue directions to SECP and other relevant stakeholders for final implementation.
SAPM on Finance and Revenue, Dr. Waqar Masood, Secretary Finance Division, Chairman SECP, Aamir Khan, Chairman HBL, Sultan Ali Allana, and other senior officials participated in the meeting. Governor State Bank of Pakistan, Reza Baqir, joined through a video link.
The Capital Market Advisory Council (CMAC) was established in April 2020 under the Capital Market Development Plan (CMDP). In the maiden meeting, the Secretary of Finance briefed the members of the Council that the purpose behind the Capital Market Advisory Council (CMAC) was to introduce reforms in the capital markets in the country.
While speaking at the occasion, the Finance Minister stated that the establishment of the CMAC was long overdue, as Capital markets can improve risk-sharing and the efficiency with which capital is allocated to the real economy, thereby boosting economic growth and development. The underlying rationale is to attract investors – especially ones with lesser resources – to contribute to capital markets so that their limited resources are channelized into more productive use.
The reforms will be introduced after having input from all the relevant stakeholders, he stressed.