Chairman SECP for continuous engagement with market participants

January 05, 2023 (MLN): The Chairman, Securities & Exchange Commission of Pakistan (SECP) Akif Saeed on Wednesday stressed the importance of continuous engagement with market participants and further resolved to provide the necessary support to capital market infrastructure institutions and relevant stakeholders for the progress and development of the capital market in Pakistan, said a press release issued yesterday. 

He met with the management and Board of Directors of the Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan Limited (NCCPL) as well as the Executive Committee of the Pakistan Stock Brokers Association (PSBA) representing the brokerage industry, it added. 

The Chairman was accompanied by Commissioner SECP, Abdul Rehman Warraich, and the SECP team, including Musarat Jabeen, Executive Director, Chairman’s Secretariat, and Asif Iqbal, Head of Department, PRDD-SMD.

The Chairman SECP and his team were welcomed by the MD & CEO of PSX, Mr. Farrukh H. Khan, PSX Board Members, and PSX senior management. The objective of the meeting was to apprise the newly appointed Chairman and the Commissioner, of SECP, of the latest capital market developments, current progress, and challenges, and to identify areas where focused efforts and mutual cooperation of PSX, the front-line regulator, and SECP, the apex regulator, would be required.

The senior officials of SECP and PSX discussed measures for the growth of the capital market, encouraging new listings, enhancing the efficiency of the digital onboarding mechanism for investors, and benefiting from emerging financial technology.

The officials further discussed proposals for reforms in taxation and pension plans, product development, Exchange Traded Funds, derivatives market and fixed income products, and the need for adequate training of staff of market intermediaries. Moreover, the possibility of listing CPEC projects at PSX was also deliberated upon.    

In a subsequent meeting with the Board and senior management of NCCPL during the day, the Chairman and his team were briefed about the ongoing developments and future plans the NCCPL. Various measures were discussed for bringing reforms in risk management, Shariah-compliant leveraged market products, and government debt securities to promote the debt market in the country.

The SECP Chairman also stressed upon joint efforts of frontline and apex regulators for investor education to increase investors’ footprints in the capital market.

Further, another meeting was held with the Executive Committee of PSBA wherein brokers welcomed the new Chairman SECP and submitted proposals to facilitate the brokerage industry by providing ease of doing business, necessary simplification of regulatory requirements, and elimination of duplication to reduce costs and improve efficiency.

It was emphasized to utilize shared KYC mechanisms and digital onboarding facilities to increase the investor base in Pakistan.

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