SECP Chairman’s maiden visit to PSX ignites hope for equity markets

August 21, 2019 (MLN): The Chairman of Securities and Exchange Commission of Pakistan, Mr. Aamir Khan, along with his team visited Pakistan Stock Exchange on August 20, 2019, to discuss the reasons for the issues contributing in continuous decline of the stock market.

While the newly appointed SECP chairman was accorded with warm welcome by the PSX members, he was also credited for triggering positive sentiments within stock markets by virtue of his appointment.

Former General Secretary PSA, Mr. Adil Ghaffar deliberated upon several issues affecting the PSX currently, which also included Mutual Funds. He chimed that Mutual fund industry should not let its unit holders to quit from equity funds and reinvest in fixed income.

Mr. Basharat Ullah informed the committee regarding the impact of change in the definition of the term security. He further requested Mr. Chairman to have a soft follow up from the concerned authorities.

The reporting requirements of AML/CFT/KYC were also discussed capaciously and CKO regime and its implications were also addressed.

Mr. Hamad Kehar requested Chairman SECP to direct PSX to release the blocked shares of the brokers, followed by the letter already issued on the subject.

Mr. Noman Adam & Mr. Munir Khanani briefed the house regarding the transactions in DFC Market and its implications which are badly affecting the market volumes. They mentioned that rather than introducing new products, already existing product are being thrashed.

Mr. Noman Adam suggested that in Ready Market leverage rate is Kibor + 3% whereas in Futures Market same is available at approximately 8%. He yet again requested to approve already made new future rules to get it going.

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