January 22, 2025 (MLN): The total Unique Identification Numbers (UINs) increased significantly from July to December 2024, rising by 61,862 to reach an overall total of 357,419, as emphasized by the members of the PSBA.
The aforementioned information was discussed in the meeting between Syed Naveed Qamar, the Chairman of the National Assembly’s Standing Committee on Finance and Revenue, Dr. Mirza Ikhtiar Baig, Member of Standing Committees of the National Assembly, and the Pakistan Stock Brokers Association (PSBA).
The Chairman of PSBA expressed his gratitude to Mr. Qamar for the opportunity to discuss proposals aimed at developing the capital market.
He emphasized that a vibrant and efficient capital market is crucial for Pakistan to realize its ambitious economic growth goals.
During the meeting, the Senior Vice Chairman of PSBA highlighted the impressive volume of activity in Pakistan’s capital market.
With the Pakistan Stock Exchange (PSX) currently experiencing a historically high price-to-earnings multiple of 8.5x, coupled with favorable market outlooks, attractive dividend yields, and positive economic indicators, there is a compelling opportunity for investors.
The members of the PSBA Board also shared their insights on various issues, offering suggestions to further enhance the capital market.
In December 2024 alone, the total UINs saw a remarkable increase of 15,130, setting a new monthly high.
The CEO of PSBA presented several proposals to the Honorable Chairman Mr. Qamar, including the removal of distortions regarding the definition of "Security" and the commencement of its holding period under section 37A of the Income Tax Ordinance, 2001.
Additionally, the proposal suggested introducing investment savings accounts, similar to RSIA accounts in the USA, ISA accounts in the UK, and NISA accounts in Japan, to promote financial inclusivity.
Other proposals presented included addressing jurisdictional issues in the Council of Common Interest, rationalizing tax rates for companies listed on the stock exchange, and establishing consistent and long-term tax policies for the capital market.
Additionally, the recently introduced Tax Law (Amendment) Act, of 2024 was also reviewed.
The Honorable Chairman, Mr. Qamar, after considering these suggestions, stated that the extensive discussions had provided valuable insights.
He assured the PSBA of his full support in bringing these matters to the appropriate forum for possible implementation. Dr. Baig emphasized that the growth of the capital market would benefit both stakeholders and the government.
The meeting was chaired by PSBA Chairman Mr. Muhammad Munir Khanani and attended by Senior Vice-Chairman Mr. Zahid Latif Khan, CEO and Secretary General Mr. Bilal Farooq Zardi, along with Board members Mr. Asad and Mr. Muhammad Adnan.
In closing, the PSBA delegation expressed their gratitude to Mr. Qamar for the meeting, noting their optimism regarding his strong commitment and support for the advancement of the financial sector.
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Posted on: 2025-01-22T16:12:41+05:00