Pak again in MSCI cat­e­gory...

Pakistan Observer - - NEWS -

is rec­og­nized it. In fu­ture, the gov­ern­ment will fo­cus on achiev­ing high growth and devel­op­ment. He said that Pak­istan’s econ­omy has po­ten­tial to reach at very high place in the world.

Ishaq Dar said that the pol­i­tics and eco­nomic shouldn’t be cou­pled to­gether and in­vited all political par­ties to join the gov­ern­ment in for­mu­lat­ing a fu­ture eco­nomic roadmap for the coun­try. He said the last three years de­ci­sion of the gov­ern­ment and op­er­a­tion Zarb Azb con­trib­uted in im­prov­ing the coun­try’s re­pute and win the con­fi­dence of the in­vestors.

Dar said that there were a lot of pend­ing leg­is­la­tions but the SECP has re­vamped most of its laws to make them up to date. An an­other up­com­ing ma­jor achieve­ment of the SECP in re­form­ing its le­gal in­fra­struc­ture would be the in­tro­duc­tion of Com­pa­nies Bill 2016 that will be in­tro­duced in the par­lia­ment in near fu­ture, he added.

The SECP Chair­man Za­far Hi­jazi said that it is a land mark achieve­ment and he ap­pre­ci­ated the peo­ple from SECP and PSX who worked hard to at­tain this sta­tus. How­ever, he said, the sta­tus come with more re­spon­si­bil­i­ties and re­quires the reg­u­la­tor to be­come more vig­i­lant and care­ful. He cau­tioned that the SECP will be more at­ten­tive and strin­gent to main­tain dis­ci­pline in mar­ket and con­fi­dence of in­vestors.

The SECP Chair­man said that next chal­lenge ahead is the divestment of stock ex­change. He said we have con­sti­tutes a com­mit­tee com­prises of all stake­hold­ers to search for an ef­fec­tive strate­gic in­vestor for PSX. He hoped that PSX will be able to at­tract global strate­gic in­vestors and fi­nan­cial in­sti­tu­tions and form tech­no­log­i­cal part­ner­ships to ful­fill the ob­jec­tives of in­te­gra­tion and be­come a ma­jor re­gional in­vest­ment hub.

Count­ing the fac­tors which con­trib­uted in achiev­ing the sta­tus of emerg­ing mar­kets, Za­far Hi­jazi said that the rec­om­men­da­tions made in the Shamim Ahmed Khan’s re­port on Stock Ex­change crises of 2008 helped SECP to over­come the flaws in the sys­tem. He said the SECP made the 2008 cri­sis re­port pub­lic de­spite op­po­si­tion which re­stores the con­fi­dence of in­vestors in the mar­ket.

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