Dar for early com­ple­tion of shares di­vest­ment process in PSX

The Pak Banker - - FRONT PAGE -

Fi­nance Min­is­ter, Sen­a­tor Mo­ham­mad Ishaq Dar had a meet­ing with se­nior of­fi­cials of the Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan (SECP). The Chair­man SECP briefed the Min­is­ter about var­i­ous im­por­tant mat­ters of the cap­i­tal com­modi­ties mar­ket and NBFC seg­ment. The Min­is­ter was given an overview of the per­for­mance of the Pak­istan Stock Ex­change (PSX), post in­te­gra­tion and the sta­tus of di­vest­ment of shares of PSX.

The Min­is­ter no­ticed the post in­te­gra­tion im­prove­ment in per­for­mance and em­pha­sized upon early com­ple­tion of the di­vest­ment process while un­der­scor­ing the need for im­proved gov­er­nance struc­ture for the new stock ex­change. He men­tioned that the pur­pose of in­te­gra­tion has been the cre­ation of a mod­ern and well gov­erned ex­change which has rad­i­cally im­proved and well po­si­tioned in the global arena.

The SECP Chair­man while briefing on the re­form agenda for com­modi­ties fu­tures mar­ket, ex­pressed the reg­u­la­tor's re­solve to de­velop this seg­ment of the mar­ket on pri­or­ity ba­sis. Pak­istan pri­mar­ily be­ing an agri­cu­ture based econ­omy needs a mer­can­tile ex­change that plays its due role in en­sur­ing closer link­age with the real econ­omy.

Pak­istan Mer­can­tile Ex­change (PMEX) should have na­tional level branch net­work. The Fed­eral Min­is­ter en­dors­ing the SECP vi­sion as­sured of his full sup­port in re­vi­tal­iz­ing PMEX and em­pha­sized on the need to have a vi­sion­ary lead­er­ship at the Ex­change that can steer it to suc­cess and im­ple­ment re­quired re­forms.

The Min­is­ter ex­pressed that in­fra­struc­ture de­vel­op­ment and longterm fi­nanc­ing through the cap­i­tal mar­ket is a crit­i­cal el­e­ment to raise GDP growth rate from the ex­ist­ing level to 7%. He as­sured that the govern­ment was fully com­mit­ted to sup­port the debt mar­ket in par­tic­u­lar SUKKUKs. Dur­ing the meet­ing, the Min­is­ter was also up­dated on the two days in­ter­na­tional NBFC Con­fer­ence held last month, and the rec­om­men­da­tion put forth by the par­tic­i­pants.

The Min­is­ter ap­pre­ci­ated SECP's sup­port­ive role in fa­cil­i­tat­ing var­i­ous re­forms and its ef­forts in cre­at­ing in­vestor aware­ness and education. He ex­pressed his plea­sure over the in­crease in num­ber of ac­counts and the in­vestors' in­ter­est in the cap­i­tal mar­kets through the mu­tual fund in­dus­try. He men­tioned that the Govern­ment's busi­ness friendly poli­cies and eco­nomic re­form agenda had al­ready put the coun­try's econ­omy back on track. It was fur­ther em­pha­sized that all nec­es­sary re­forms be put in place to fa­cil­i­tate the mar­ket to grow to its full po­ten­tial so that the ben­e­fits can be passed on to the econ­omy and as­sured the Govern­ment's full sup­port to the SECP for the same.

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