In a move that would help entrepreneurs, Pakistan Stock Exchange (PSX) and Punjab Information Technology Board (PITB) have agreed in principle to sign a memorandum of understanding (MOU) that would assist start-ups in raising equity from the stock market. This was stated by PITB Chairman Dr Umar Saif on Friday during the 4th Roundtable Conference powered by TechHub.
Saif mentioned that this collaboration would serve as a stepping stone towards encouraging entrepreneurs who are seeking to raise investment locally and would bolster small and medium enterprises, the IT industry and the national economy.
He further informed that upon signing the MoU, both parties would work in tandem and undertake to facilitate technological entrepreneurship in Pakistan and foster an ecosystem for the growth of technology startups.
As per the proposed MoU, the PITB would supposedly share its database of registered startups which will enable them to sign up on the online PSX Private Market. The launch of the private market is subject to the PSX Board and SECP approval.
Moreover, PITB’s technology incubator, accelerator, co-working space will partner with the PSX to promote the growth of start-ups.
The parties will work in conjunction to find ways/means to initiate common business support programs/projects for start-ups. The parties shall consider organising joint events (e.g. conferences, workshops) with representation from both parties in promoting entrepreneurship.
Besides, PSX and PITB will jointly raise awareness amongst stakeholders with respect to the three capital raising platforms offered by the PSX such as the main board (first tier), SME board (second tier) and private market (third tier).
