KARACHI: Securities and Exchange Commission of Pakistan Chairman Zafar Abdullah along with his team of senior officials of Commission visited the Pakistan Stock Exchange Limited (PSX) on Thursday to meet members of the Board of Directors of PSX, market participants and senior stakeholders.
Subsequently, he also addressed the TREC Holders of PSX, responded to their queries and participated in Gong Ceremony by striking the closing trading bell.
In the meeting with PSX Board, Arif Habib, representing the PSX chairman, welcomed the SECP chairman and his team at the Exchange. Arif Habib enumerated various issues which are contributing to declining of capital market and expressed his confidence that SECP would be able to resolve these issues, as its chairman has passed extensive exposure to capital market.
He emphasised that capital market improvement is in the interest of government as well as other stakeholders to boost economic activity. On this occasion, PSX Officiating Managing Director You Hang while giving an overview of past and present performance of PSX presented various recommendations for market development. The other stakeholders present at the meeting also expressed their views on various matters concerning the market and suggested various measures to bring improvement in the capital market.
The SECP chairman, while agreeing with most of the suggestions, extended full support of Commission to PSX and assured to do his best for implementing these suggestions. He said that the Brokers’ Association, which is a representative body of TREC holders, has a very vital role to bring to the information of SECP various issues requiring action on the part of SECP, while the PSX Board should act as a front-line regulator.
After meeting the Board of Directors of PSX and other market stakeholders, the SECP chairman and his team attended a meeting with TREC holders in the PSX Trading Hall. Arif Habib welcomed the SECP chairman along with his team and the TREC Holders. He said that SECP chairman has listened to all the issues concerning the market and assured to provide necessary support in this regard. Habib pointed out various matters which were discussed and SECP’s positive response thereto.
Zafar Abdullah said that the Exchange is on a very sound footing and in case of a growth in market it will be a success both for the stakeholders and the SECP. He said that a task force of 2-3 people of SECP would be formed to resolve the issues on war-footing. SECP chairman further said that it is the desire of SECP that pre-emptive controls are in place which will void the need to impose any penalty. With regard to non-representation of TREC holders on the PSX Board, he said that there is a need of a vibrant Brokers’ Association of TREC holders, which would raise all their issues directly with the SECP.
Thereafter, the TREC Holders raised their various queries, which were responded by SECP chairman.
In the end, the PSX Officiating MD while thanking the SECP team and the TREC holders for participating in the meeting, expressed his closing remarks and informed the about various actions being considered by Chinese stakeholders comprising of various Exchanges of China for bringing improvement and development of PSX. Finally, the SECP chairman participated in the Gong Ceremony by striking closing trading bell of Exchange.
