Adviser to PM on Finance holds meeting with SECP, PSX

ISLAMABAD: Adviser to Prime Minister on Finance, Miftah Ismail held a meeting with the Securities and Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange (PSX) here on Friday.

The adviser said that the government is working to make Pakistan’s financial and capital market amongst the most competitive in the world. Terming the demutualisation, integration and prioritisation of stock exchanges as a landmark achievement, the Adviser said that the reforms carried out during the last four years had paid huge dividends. He said that foreign investment in Pakistan Stock Exchange (PSX) was welcome and efforts in this regard must continue. He appreciated the role of Chinese consortium for the smooth transition of PSX, enhancing the confidence of foreign investors and paving the way for attracting investment in Pakistan. The adviser said that the matters relating to the election of directors should be resolved by PSX in consultation with SECP as per the regulatory requirements.

Chairman SECP briefed the adviser on the regulator’s efforts to facilitate the development of a strong capital market and said that the commission maintains close contacts with all stakeholders to resolve various issues confronted by them. He said that due to the implementation of major reforms, a strong enforcement and compliance regime was in place to guard against market manipulation and other unfair practices.

Chairman PSX appreciated the role of SECP and continued support of government to the stock exchange. He stressed that PSX is committed to play a pivotal role in strengthening fair and transparent capital markets. Chinese investment is a catalyst in introducing technological advancement, diversified financial products and global visibility.

The meeting was attended by senior officials from the Ministry of Finance, SECP and PSX.

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