ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and Asian Development Bank (ADB) jointly organised a stakeholder workshop on Financial Market Development 2020-25.
“The long-term roadmap will be focusing on demand and supply measures to broaden and deepen the financial system in Pakistan,” a statement issued by the commission read.
Senior representatives from ADB, SECP, State Bank of Pakistan, Pakistan Stock Exchange, Central Depository Company and National Clearing Company attended the brainstorming session.
Speaking on the occasion, SECP Chairman Aamir Khan affirmed that the commission’s foremost obligation remained towards building a regulatory environment that was sound, efficient and cost-effective.
“Yet, I am equally passionate about ensuring that it is empowering for business growth. One must not be sacrificed at the cost of the other. We need to be fiercely vigilant in the pursuit of transparency yet be tirelessly focused on reducing regulatory barriers and cost of doing business,” the SECP chairman added.
Regarding the projected roadmap, Khan opinioned that facilitation of start-ups and SMEs, increasing the number of retail investors, strengthening the role of institutional investors, creating an active bond market and promoting infrastructure-financing vehicles would be core constituents of the future roadmap.
However, he emphasized, the roadmap must entail a broad and deep consensus between the SECP and other relevant stakeholders in the public and private sectors.
ADB Deputy Country Director for Pakistan Asif Cheema stated that the proposed Financial Markets Development Programme was in line with ADB’s Strategy 2030, which prioritized the development of the financial sector and capital markets to support the development of the private sector and enhance financial stability.