KARACHI: Chairman Securities and Exchange Commission, Zafar Hijazi, who is facing charges of tampering with the records of the Sharifs, visited Pakistan Stock Exchange on Thursday for the first time after he was granted transitory bail.
The SECP Chairman headed a meeting with senior capital market professionals. The meeting deliberated various areas possessing huge potential for further development and growth, which include the debt market, derivatives and new listings, a PSX statement said. The Chairman SECP mentioned that outreach of the market, investor education and new products were essential for deepening and widening of the market. He emphasized that all market intermediaries need to play their due role in tapping these areas and work together towards its advancement, according to the statement.
The stock exchange and market participants must take measures for creating necessary awareness and to ensure access of the market to the masses. He emphasized that this will support his personal vision and vision of the Commission to make Pakistan the choicest investment destination and a regional hub.
He emphasized that corporate fundamentals and economic indicators were encouraging and should have positive impact on the market which needs to be highlighted and explained to investors. He praised the development in the mutual fund industry and its expansion through opening of various new accounts and advised continuation of such efforts.
The Chairman expressed his satisfaction over the functioning of the risk management regime currently in place despite the volatility in the market. He added that the SECP was also closely monitoring the market through a dedicated team and specialized Systemic Risk Management Department.
The market participants lauded the reforms introduced by the SECP under the leadership of Chairman Zafar Hijazi and his efforts for the development of the capital market and mutual fund industry. The participants suggested implementation of some further measures which the SECP agreed to review, the statement added.
The Chairman SECP expressed that the SECP in close liaison with the market players has in the recent past achieved a lot of milestones which include integration of three exchanges, divestment of PSX to Chinese anchor investor, Pakistan’s successful inclusion in MSCI Emerging Market Index, higher compliance level with IOSCO benchmarks and self-listing of PSX. All these reforms have helped in image building of our market and the country.
He concluded that the reform process was a continuous one and should be implemented rigorously in line with the SECP Capital Market Development Plan, the statement added. The PSX management did not invite media to cover his exchanges visit, apparently to avoid any mess up.
Published in Daily Times, July 14th , 2017.
