KARACHI: The Securities and Exchange Commission of Pakistan (SECP) chairman Akif Saeed resolved to support capital market infrastructure institutions and relevant stakeholders for progress and development of the market, a statement said on Wednesday.
The SECP chief held a meeting with the executive committee of Pakistan Stock Brokers Association (PSBA), where the latter submitted proposals to facilitate brokerage industry by providing ease of doing business, necessary simplification of regulatory requirements, and elimination of duplication to reduce costs and improve efficiency.
The committee emphasised to utilise shared KYC (Know Your Customer) mechanism and digital onboarding facilities to increase investor base in the country.
Earlier, the SECP chief also held a meeting with the management and board of directors of Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan Limited (NCCPL) as well the PSBA committee.
The chairman was accompanied by Commissioner SECP, Abdul Rehman Warraich and the SECP team, including Musarat Jabeen, executive director, chairman’s secretariat, and Asif Iqbal, head of department, PRDD-SMD.
The objective of the meeting was to apprise the newly appointed SECP chairman and the commissioner of the latest capital market developments, current progress, challenges, and to identify areas where focused efforts and mutual cooperation of the PSX, the front-line regulator, and SECP, the apex regulator would be required.
The senior officials of the SECP and the PSX discussed measures for growth of the capital market, encouraging new listings, enhancing efficiency of the digital onboarding mechanism for investors, and benefiting from the emerging financial technology.
The officials further discussed proposals for reforms in taxation and pension plans, product development, exchange traded funds, derivatives market and fixed income products and the need for adequate training of staff of market intermediaries.
The possibility of listing China–Pakistan Economic Corridor projects at the PSX was also deliberated upon.
In a subsequent meeting with the board and senior management of the NCCPL during the day, the SECP chairman and his team were briefed about the ongoing developments and future plans by the NCCPL. The both sides discussed different measures for bringing reforms in risk management, Shariah-compliant leveraged market products, and government debt securities to promote the debt market in the country.
Akif Saeed stressed upon joint efforts of frontline and apex regulators for investor education to increase investors’ footprints in the capital market.