KARACHI: Shamshad Akhtar, minister for finance and economic affairs, on Saturday said the caretaker government has approached international lenders for possible support for the development of the country’s capital market.
Akhtar chaired a meeting of the management of Pakistan Stock Exchange (PSX) to discuss a roadmap for the development of Pakistan’s capital market.
“The minister apprised that she is in contact with finance minister-designate of the newly elected (PTI) government as well as Asian Development Bank for possible support in the areas of technical assistance and capacity building (of the PSX),” a statement issued by PSX said. “In order to further deliberate the report on ‘Capital Market Development Reforms’ she held a meeting with the PSX Board and Committee members,” the PSX statement said. A committee of industry experts have submiited the Capital Markets Development and Reforms (CMDR).
The minister appreciated the chief executive officer of the PSX for taking initiative and collaborating the views of experts. She also appreciated the role of SECP in providing its input in the CMDR. She complimented the consultant and the PSX management in highlighting the issues, currently being confronted by Pakistani capital market and now these have to be plugged-in.
The road map has been devised in order to have a proper plan in place to ensure enhancing the market capitalization, continued resource mobilization and to strengthen the role of Pakistan stock exchange to enhance investor confidence, to bring in more foreign inflows and mobilize savings for investments which in turn will impact all sectors of the economy with higher growth.
“The minister stressed upon the need to focus on integrated regulatory module and consolidation,” the statement said.
“She expressed complete faith in the board and management of the PSX and the experts affiliated with the capital market and suggested to upgrade the roadmap for way forward to implement the initiatives with specified timelines. “
Richard Morin, PSX CEO saisd the board has approved a strategic plan just a day before, with an objectives and action plan for the development of the market.
Morin emphasised for the shared vision and added that the road map is “a starting point and it requires efforts on continuous basis”. For this, he suggested to have a permanent forum to be established by the government.
The participants of the meeting, who represented banking industry, asset management companies and securities brokerage, drew attention towards impediments in the development of capital market and suggested a number of measures to remove them.
They suggested for issuance of a comprehensive policy statement from ministry of finance, reforms in taxation policy to provide level playing field to investors of capital market, re-structuring of policy board of the SECP, viable business model for the brokerage industry, requirements of enhancing capital and capacity of brokerage houses and consolidation thereof and availability of derivatives and options products for retail investors.
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