SECP, ADB hold consultations

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) and Asian Development Bank (ADB) jointly organised a workshop for stakeholder consultations on Financial Market Development 2020-25.

The long-term roadmap would be focusing on demand and supply measures to broaden and deepen the financial system in Pakistan.

Senior level representatives from the ADB, State Bank of Pakistan, SECP and representatives of stock exchange, central depository, national clearing company and market participants attended the brainstorming session.

SECP Chairman Aamir Khan affirmed that SECP’s foremost obligation remains 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,” he said.

Supporting multi-stage financing needs 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 emphasised, the roadmap should entail a broad and deep consensus between the SECP, and other relevant stakeholders in the public and private sectors.