SECP appoints PSX new CEO after half a year

KARACHI: Leaderless Pakistan Stock Exchange (PSX) has found a new head after over half a year with veteran Farrukh Hussain Khan taking the capital market’s helm.

The Securities and Exchange Commission of Pakistan (SECP) on Tuesday approved the appointment of Khan as chief executive officer (CEO) of PSX upon recommendation of the board of directors of PSX, “in terms of regulation 10 of the Securities Exchange (Licensing and Operations) Regulations, 2016”.

PSX has been without CEO since May when foreigner Richard Morin resigned from the position. Morin was the first ever non-Pakistani to lead the bourse after having been appointed chief executive in January 2018, soon after a consortium led by three Chinese exchanges bought a controlling 40 percent stake in the exchange.

Morin was disqualified on fit and proper criteria of the Securities Exchange (Licencing and Operations) Regulations due to his allegedly false reporting to the Canadian Securities Authority, PSX board and the SECP that he owned a Canadian company – Archer Wealth Management.

However, the allegation was denied by Morin. “My ownership of Archer was fully disclosed to PSX and the Securities and Exchange Commission of Pakistan, both before and after I joined PSX,” he said in a statement in June.

The newly-appointed CEO seems to have full backings of the market fraternity as he is a local.

Khan is an experienced entrepreneur and a leading business and financial adviser who has advised on many landmark transactions, including Etisalat’s $2.6 billion acquisition of Pakistan Telecommunication Company Limited – the largest merger and acquisition deal and foreign direct investment in Pakistan’s history.

Khan is the chief business development officer at Acumen and member of Acumen’s Management Committee. In his current role, he is responsible for global business development and fundraising activities.

Previously, Khan was the country director and CEO of Acumen Pakistan, where he was responsible for investing, business development and leadership development activities.

With over 25 years of senior management and board level experience, Khan is the founding partner and former CEO of BMA Capital Management Limited. Under his stewardship, BMA received several international awards, including the 2010 Euromoney award for the Best Investment Bank in Pakistan.

In the past, he has served as president of the Overseas Investors Chamber of Commerce and Industry, Pakistan Chapter Chairman of the Young Presidents’ Organization and on various private and public sector boards.

Khan qualified as a Chartered Accountant from the UK and received a BA (Hons.) in economics and finance from the University of Manchester.