PSX digitises listing process

KARACHI: Pakistan Stock Exchange (PSX) launched a digitised process of listing through a portal called PRIDE on Monday, allowing lead managers, advisors, and consultants to submit applications and documentation for listing equity, debt, mutual funds, and exchange traded funds online.

The online portal PRIDE (public offerings revolutionised through an integrated and digitised experience) was designed to automate the listing process from end to end, PSX said in a statement. Firms or consultants could utilise the portal to submit documents against reverse merger or voluntary delisting, it added.

The soft launch of the online portal was conducted in December 2021, subsequent to which listing and IT units of PSX worked on addressing areas of improvement based on feedback received from consultants, advisors and lead managers.

According to PSX, the portal offers advanced and superior features for an enhanced user experience. Speaking at the launch, managing director and CEO of PSX Farrukh H. Khan termed PRIDE a major step forward in enhancing capital raising and listing experience on the stock exchange through a digitised approach.

“PRIDE reflects the commitment of PSX as a frontline regulator in providing a best-in-class digital experience to market participants, thereby supporting ease of doing business for advisors and consultants,” he said.

The utility and importance of the portal was multifold in that it provided a convenient method for filing of listing applications, simplified tracking of listing application status, and record retention, he added.

Khan informed that both the PSX and Securities and Exchange Commission of Pakistan could use the platform to share their approvals with issuers of equity and debt securities. He further stated that the portal would go a long way in facilitating and easing the process of listing.