Daily Times

KARACHI: Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Abdullah, along with a team of senior officials, visited the Pakistan Stock Exchange (PSX) on Thursday to meet members of the PSX board of directors, market participants and senior stakeholders. Subsequently, he also addressed the Trading Right Entitlement Certificate (TREC) holders of PSX, responded to their queries and participated in gong ceremony by striking closing trading bell.

In the meeting with PSX board, Arif Habib, representing the PSX chairman, welcomed the SECP chairman and his team at the exchange. Habib enumerated various issues which were contributing to the decline of capital market and expressed his confidence that SECP would be able to resolve these issues, as its chairman had extensive exposure to capital market. He emphasised that capital market improvement was in the interest of government as well as other stakeholders to boost economic activity.

On the occasion, PSX Officiating Managing Director You Hang, while giving an overview of past and present performance of PSX, presented various recommendations for market development. Other stakeholders present at the meeting also expressed their views on various matters concerning the market and suggested measures to bring improvement to capital market. The SECP chairman, while agreeing with most of the suggestions, extended full support of the commission to PSX and assured to do his best for implementing the suggestions. He said that the Brokers’ Association, a representative body of TREC holders, had a vital role to bring to the information of SECP, various issues requiring action on the part of SECP, while the PSX board should act as a front-line regulator.

After meeting the PSX board of directors and other market stakeholders, SECP chairman and his team attended a meeting with TREC holders in the PSX trading hall.

Arif Habib said that SECP chairman has listened to all issues concerning the market and assured to provide necessary support in that regard. Habib pointed out various matters which were discussed and SECP’s positive response thereto. Zafar Abdullah said that the exchange was on a sound footing and in case of a growth in market; it will be a success both for the stakeholders and the SECP. He said that a task force of 2-3 people of SECP would be formed to resolve the issues on war-footing. Abdullah further said that it was the desire of the SECP that pre-emptive controls are in place which will avoid the need to impose any penalties.

With regard to non-representation of TREC holders on the PSX Board, he said that there is a need for a vibrant Brokers’ Association of TREC holders, which would raise their issues directly with the SECP. Thereafter, the TREC holders raised their various queries, which were responded to by SECP chairman.

In the end, PSX Officiating MD, while thanking the SECP team and the TREC holders for participating in the meeting, expressed his closing remarks and informed about various actions being considered by Chinese stakeholders comprising of various exchanges of China for bringing improvement and development of PSX.

Finally, the SECP chairman participated in the gong ceremony by striking closing trading bell of the exchange.

Published in Daily Times, November 24^nd 2017.