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SECP determined to make Pak capital market vibrant: Chairman.

ISLAMABAD -- Chairman Securities and Exchange Commission of Pakistan (SECP), Zafar Hijazi here on Tuesday said that the SECP wanted to make Pakistans capital market a vibrant, transparent and effective regional market, which met the long-term funding needs of industry while safeguarding investors interests.

He expressed these views during his visit to the Islamabad Stock

Exchange where he also met members of the ISEs Board of Directors along with senior officers of SECP.

Chairman ISE, Moin Mohammed Fudda and Mian Ayaz Afzal, Chief Executive, welcomed Chairman Hijazi and his team, said a statement.

Chairman SECP emphasized the need for ensuring transparency, good

overnance and strong enforcement and surveillance of market intermediaries for restoration of investor confidence.

"The ISE should adopt a futuristic approach and come up with ideas, which would help take the exchange forward."

He said the SECP would play its role of market facilitator and regulator and urged the ISE to strengthen its capacity as a frontline regulator.

"The SECP believes in consensus-based decision-making process and that there would be close interaction and engagement between the SECP and the exchanges in this regard, "he added.

He said that the true intent and essence of demutualization and corporatization needs to be achieved to take the exchange forward.

The ISE Board was assured of the SECPs full support to the exchange on its initiatives for market development and to help it evolve as a strong infrastructure institution.

The ISE Board appreciated the SECPs efforts for creation of a fair,

transparent and modern capital market, and in particular the recent constitution of a consultative group for important policy decisions on capital market issues.

The board also briefed the SECP Chairman on the progress being made with regards to fulfilment of post-demutualization requirements and on various technical collaboration projects being undertaken by the ISE with foreign counterparts for capacity building.

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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Geographic Code:9PAKI
Date:Apr 22, 2015
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