ISLAMABAD: (Yaseen Hashmi) Measure of capital market reform and better regulation was discussed at an informal meeting between the newly appointed leadership of the Securities and Exchange Commission of Pakistan (SECP) and the Finance and Revenue Minister Sen. Muhammad Aurangzeb..
Commissioner Ali Farid Khawaja and Chairman Kabir Ahmed Sidhu led the delegation of the SECP. The meeting also saw senior officials of the Ministry of Finance in attendance.
The finance minister welcomed the new leadership of SECP, saying that they would bring a lot of experience in both the national and international levels to enhance the banking system in Pakistan in terms of regulatory framework and building capital markets.
The summit was about the steps to improve capital markets, expand the investment opportunities and more investor confidence. Aurangzeb also stressed on minimizing the use of banks through more involvement of insurance firms, pension funds and retail investors.
The two sides concurred on the necessity to grow the debt capital market, lower the transaction cost, increase the digitalization of the account opening process, simplify the know-your-customer (KYC) requirements and enhance market accessibility by investors.
The initial public offering (IPO) activity, alternative investment funds, the role of capital markets in privatization process and emergent digital assets were also discussed.
According to the finance minister, the government is determined to make reforms together with the SECP in given timelines. The SECP leadership promised to give maximum support in the reinforcement of capital markets and creation of an adequate regulatory environment.
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