‘Merger to boost stock market’
ABBOTTABAD: Securities and Exchange Commission Pakistan Chairman Zafar Hijazi has said that Pakistan’s capital markets are capable enough to be developed as regional hubs for investments.
Inaugurating the Abbottabad Sarmayakari Markaz here on Thursday, the SECP chairman said that the merger of three stock exchanges to form Pakistan Stock Exchange will strengthen country’s stock market.
Also read: CCP approves integration of three bourses
The consolidation of stock exchanges will provide a platform for gathering investments to fund long-term infrastructure projects to assist the development of national economy.
“Pakistan’s stock markets have enough potential and strength to pay back to investors for which SECP has made strict rules and a monitoring system and is doing utmost to safeguard the interests of investors and people.”
The ceremony was attended by members of business community, heads and senior officials of different asset management companies, stoke brokerage firms and banks, along with top management of Central Depository Company.
Zafar Hijazi urged the asset management and investment companies to launch more and more Islamic mutual funds.
He asked the investors to come forward to expand the capital and stock market which is currently ranging in a meager figure of 360,000 stock-holders.
He added that the SECP has decided to bring out the stock activity from Karachi to entire country and after the formation of Pakistan Stock Exchange, people from Karachi to Peshawar would be benefited.
He said that 11 entities, including six asset management companies, two brokerage firms and banks, will open their branches in Abbottabad which will be a source of investment for investors of Hazara Division. Moreover, the city would have CDC offices and a counter of Karachi Stock Exchange.
He also informed that a liaison office of SECP is also being established to check activities and progress of the Abbottabad hub.
Khalida Habib of SECP said that the SECP had started full-fledged “Investors Awareness Campaign” in the country and had also launched SMS service (8181) which would be an online help line facility for investors who can subscribe by sending sub and will be receiving all updates.
She said that accords have been signed with eight universities where seminars and workshops are being organised to educate youth and academia.
Published in Dawn, November 13th, 2015
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