AVN Report
ISLAMABAD: An expert committee, composed of professionals from the financial sector, constituted by the federal finance ministry has been tasked with finalizing the details for the issuance and trading of government securities on the Pakistan Stock Exchange (PSX).
The committee chaired by Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), has been assigned the responsibility of establishing the overall infrastructure, including necessary systems and processes, according to a press release.
The committee’s members include Mohsin Mushtaq Chandana, Director General Debt, Finance Division; Muhammad Ali Malik, Executive Director, SBP; Abdul Rehman Warriach, Commissioner SECP; Farrukh Khan, CEO PSX; Baddiudin Akber, CEO Central Depository Company; Muhammad Luqman, CEO National Clearing Company of Pakistan; Risha Moyudin, Treasurer HBL; Muhammad Ismail Usuf, Treasurer National Bank of Pakistan; Ahmed Ali Siddiqui, Group Head, Shariah Compliance, Meezan Bank; Asif Qureshi, CEO Optimus Capital Management; and Yasir Qadri, CEO UBL Fund Managers Limited.
It has been mandated to ensure operational efficiency, transparency, and preparedness for the issuance, registration, trading, and transfer of government debt securities through PSX.
The committee’s operations will prioritise instilling investor confidence and addressing existing operational challenges. A thorough assessment of the operational capabilities of PSX, CDC, and NCCPL, along with the examination of available infrastructure and trading systems for government debt securities, will be undertaken by the committee.
In collaboration with key stakeholders such as the Ministry of Finance, State Bank of Pakistan (SBP), SECP, and PSX, the committee aims to integrate existing practices, maintaining market integrity and investor protection in the trading of Government Debt Securities (GDS) at PSX.
The committee will also formulate proposals for the implementation of an efficient surveillance mechanism and risk management system, suggesting necessary adjustments to the regulatory framework.
