KARACHI: Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Ul Haq Hijazi, emphasising on the investors’ interest, said that Pakistan’s capital market must be reshaped to make it more vibrant, transparent and effective to cater to long term funding needs of industry.
While talking at Karachi Stock Exchange (KSE), Hijazi said it was important for frontline regulators to carry out their responsibility with diligence and ensure market participants were following prescribed regulations.
Both SECP and frontline regulators (exchanges) have common objectives and should keep close interaction between them. It was imperative to build confidence of investors in capital market so size and vibrancy of market could be expanded manifold from its narrow base at present, he added.
He asked Board and management of KSE to move forward with positivity and confidence to take market to next level. Expressing his desire for building a consensus based decision-making process, he assured KSE directors SECP’s approach would be to consult with all stakeholders in policy and regulatory matters.
He applauded role of senior market participants in bringing KSE to prominence and advised valuable experience should now be focused on future.
Hijazi suggested to form a Chairmen’s Committee consists of chairmen’s of all three stock exchanges to deliberate upon and drive the implementation of a broader vision for Pakistan’s capital market going forward.
It is pertinent to mention that 2014 proved to be a year of growth and exuberance for the Pakistani capital market. During the year, the KSE-100 index gained 6,870 points, generating a handsome return of 27 per cent.
