ABBOTTABAD, November 12: The Chairman, Securities and Exchange Commission of Pakistan (SECP) Mr Zafar Hijazi has said that Pakistan’s capital markets are capable enough to be developed as regional hubs for investments.
He stated this while inaugurating the Abbottabad Sarmayakari Markaz in the city on Thursday.
In his key note address, he said that the merger of three stock exchanges to form Pakistan Stock Exchange will strengthen country’s stock market. 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.
He said that increased capital market outreach will support sustainable growth and improvement of existing level of financial inclusion. He said that with the establishment of Sarmayakari Markaz, equal opportunities of savings and investment will be available to the people of Abbottabad as available to citizens of metropolitans.
Twelve entities, including six asset management companies (AMCs), two brokerage firms and a bank along with CDC and Karachi Stock Exchanges will open their branches in Abbottabad’s hub. This will enable investors to benefit from the services of the aforementioned entities in a single place. The SECP has also established its service desk in the Abbottabad Sarmayakari Markaz that will provide assistance in company registration and E-services.
He said that the overall performance of the capital market must trickle down to the common man and for this proposes they need to be engaged. The CMBH in Abbottabad will be effective for this purpose. Since Abbottabad is the most prominent of second tier cities and is at the centre point of the Hazara belt enabling access to other cities of the region such as Balakot, Haripur, Mansehra etc. he said that the SECP intends to establish such Sarmayakari Markaz in other areas such as Sialkot, Mirpur, Dodhyial and such other cities.
Addressing the ceremony, the Chief Executive Officer CDC said that the idea behind the Capital Market Business Hub was conceived by the SECP chairman, Zafar Haq Hijazi on his visit to the CDC.
He formed a committee for increasing collaboration between capital market entities for the sole purpose of enhancing investor awareness and outreach to investors and he was appointed as the convener of the said committee. He said that the committee developed and presented a report on various recommendations one of which was Capital Market Business Hub being established in those cities which are primarily second tier and third tier with emerging small enterprises and growing savings.
The Abbottabad Sarmayakari Markaz, inaugurated by the SECP Chairman Zafar Hijazi is the first in series of CMBHs. The SECP is continuously focusing to promote fair, transparent and efficient capital markets in line with international best practices.