Islamabad November 16 2023: The Ministry of Finance has established a committee, comprising experts from the financial sector, to finalize the modalities for issuing and trading government securities on the Pakistan Stock Exchange (PSX).
The Committee, led by the Chairman of the Securities and Exchange Commission of Pakistan (SECP), Akif Saeed, is tasked with developing the overall infrastructure, including the necessary systems and processes, ensuring operational efficiency, transparency, and readiness for the issuance, registration, trading, and transfer of government debt securities through PSX, as stated in a news release.
The Committee will operate in a manner that instills investor confidence and addresses prevailing operational challenges. It will review and evaluate the operational capabilities of PSX, CDC, and NCCPL, along with the available infrastructure and trading systems for issuing, registering, and transferring government debt securities.
Moreover, the Committee will collaborate with all stakeholders, including the Ministry of Finance, SBP, SECP, and PSX, to seamlessly integrate existing practices, ensuring market integrity and investor protection in trading Government Debt Securities (GDS) at PSX.
Additionally, the Committee will develop proposals for the introduction of an efficient surveillance mechanism and risk management system, proposing necessary changes in the regulatory framework.
The other members of the Committee 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.