The Chairman of Securities and Exchange Commission of Pakistan (SECP) Zafar Abdullah Thursday said that Pakistan Stock Exchange (PSX) enjoys a sound footing and in case of a growth in the market it will be a success both for the stakeholders and the SECP. This he said while talking to TREC Holders during his visit to PSX. He also had meetings with members of the Board of Directors of PSX, market participants and senior stakeholders.

The Chairman SECP announced to form a task force to resolve all the issues on war-footing. Zafar said that it is the desire of SECP that pre-emptive controls are in place which will avoid the need to impose any penalty. With regard to non-representation of TREC Holders on the PSX Board, he said that there is a need of a vibrant Brokers'' Association of TREC holders, which would raise all their issues directly with the SECP.

He also addressed the TREC Holders of PSX, responded to their queries and participated in Gong Ceremony by striking closing trading bell. In the meeting with PSX Board, Arif Habib, representing the Chairman-PSX, welcomed the Chairman-SECP and his team at the Exchange.

Arif Habib enumerated various issues which are contributing to decline of capital market and expressed his confidence that SECP would be able to resolve these issues, as its Chairman has past extensive exposure to capital market. He emphasized that capital market improvement is in the interest of Government as well as other stakeholders to boost economic activity.

On this occasion, You Hang, officiating Managing Director of PSX, while giving an overview of past and present performance of PSX, presented various recommendations for the market development. Other stakeholders present at the meeting also expressed their views on different matters concerning the market and suggested various measures to bring improvement in capital market.

The Chairman SECP, while agreeing with most of the suggestions, extended full support of Commission to PSX and assured to do his best for implementing these suggestions. He said that the Brokers'' Association, which is a representative body of TREC Holders, has a very vital role to bring to the information of SECP various issues requiring action on the part of SECP, while the PSX Board should act as a front-line regulator. After meeting the Board of Directors of PSX and other market stakeholders, the Chairman-SECP and his team attended a meeting with TREC Holders in the PSX Trading Hall.

Arif Habib welcomed the SECP-Chairman along with his team and the TREC Holders. He said that Chairman SECP has listened to all the issues concerning the market and assured to provide necessary support in this regard. Arif Habib pointed out various matters which were discussed and SECP''s positive response thereto.

Copyright Business Recorder, 2017