Dr Shamshad Calls For 5-year Roadmap For Capital Market's Development

KARACHI, (UrduPoint / Pakistan Point News - 19th Jun, 2018 ) :Caretaker Federal Minister for Finance and Economic Affairs Dr Shamshad Akhtar has directed the pakistan stock exchange (PSX) to form a committee to propose a five-year roadmap for the development of Pakistan's capital market.

The minister issued the directive during a visit to psx here on Monday where she held a meeting with representatives of PSX Board, management and senior market participants. The meeting discussed various issues related to capital market development and the amnesty scheme announced by the government for declaration of assets.

She said the participants that the amnesty scheme could not be extended beyond the June 30 deadline and that they should work diligently to maximize the amount of assets submitted under the scheme.

She clarified some issues relating to nominee accounts held at CDC and proposed that a committee, including the Ministry of Finance, State Bank of Pakistan, Federal Bureau of Revenue and private sector, make recommendations by June 21 to eliminate possible ambiguities and remove hurdles in implementing the scheme.

In her closing remarks, the minister offered her complete support for capital market development and sought cooperation from the business community to strengthen the country's economy.

She assured the participants that despite its limited mandate, the caretaker government would do its best to promote trade and industry.

Richard Morin briefed the participants about PSX and stated that it plays a central role in capital formation without which there can be no sustainable economic growth.

He said that PSX and the Government of Pakistan share a mission to work for the betterment of the life of people of Pakistan and to ensure that this country assumes its rightful place among the world's most important economies.

He also apprised of the ambitious strategic plan to modernize Pakistan's capital market and unlock its tremendous development potential, including launching new products like exchange traded funds and Sharia compliant products targeted at middle class as well as derivatives to broaden offering, developing the retail bond market, a national investor awareness and education program, acquiring world class trading and market surveillance system, streamlining the account opening and documentation process and improving investor protection.

Chairman PSX board Husain Lawai welcomed the Finance Minister and thanked her for taking time to visit PSX, even on holiday.

The event was attended by Commissioner (SMD)-SECP, members of PSX Board and Management, Senior Market Participants and CEO-CDC.

The participants expressed their gratitude to the minister and their full support for the caretaker government. The Chairman of the PSX Board of Directors thanked the minister for her visit to PSX and meeting with the Board members as well as market participants.