SECP cautions: ‘Media comments could discourage investors’

Says concept of self-regulatory organisation being introduced

KARACHI: Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi said on Monday any kind of “unwarranted statements” in the media that could dampen investor confidence should be discouraged.

In a meeting with stock brokers at the Pakistan Stock Exchange (PSX), Hijazi said the concept of self-regulatory organisation was being introduced through the SECP Amendments Act for the establishment of a federal-level stock brokers’ association to provide the brokers with a platform for the protection of their rights, according to a statement. Media persons were not allowed to attend the meeting.

Hijazi told the brokers that the SECP and the PSX shared the vision of a robust and competitive capital market, which would help make Pakistan the choicest investment destination in the region.

He mentioned the improvement in compliance with global benchmarks and the recent inclusion of Pakistan in the Annual Market Classification Review by the MSCI for potential reclassification to the MSCI Emerging Markets, which bore extreme importance for the Pakistani economy and investment prospects.

The SECP chairman said a revised regime for securities brokers was being drafted with a view to ensuring continuity of business for existing brokers with minimum disruption.

He said the SECP was engaged with the federal government and tax authorities for introducing fiscal reforms for the capital market. Hijazi said investor protection was the key aspect of the SECP’s reform agenda.

Published in The Express Tribune, April 26^th,  2016.

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