SECP forum: Ideas shared to develop capital markets
Key market experts, industrialists and policymakers shared ideas on developing fair, transparent and efficient financial markets and a vibrant corporate sector at the first meeting of the Securities and Exchange Commission (SECP) Financial Markets and Corporate Sector Development Forum on Thursday in Karachi.
SECP Chairman Mohammad Ali while opening the session remarked that SECP recognises the need for developing vibrant markets, sectors and market players as well as for improving their capabilities and processes, according to a statement issued by the SECP.
The ideas and suggestions shared at the forum will steer SECP to be an effective regulator of the markets and contribute to the capital formation leading to the growth of the economy, he said. He stated that the guidance taken from the policy level of the SECP Forum will be implemented at the working level and would reflect in SECP’s actions in the near future.
The forum discussed various issues that hampered the growth and development of the markets and corporate sector in the country and have resulted in fragmentation in the markets. The issues identified range from the access to capital for the Small and Medium Enterprises (SME) sector and the outreach expansion of non-bank financial sector to the SME and rural areas of the country, development of second tier of financial institution after the banking sector, enhancing the investor base in the capital markets, implementation of an effective legal framework covering corporate rehabilitation, de-mutualisation of stock exchanges and future trading etcetera.
The need to work on corporate governance and restructuring of State-Owned Enterprises (SOE), was also emphasised by the participants.
Published in The Express Tribune, July 29th, 2011.
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