Capital markets can turn into regional hubs: SECP
Chairman says new bourse will pool investments to fund long-term projects
Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi addressing inaugural ceremony of Abbottabad Sarmayakari Markaz. PHOTO: ONLINE
ISLAMABAD:
Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi has said Pakistan’s capital markets are capable of being developed as regional hubs for investments.
Speaking after inaugurating the Abbottabad Sarmayakari Markaz on Thursday, Hijazi said the merger of three stock exchanges of the country to create the Pakistan Stock Exchange would strengthen the stock market, according to a statement issued by the SECP.
The consolidation of stock exchanges, he believed, would provide a platform for pooling investments to fund long-term infrastructure projects in order to assist the development of national economy. An increased capital market outreach would support sustainable growth and improvement in the existing level of financial inclusion, he said.
About the establishment of the Sarmayakari Markaz, he stressed that equal opportunities of savings and investment would be available to the people of Abbottabad as available to the citizens of metropolitan cities.
Twelve entities including six asset management companies, two brokerage houses, a bank, the Central Depository Company (CDC) and the Karachi Stock Exchange will open their branches and offices in this Abbottabad hub. “These will enable investors to benefit from their services at a single place,” he remarked.
The SECP has also established its service desk at the Sarmayakari Markaz which will provide assistance for company registration and e-services. The benefits of the overall performance of the capital market must trickle down to the common man and for this purpose they should be engaged, Hijazi suggested.
This capital market business hub will be effective for this purpose since Abbottabad is the most prominent among second-tier cities and is at the centre point of the Hazara belt providing access to other cities of the region such as Balakot, Haripur and Mansehra.
He pointed out that the SECP intended to establish such Sarmayakari centres in other areas such as Sialkot, Mirpur, Dodhial and other such cities.
Speaking on the occasion, CDC Chief Executive Officer Muhammad Hanif Jakhura recalled that the SECP chairman had floated the idea of capital market business hub during his visit to the CDC.
He constituted a committee for increasing collaboration among the capital market entities for the sole purpose of enhancing investor awareness and outreach to investors.
The CEO said the committee had prepared and presented a report based on various recommendations, one of which was the setting up of capital market business hubs in cities that were primarily categorised as second-tier and third-tier with emerging small enterprises and growing savings.
Published in The Express Tribune, November 13th, 2015.
Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi has said Pakistan’s capital markets are capable of being developed as regional hubs for investments.
Speaking after inaugurating the Abbottabad Sarmayakari Markaz on Thursday, Hijazi said the merger of three stock exchanges of the country to create the Pakistan Stock Exchange would strengthen the stock market, according to a statement issued by the SECP.
The consolidation of stock exchanges, he believed, would provide a platform for pooling investments to fund long-term infrastructure projects in order to assist the development of national economy. An increased capital market outreach would support sustainable growth and improvement in the existing level of financial inclusion, he said.
About the establishment of the Sarmayakari Markaz, he stressed that equal opportunities of savings and investment would be available to the people of Abbottabad as available to the citizens of metropolitan cities.
Twelve entities including six asset management companies, two brokerage houses, a bank, the Central Depository Company (CDC) and the Karachi Stock Exchange will open their branches and offices in this Abbottabad hub. “These will enable investors to benefit from their services at a single place,” he remarked.
The SECP has also established its service desk at the Sarmayakari Markaz which will provide assistance for company registration and e-services. The benefits of the overall performance of the capital market must trickle down to the common man and for this purpose they should be engaged, Hijazi suggested.
This capital market business hub will be effective for this purpose since Abbottabad is the most prominent among second-tier cities and is at the centre point of the Hazara belt providing access to other cities of the region such as Balakot, Haripur and Mansehra.
He pointed out that the SECP intended to establish such Sarmayakari centres in other areas such as Sialkot, Mirpur, Dodhial and other such cities.
Speaking on the occasion, CDC Chief Executive Officer Muhammad Hanif Jakhura recalled that the SECP chairman had floated the idea of capital market business hub during his visit to the CDC.
He constituted a committee for increasing collaboration among the capital market entities for the sole purpose of enhancing investor awareness and outreach to investors.
The CEO said the committee had prepared and presented a report based on various recommendations, one of which was the setting up of capital market business hubs in cities that were primarily categorised as second-tier and third-tier with emerging small enterprises and growing savings.
Published in The Express Tribune, November 13th, 2015.