KARACHI: In a welcome development for Pakistan Stock Exchange (PSX), the Federal Minister for Finance & Revenue, Shaukat Tarin visited the Stock Exchange on Friday (Aug 20). He was accompanied by Dr. Waqar Masood Khan - Special Assistant to the Prime Minister and Asim Ahmad - Chairman, FBR.
The minister was received and welcomed by the PSX Chairperson Dr. Shamshad Akhtar. The Govt representatives held talks with the Managing Director of PSX, Board Members and Capital Market stakeholders regarding matters related to the Capital Market and its development. The Capital Market participants included Arif Habib - Chairman, Arif Habib Group; Aqeel Karim Dhedhi - Chairman AKD Group; Jahangir Siddiqui - Chairman, JS Group; Adnan Afridi - MD, National Investment Trust Limited; Dr. Amjad Waheed - MUFAP Chairman and top management of CDC and NCCPL.
In the meeting, PSX Chairperson Dr. Shamshad Akhtar apprised the Finance Minister about the recent progress made by PSX. The Chairperson thanked the Federal Finance Minister for easing the tax regime for the investors and brokerage industry in the last budget as it was a welcome respite for the capital market.
With respect to the development of the capital market, she put forward recommendations and tabled matters which needed attention and focus of the Finance Ministry to make the capital market synchronized and better integrated with the financial markets. The Chairperson PSX outlined the need for Government support in several areas such as empowering PSX to play a role in imparting flexibility in revenue raising, forming a large enough Centralized Customers Protection Fund (CCPF), and encouraging commercial infrastructure to leverage capital markets for both equity and debt retirement etc. While speaking on the occasion, MD PSX, Farrukh Khan thanked the Federal Minister for paying heed to PSX's recommendations regarding budgetary proposals and for visiting PSX and said, "We look forward to the Federal Govt's support to PSX in realising its full potential and are confident of positive response from the Finance Ministry in this regard."
While welcoming the Federal Minister for Finance and Revenue, the PSX Director representing the Chinese Consortium, Mr. You Hang, stated, "We are very honoured to have you with us at PSX and we wish you the very best in guiding Pakistan's economy on a sustainable growth path". He added, "The Chinese Consortium strongly believes that Pakistan, as a country and an economy, has great potential and we are committed to play our part in helping realise that potential."
Finance Minister Shaukat Tarin, addressing the participants at the meeting, briefed them about the overall progress of the economy and said, "The economy is recovering, with revenue collection 40% above last year." Regarding the Government's plans to augment the economy and enhance the capital markets, the Federal Minister stated, "We will consolidate industry through CRA to create scale. We are working on reforming the SOEs and those SOEs which have sufficient cash available will be encouraged to pay dividends and that will help increase value of PSX." He apprised the participants that the government is focusing on IT & software exports and encouraging start-ups. He further elaborated that the Ministry is encouraging banks and DFIs to work together with capital market entities. "I am extremely happy with the progress made by PSX," the Finance Minister added.
The Finance Minister affirmed to review the proposals and recommendations of PSX and expressed his willingness to expedite PSX tax refunds, re-instate tax rebate for companies upon listing, support SMEs growth through listing and funding capital market development. The Minister affirmed that he will continue visiting PSX on quarterly basis to evaluate the development and progress of the capital market and follow through for successful implementation.-PR
Copyright Business Recorder, 2021
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