Capital market: PSX, IFMP sign MoU with CISI for development of human resources

KARACHI: The Pakistan Stock Exchange (PSX) and Institute of Financial Markets of Pakistan (IFMP) signed a Memorandum of Understanding (MoU) with Chartered Institute for Securities & Investment (CISI) UK, marking a landmark agreement amongst the three organisations for the development of capital market’s human resource.

PSX and IFMP, under the guidance of Securities and Exchange Commission of Pakistan (SECP), initiated this effort which focuses on training and upgrading the skill-sets of the human resources engaged in the capital markets that will enable market intermediaries to provide enhanced quality of services to their clients and augment investor confidence.

CISI is a globally recognised not-for-profit organisation and a professional body for financial services practitioners within the securities and investment industry.

IFMP is Pakistan’s first securities market institute, which has been established as a permanent platform to develop quality human capital, capable to meet the emerging professional knowledge needs of financial markets and create standards among market professionals.

Speaking at the signing ceremony, the MD and CEO of PSX, Farrukh Khan, stated: “I congratulate the PSX and IFMP teams for initiating and formalising this extremely useful MoU between PSX, IFMP and CISI.

The MoU lays down a framework of objectives among the three organisations with the shared vision to build capacity, skills, and integrity in Pakistan’s capital markets”.

He further stated: “Bringing together both the parties to the agreement, CISI and IFMP, and introducing the widely recognised qualifications awarded, by both the organisations, such as Certificate in Securities (Pakistan) and International Certificate in Wealth & Investment Management (Pakistan), will not only benefit the sales persons, traders and investors but also the capital market as a whole.

This shows PSX’s commitment to its role of being a frontline regulator that is progressive and which aims to continuously improve market participant experience across all asset classes and offerings available at PSX.”

Kevin Moore Chartered FSCI, Director of Global Business Development, CISI said: “This is a shared vision from the PSX, IFMP and the CISI aiming to build capacity, skills and integrity in the Pakistan financial markets and bring confidence to foreign investors.

CISI’s technical qualifications are portable and offer individuals an opportunity to achieve a global qualification combined with local applicability through IFMP.

It is a true collaboration with CISI and IFMP putting forward one examination that will form a key component for the new certifications. I am delighted to partner with the PSX and IFMP and demonstrate the CISI’s commitment and support to aspiring practitioners in all markets.”

Present at the ceremony were Asma Hamid, Chairperson IFMP, Mobashar Sadik, CEO IFMP, Jawad Hashmi, General Manager PSX and Board Member IFMP, Bilal Zardi, Secretary General, Pakistan Stock Brokers Association, senior officials from CISI UK and Pakistan, as well as senior officials of the SECP.

Copyright Business Recorder, 2023