Regulatory institutions: PBIF against appointment of representatives of 'brokers mafia'

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that practice of appointing representatives of "brokers mafia" against important posts in the regulatory institution should be discouraged. Expressing satisfaction over re-entry of Pakistan stock market in the Emerging Markets classification, he said the return to the index after a gap of eight years is huge accomplishment which has resulted in sharp and abrupt upward climb of stocks and strengthened hopes of large-scale foreign investor interest in the near future, he added.
He said that the credit of re-entry goes to the efforts of Finance Minister Ishaq Dar who was trying for it since long. The powers of regulatory institution must be increased while the ability of incompetent brokers mafia to manipulate rise and fall of market must be broken down so that local and foreign investors can invest with confidence in a transparent environment, there must be some mechanism to differentiate good and bad brokers, he demanded. He said that after every crisis in the stock exchange a new bank has emerged on the economic landscape of Pakistan which must be probed as many investors are still running from pillar to post to get their money lost to corrupt brokers.