Chairman SECP, Tariq Hassan paid a visit to the National Commodity Exchange Limited (NCEL) on Friday. During the visit, the SECP chief held a meeting with the directors and management of the NCEL to review and assess the progress of the exchange in the past one-year, a SECP's press release said.
NCEL managing director, Assim Jang on the occasion briefed the Tariq Hassan about the progress of the exchange and made a presentation in this regard.
The SECP chairman commended the Ex-chairman, Salim Chamdia and NCEL MD, Assim Jang for their collective efforts and contribution in providing the NCEL a sound foundation for its smooth take-off.
He appreciated the overall progress the NCEL has achieved in a short span of time and particularly praised its modern systems, risk management infrastructure and the young and talented team of professionals.
Tariq Hassan hoped that the NCEL Board and its management would continue to work together harmoniously to achieve the expeditious development of a fair and transparent commodities market in Pakistan.
He stated that the SECP wants the NCEL to play a role of an effective frontline regulator in bringing the required discipline in the market place.
The SECP chief expressed the need for training of members of the NCEL and further emphasised the need to increase awareness of the investors including public at large, prior to commencement of its operations. For this purpose, he advised the board and management of the NCEL to expeditiously take all the steps necessary for educating the public about commodity future contracts, suggesting the exchange should organise seminars in various parts of the country in this regard.