Securities & Exchange Commission of Pakistan (SECP) Chairman Muhammad Ali has said that market development, investors' confidence and international standards are the roadmap for future growth of Pakistan's capital market in the years to come. He said this during his first-ever visit to the Lahore Stock Exchange (LSE) on Tuesday since his taking charge of the apex regulatory body.
Muhammad Ali met the newly formed Board of Directors, members and the management of the Exchange to discuss various matters of mutual interest. He congratulated the Board of Directors on their appointment. He also congratulated Aftab Ahmed Khan, on his recent election as the Chairman of LSE and expressed hope that the diversified leadership of the Directors coupled with a forward looking management will not only be able to take LSE through these turbulent times but will also contribute to the growth of Capital Market in general and the LSE in particular.
Muhammad Ali emphasised that the SECP was in the process of changing its approach from being just a regulator to become a facilitator for Exchanges & Corporate sector as well. Sharing his vision, he stressed upon the need of capital market development, restoration of foreign & local investors' confidence and adoption of international standards & best practices as the way forward for the capital markets in Pakistan. He highlighted various steps taken by the SECP in this regard. He encouraged the Board & the management to take steps in these directions in the interest of the market as a whole. He announced the revival of Co-ordination Committee of Stock Exchanges & the SECP with the purpose of taking co-ordinated steps for Capital Market's growth.
Aftab Ahmed Chaudhry, MD/CEO of Lahore Stock Exchange gave a comprehensive presentation on the trends being witnessed in the global exchange industry and the current state of affairs at the LSE. He highlighted LSE's past role in marketplace innovation and gave an overview of the Exchange's future strategic roadmap and some of the initiatives currently being pursued by the Exchange.
Aftab welcomed the appointment of Muhammad Ali as Chairman SECP and assured him of concerted efforts to implement his vision. The Chairman was presented with a memento at the end by the Chairman LSE to commemorate his first visit to the Exchange. Ms Musarrat Jabeen, Director (SROD) also accompanied SECP Chairman during the visit.