On behalf of the Securities and Exchange Commission of Pakistan (SECP), I would like to felicitate the Business Recorder on bring out a special report on The Role of Capital Markets in the Economic Development of Pakistan. Timing of this special report corresponds well with the on going budget making exercise and should provide wider stakeholders views on key economic issues being faced by the country for the consideration of policy makers.
I would also like to take this opportunity to highlight the SECP's commitment towards development of the capital market in Pakistan as fair, transparent and efficient market place for capital formation. The roadmap for future envisaged by the SECP lays great emphasis on growth and development of all the key pillars of the capital market like debt market, equity market, commodities exchange, insurance sector, mutual fund industry and non banking finance companies. Apart from revamping existing and bringing new regulatory frameworks, focus would be to strengthen the capital base of market intermediaries, introduce new derivative products to increase market depth and provide investors with alternative investment avenues, and expand outreach of non bank financial products.
The SECP is fully cognisant of the importance of capital market in capital formation and economic development of Pakistan. In collaboration with the stakeholders, efforts will be made for incentivizing the corporate sector and encouraging companies with large capital base and expansion needs to list through various debt and equity instruments.
Steps are also being taken by the SECP to develop and roll out a comprehensive investor education and awareness program which would help in expansion of non bank financial products to masses. I am hopeful that this report will provide the stimulus to the investment climate by highlighting key policy issues.