KARACHI: The Board of Directors of Pakistan Stock Exchange (PSX) has renewed the term of Farrukh H Khan as Chief Executive Officer (CEO) for the next three years, commencing from February 4, 2023.

According to PSX notice, the term of Farrukh H Khan as CEO of PSX, which commenced on February 24, 2020, expired at the close of business day of February 23, 2023.

“PSX’s Board of Directors has accordingly renewed the term of Khan as CEO for the next three years, commencing from February 24, 2023, with approval of the Securities and Exchange Commission of Pakistan (SECP) in terms of the applicable requirements,” the PSX notice said.

Farrukh H Khan joined PSX in February 2020 at the time when Covid outbreak took place in Pakistan. But he successfully managed and steered the company through the pandemic. He had a hands-on approach in preparing all procedures and back-up activation and readiness in that period of emergency.

He engaged market participants and made efforts to ensure market remains open even during the lockdowns. The result of his leadership role and that of the PSX Board including the PSX team was that PSX, other SROs and market participants functioned seamlessly during the pandemic.

PSX activated the IPO window after a hiatus of 18 months under his leadership. The Growth Enterprise Market (GEM) Board was introduced during his tenure and three companies have been listed on the GEM Board so far. Debt market makers were signed on and activated.

PHL Sukuk II worth Rs 200 billion was issued through the exchange as a landmark achievement through the first ever book building initiative of its kind which led to a huge saving for the government.

MD PSX took measures to digitise the Exchange. The Online Account Opening, EIPO, and Sahulat Account facilities were introduced. The digitisation of listing processes took place through the online portal called PRIDE (Public Offerings Revolutionized through an Integrated & Digitized Experience) and a webpage called Public PRIDE.

A major milestone achievement is the Roshan Equity Investment account facility launched in liaison with State Bank of Pakistan and leading banks to facilitate Non-resident Pakistanis to invest in the capital market of Pakistan.

Regulatory framework improvement and enhancement was carried out to keep it contemporary. Moreover, Investor Protection provisions were enhanced. KYC sharing was also initiated during this time.

Copyright Business Recorder, 2023