ISLAMABAD: The Ministry of Finance has formed a committee, comprising experts from the financial sector, to finalise the modalities for the issuance and trading of government securities on the Pakistan Stock Exchange (PSX).

The Committee, headed by the Chairman, Securities and Exchange Commission of Pakistan (SECP), Akif Saeed, is mandated to develop the overall infrastructure, including the required systems and processes with sufficient operational efficiency, transparency, and readiness for the issuance, registration, trading, and transfer of government debt securities through PSX.

The Committee will work in a manner that instils investor confidence and addresses prevailing operational challenges.

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The Committee will review and evaluate the operational capabilities of PSX, CDC, and NCCPL and the available infrastructure and trading system for the issuance, registration, and transfer of government debt securities. It will collaborate with all stakeholders, including the Ministry of Finance, SBP, SECP, and PSX, to provide a seamless integration of existing practices to ensure market integrity and investor protection in trading GDS at PSX.

The Committee will also develop proposals for the introduction of an efficient surveillance mechanism and risk management system and propose necessary changes in the regulatory framework.

The other members of the Committee included Mohsin Mushtaq Chandana, Director General Debt, Finance Division; Muhammad Ali Malik, Executive Director, SBP; Abdul Rehman Warriach, Commissioner SECP; Farrukh Khan, CEO PSX; Baddiudin Akber, CEO Central Depository Company; Muhammad Luqman, CEO National Clearing Company of Pakistan; Risha Moyudin, Treasurer HBL; Muhammad Ismail Usuf, Treasurer National Bank of Pakistan; Ahmed Ali Siddiqui, Group Head, Shariah Compliance, Meezan Bank; Asif Qureshi, CEO Optimus Capital Management; and Yasir Qadri, CEO UBL Fund Managers Limited.

Copyright Business Recorder, 2023