Farrukh H. Sabzwari has been appointed Chief Executive Officer (CEO) of the Pakistan Stock Exchange Company Limited (PSX) for three years.

The PSX shared the development in a notice to the exchange on Tuesday.

“Following our previous announcement dated August 29, 2024, please be informed that upon recommendation of the Board of Directors of Pakistan Stock Exchange Limited (PSX), the Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of Farrukh H. Sabzwari as the Chief Executive Officer (CEO) of PSX for a period of three years, in terms of the Securities Exchanges (Licensing and Operations) Regulations, 2016,” read the notice.

It added that Sabzwari will assume office as PSX’s CEO on November 18, 2024.

Sabzwari, a former chairman of the SECP, has spent over 25 years in the investment banking business in senior management positions both within Pakistan and abroad.

He has previously served as CEO and MD of KASB Securities (local partner of BoA Merrill Lynch); BMA Capital and Country Head for CLSA Emerging Markets in Pakistan.

Sabzwari has capital market certifications from various jurisdictions, including Singapore, Indonesia, and NY, and he is an alumnus of the IBA in Karachi, where he graduated with an MBA in December 1992.

In July, it was announced that Farrukh H Khan resigned from the position of CEO of PSX to “pursue other opportunities”, nearly a year and a half before his tenure was set to end.

Later on, it was learnt that Farrukh would join telecom operator Jazz as its Chief Financial Officer (CFO).

Following Farrukh’s resignation, the BoD of PSX appointed Nadeem Naqvi, a Shareholder Director, as the interim CEO of the company in August.