A delegation from Securities & Exchange Organisation of Iran, and Tehran Stock Exchange (TSE) visited Islamabad Stock Exchange (ISE) here on Monday. The delegation comprised Dr Ghasem Mohseni, Board Member and Deputy for Supervision on Financial Institutions, SEO, Mehrdad Farahabadi, Head of Bureau for Inspection of Financial Institutions, SEO and Mohammadreza Arabi, Board Member and Deputy for Issuance, TSE.
The Chairman ISE Muhammad Rashid Zahir said that both the countries might explore ways and means to strengthen economic co-operation particularly in the field of capital market.
Thereafter, Managing Director Mian Ayyaz Afzal gave a detailed presentation on ISE affairs and initiatives taken by the Exchange. He also explained about the composition of the Board and other impacts of demutualisation on the ISE and the capital market of Pakistan. Afzal explained implementation mechanism of code of corporate governance for listed companies, and also highlighted the sophisticated features of Islamabad Electronic Exchange System as developed by the Exchange in the recent past.
Chairman Demutualisation Committee Syed Mukhtar Hussain Jaffery replied to the queries of the visiting delegates about the capital market in general and ISE in particular. The Chairman briefed about the role and performance of credit rating companies in Pakistan.
Jaffery explained the criteria for strategic investor, as outlined in the demutualisation regulations. In order to enhance the business co-operation including possibility of cross boarder listing and trading, the representatives of two exchanges also discussed the possibility of signing memorandum of understanding. The Chairman ISE assured the visiting delegation of full co-operation and vowed to work more closely for mutual benefits.