ACCA Pakistan organised a discussion forum on "Making capital markets work in Pakistan" in Karachi on Friday. The event was based on two research reports recently released by ACCA: "The Rise of Capital Markets in Emerging and Frontier Economies" and "Making capital markets work in emerging and frontier economies".
The first report reviews the academic literature on the development of capital markets, while the other is a collection of first-hand accounts and case studies from senior managers and professionals spearheading market development. Rehanuddin, Head of ACCA Karachi in his opening remarks welcomed all the participants and gave an overview of the published research reports.
Speaking about the fledgling capital markets in emerging and frontier economies, Rehan said: "Investors cannot be expected to assume the risk that comes with investing in what is often a novel and illiquid asset class without the best quality information possible; and they cannot be expected to participate in markets where crucial information remains private. This is why policymakers and the accountancy profession around the world have long championed the value of disclosure and assurance and must continue to do so."
The speakers at the forum included Imran Iqbal Panjwani, Executive Director SECP, Haroon Askari, DMD Karachi Stock Exchange, Fazal Hussain Gaffoor, CFO CDC and Badiuddin Akbar, COO NCCPL. Each of the speakers shared with the audience some very interesting case studies about what their organisation have done to play a part in the development of capital markets in Pakistan.
The purpose of this event was to provide a platform for discussion and debate on key issues and to provide policymakers, regulators, leading capital market institutions and accountants within the region an opportunity to share their experiences on some of the significant capital market reforms which have worked in Pakistan.-PR