Mohammad Arshad Islamabad
The Capital Market Advisory Council (CMAC), Monday, held the first meeting of the Capital Mar-ket Advisory Council (CMAC) here and decided to form a Coordination Committee for smooth imple-mentation of the TORs.
Coordination committee will comprise members from Securities and Exchange Commission of Paki-stan (SECP), State Bank of Pakistan (SBP), Pakistan Banking Council, commercial markets, legal coun-sel and an expert on Islamic Banking in the Coordi-nation Committee for a comprehensive stake-holder’s feedback.
The Capital Market Advisory Council was estab-lished (CMAC) in April 2020 under the Capital Market Development Plan (CMDP). In the maiden meeting, the Secretary Finance briefed the members of the Council that the purpose behind the Capital Market Advisory Council (CMAC) was to introduce reforms in the capital markets in the country.
CMAC met here with Finance Minister Shaukat Tarin in the chair and decided that SECP shall be the secretariat of the Coordination Committee and Chairman SECP shall be the head/secretary of the Coordination Committee.
It was agreed that the Coordination Committee shall meet once in every month and send its recommendations for review to the Apex committee of the CMAC that will issue directions to SECP and other relevant stakeholders for final implementation.
SAPM on Finance and Revenue Dr. Waqar Masood, Secretary Finance Division, Chairman SECP Aamir Khan, Chairman HBL Sultan Ali Allana and other senior officials participated in the meeting. Gover-nor State Bank of Pakistan Reza Baqir joined through a video link.