Staff Reporter
Karachi
Pakistan Stock Exchange (PSX), Mutual Funds Association of Pakistan (MUFAP) and the Capital Market entities and participants are appreciative of the Ministry of Finance, the Director General (Debt), DPCO, Finance Division, Government of Pakistan and Securities and Exchange Commission of Pakistan (SECP) for carrying out long overdue Capital Market reforms.
Pakistan Stock Exchange and MUFAP feel greatly encouraged by the initiatives and reforms undertaken recently for Capital Market development. This demonstrates the commitment shown by the Government of Pakistan, Ministry of Finance and Securities and Exchange Commission and its Policy board towards development of Capital Markets.
The recent initiatives and reforms include, but are not limited to, the discontinuation of institutional investment in National Savings Scheme in line with international best practices, regulatory amendments for launch of ETFs, revamping of the REIT Regulations, reduction in annual monitoring fees for mutual funds and pension funds, the removal of tax anomalies for the mutual funds industry, book building of the PHL Energy Sukuks through competitive book building at the PSX platform in line with international best practices and the expansion in allowable expenses on mutual funds.
Farrukh H. Khan, MD Pakistan Stock Exchange, felicitating the Government on this step, said, “We appreciate the Ministry of Finance, SECP and Debt Office for starting the reform of NSS”. He further stated, “NSS is ultimately a scheme for the individual and vulnerable members of the society and it is best invested in by these citizens.
The reform process initiated will enable the GoP to help such citizens better, while reducing the cost and managing the maturity of such debt with greater certainty.”
Ms. Maheen Rahman, Chairperson, MUFAP, appreciating the initiatives taken by the Government and Regulators stated, “the recent changes in various regulatory requirements will greatly help the mutual fund industry gain a wider footprint across the country. The mutual funds industry stands ready to grow, expand and dedicate our collective efforts and resources towards the establishment of a wider presence of investment through mutual funds which will help contribute towards increasing the savings rate and expansion of capital markets in the country”.
