Management of the Karachi Stock Exchange (KSE) has appointed Nadeem Naqvi as managing director of the country’s largest bourse. News about the possible appointment of Naqvi was broken by Pakistan Today over a fortnight back on April 08 after the KSE’s board meeting had finalised and sent the name of AKD Securities’ former Chief Executive Naqvi to the Securities and Exchange Commission of Pakistan (SECP) for approval.
Naqvi has replaced the acting Managing Director Haroon Askari who, the sources said, would be retained at the KSE by creating a new slot of deputy managing director. The decision about Naqvi was taken by the KSE Board of Directors and was duly approved by the regulator, SECP, said a KSE statement issued on Wednesday.
It said that Naqvi had been appointed for a term of three years, commencing from the date of his joining and is expected to assume his responsibilities in the middle of the next month. Naqvi, it said, was holding the degrees of MBA Finance and BSc (Hons.) Banking and International Finance from United Kingdom and had also attended various courses and certification programs.
He brings with him a rich work experience of over 28 years in financial services industry operating in diverse environments of Middle East, North America and Europe besides that of Pakistan. He carries a proven track record of establishing successful business organisations and turning around mediocre or dormant ventures into vibrant units.
His last assignment, before joining Karachi Stock Exchange, was as the Chief Executive Officer of AKD Investment Management Limited. Earlier, he was involved in setting-up a brokerage house for overseas investors.
He has also served as Chief Executive Officer of AKD Securities Limited which he was able to transform from a proprietary business into a full-scale investment banking and brokerage firm and in the process, gained company’s recognition as the best domestic brokerage house for two consecutive years. Under the banner of AKD, he served as Chairman of the first technology venture capital fund of Pakistan.
Market analysis and research has been the hallmark of Naqvi’s career. He has led an independent investment research firm in USA which was ranked in 2004 as the third best out of 300 research firms in North America, before which he headed the Merrill Lynch Pakistan research team. Naqvi was also the Head of Research of the advisory company of Morgan Stanley Asset Management’s Pakistan Investment Fund and, prior to that, worked at BMA Capital Management Limited as Head of Research.
The Board of Directors and management of the Exchange expect that, under the leadership of Naqvi, the Karachi bourse would achieve new milestones and prosper to become one of the leading and advanced bourses of the world.
