The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Karachi Stock Exchange (KSE) and National Clearing Company of Pakistan (NCCPL), organized an “Investors’ Feedback Programme” in the metropolis. The programme was attended by representatives of all major capital market intermediaries including brokers, mutual funds, insurance companies, banks, development finance institutions (DFIs) and corporate pension funds and major brokerage houses. It was held to seek feedback of these entities on measures required to build investors’ confidence and increase investor participation in the capital market activities. The organisers highlighted key institutional reforms introduced in the capital market that have significantly reduced market risk, added transparency, and enhanced transactional efficiency. The program proved instrumental in brainstorming ideas and steps needed to be taken in various segments of the capital markets both primary and secondary. The participants deliberated upon suggestions floated in relation to improving activity in various stock market products bringing-in liquidity, expanding the outreach of the market to the masses for increasing the retail investor base and various fiscal reforms needed for creating level playing field. Measures were also discussed for improved governance at capital market intermediaries and institutions, including internal workings at these entities, greater operational efficiency, enhanced risk management, combating market abuse, investor protection and awareness and encouraging new listings though reforms in the initial public offering and book building processes etc. The participants appreciated the initiative of investor forum and termed it as a right step in the right direction. The feedback from the meeting would be discussed with the capital market infrastructure institutions to transform the suggestions into practical steps and carry out requisite regulatory reforms for facilitating the capital market participants.
