Morgan Stanley Capital International (MSCI) would take a feedback from the end users as Pakistan wants the world’s leading provider of market indices to restore its status as an emerging market in the wake of comprehensive reforms Islamabad has recently introduced.
Karachi Stock Exchange (KSE), Managing Director, Nadeem Naqvion told the reporters here at KSE that a KSE delegation was due to meet the MSCI Board of Directors on September 3 in London to upgrade Pakistan’s capital market’s status from frontier to emerging markets
The said meeting was held as per schedule at the MSCI London-based office and concluded on a positive note.
Led by KSE Chairman Munir Kamal, the KSE delegation comprised MD Nadeem Naqvi Central Depository Company of Pakistan, CEO, Muhammad Hanif Jhakura, KSE Deputy Managing Director Haroon Askari and other market participants.
According to the KSE, the delegation updated the MSCI on the demutualization of the stock exchanges in Pakistan, structural changes and comprehensive reforms in regulatory framework, risk management and operations of the exchange.
The delegation also highlighted underlying signs of economic stabilization in Pakistan, change in monetary policy stance, centralization of Capital Gain Tax (CGT) at National Clearing Company of Pakistan and implementation of KYC and anti-money laundering regulations in the stock brokerage industry.
It specifically accentuated the steps taken by the government including the 18th Amendment and the improvement in trade relations between Pakistan and India to accelerate development of bilateral business and investment between the two countries.
