World Bank Mission visits Islamabad Stock Exchange

Islamabad, December 12, 2012 (PPI-OT): A World Bank Mission comprising its two Members Ms. Sau-Ngan Wong and Ms. Sarwat Aftab visited Islamabad Stock Exchange (ISE). The purpose of the visit of the Mission was to access recent developments in the financial sector with a focus on consumer financial protection and financial literacy (CPFL) in Pakistan.

The Mission was apprized about the recent development in the stock markets in general and ISE in particular including corporatization and demutualization, investors protection, complaints handling mechanism, trading activities, risk management and regulatory amendments in pipeline.

Syed Mukhtar Hussain Jaffery, Chairman of Demutualization Committee and former Director ISE gave a detailed over view of the regulatory framework of ISE particularly in demutualized scenario and investors protection. He apprized about the process of corporatization and demutualization of the ISE and strategic transfer of shares.

Replying to various queries of the members of the Mission, Mr. Jaffery stated that ISE was maintaining Investor Protection Fund as well as Settlement Protection Fund to safeguard the interest of the investors and smooth settlement of trades.

In view of high potential and bright fundamentals, ISE expects good response from strategic investors. As regards the consumer protection, ISE is confident that it is achieving its desired level of contribution working as frontline regulators. The stock market awareness campaign initiated by ISE is proving very beneficial for the investment community as a result investors base is expanding, he added.

The Members of the Mission were of the opinion that keeping in view the given circumstances the consolidation of the markets will be befitting course for all stakeholders and the country. The Mission appreciated the efforts of ISE taken for creating awareness among the masses about the stock investments and rights of the investors available to them under the existing regulatory regime.

It may be noted that a technical mission of the World Bank comprising seven members is visiting different institutions to assess recent developments in the financial sector with a focus on consumer financial protection and financial literacy.

The mission, inter-alia, is in process of analyzing the legal, regulatory and institutional framework for CPFL in Pakistan, covering the banking, insurance, microfinance, and securities markets sectors. The mission will produce a technical report on CPFL, presenting the findings and recommendations of the Mission.

For more information, contact:
Islamabad Stock Exchange
ISE Towers
55-B, Jinnah Avenue, Islamabad, Pakistan
Tel: +92(51)111-473-473
Fax: +92(51)111-473-329

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