ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin chaired the first meeting of the Capital Market Advisory Council (CMAC), which was established to introduce reforms in the capital markets in the country.
According to press statement issued by the finance ministry, Special Assistant to Prime Minister on Finance and Revenue DrWaqar Masood, Secretary Finance Division, Chairman Securities and Exchange Commission of Pakistan (SECP) Aamir Khan, Chairman HBL Sultan Ali Allana and other senior officials participated in the meeting.
Governor State Bank of Pakistan (SBP) Reza Baqir joined through a video link, the statement added. Capital Market Advisory Council was established (CMAC) in April 2020 under the Capital Market Development Plan (CMDP).
In the maiden meeting, the secretary finance briefed the members of the Council that the purpose behind the Capital Market Advisory Council (CMAC) was to introduce reforms in the capital markets in the country.
Speaking on the occasion, the finance minister stated that the establishment of the CMAC was long over-due as capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy; thereby boosting economic growth and development.
The underlying rationale is to attract investors, especially ones with lesser resources, to contribute in capital markets so that their limited resources are channelised into more productive use. The reforms will be introduced after having input from all the relevant stakeholders, he stressed.
Finance Minister directed to form a coordination committee for smooth implementation of the TORs of CMAC. He further directed to include members from SECP, SBP, Pakistan Banking Council, commercial markets, legal counsel and an expert on Islamic Banking in the Coordination Committee for a comprehensive stakeholder’s feedback.
It was also decided that the SECP would be the secretariat of the Coordination Committee and Chairman SECP would be the head/secretary of the Coordination Committee.
It was agreed that the Coordination Committee would meet once in every month and send its recommendations for review to the Apex committee of the CMAC that would issue directions to SECP and other relevant stakeholders for final implementation.