Landmark agreement signed to boost Pakistan’s capital market

By Lora Benson | Mar 21, 2023

Karachi, March 15, 2023: The Pakistan Stock Exchange (PSX) and the Institute of Financial Markets of Pakistan (IFMP) signed a Memorandum of Understanding (MoU) with the Chartered Institute for Securities & Investment (CISI) UK, marking a landmark agreement amongst the three organisations for the development of Pakistan’s capital market’s human resource.

210323FinalPSXThe PSX and IFMP, under the guidance of the Securities and Exchange Commission of Pakistan (SECP), initiated this effort which focuses on training and upgrading the skill sets of the human resources engaged in the capital markets. This will enable market intermediaries to provide enhanced quality of services to their clients and augment investor confidence. CISI is a globally recognised charity and chartered professional body for financial services practitioners within the securities and investment profession. The IFMP is Pakistan’s first securities market institute, which has been established as a permanent platform to develop quality human capital, capable of meeting the emerging professional knowledge needs of financial markets and to create standards amongst market professionals.

Speaking at the signing ceremony, the MD and CEO of PSX, Mr. Farrukh Khan, stated: “I congratulate the PSX and IFMP teams for initiating and formalising this extremely useful MoU between the PSX, IFMP and CISI. The MoU lays down a framework of objectives among the three organisations with the shared vision to build capacity, skills, and integrity in Pakistan’s capital markets.”

He further stated: “Bringing together both the parties to the agreement, the CISI and IFMP, and introducing the widely recognised qualifications awarded, by both the organisations, such as the Certificate in Securities (Pakistan) and the International Certificate in Wealth & Investment Management (Pakistan), will not only benefit the sales persons, traders and investors but also the capital market as a whole. This shows PSX’s commitment to its role of being a frontline regulator that is progressive and which aims to continuously improve market participant experience across all asset classes and offerings available at PSX.”

Mr. Khan further extended his gratitude to the SECP team for their continuous guidance and support for such initiatives to enhance credibility of capital markets of Pakistan.

Kevin Moore Chartered FCSI, Director of Global Business Development said: “This is a shared vision from the PSX, IFMP and the CISI aiming to build capacity, skills and integrity in the Pakistan financial markets and bring confidence to foreign investors. CISI’s technical qualifications are portable and offer individuals an opportunity to achieve a global qualification combined with local applicability through IFMP. It is a true collaboration with CISI and IFMP putting forward one examination that will form a key component for the new certifications.  We are delighted to partner with the PSX and IFMP and demonstrate the CISI’s commitment and support to aspiring practitioners in all markets.”