Former Governor State Bank of Pakistan (SBP) and former Acting Finance Minister Shamshad Akhtar has been elected the first female chairperson of the Pakistan Stock Exchange (PSX).

“Shamshad Akhtar was unanimously elected an independent director of the board last month and has become the first female chairperson in the 73-year history of PSX,” the statement said.

In a statement, the stock exchange described Shamshad Akhtar as “the elder of Pakistan’s financial market” and reminded her that she had been the governor of SBP for three years.

She has been involved in the restructuring of banks in East Asian economies and has also regularly faced the World Arbitration Bank in accordance with the Basel Standard.

Shamshad Akhtar worked with the World Bank for 10 years before joining the Asian Development Bank in 1990.

She has held senior positions at the Asian Development Bank and oversees the bank’s operations in several countries, as well as the Asian Development Bank’s expertise on Southeast Asian economies.

In a statement, Shamshad Akhtar said that it was a proud moment for him to represent the Pakistan Stock Exchange as its chairperson and to join the efforts of the Security Exchange Commission of Pakistan (SECP).

She added that the new board and management would take the institution to new heights.

“I look forward to our joint efforts to further transform PSX as a key institution so that it can play a key role in deepening the debt and equity markets and increasing its market capitalization,” Akhtar said.

Welcoming the development, Farrukh Khan, CEO of Pakistan Stock Exchange, said, “We are especially excited and proud to have a talented PSX chairperson like Dr Shamshad Akhtar.

The PSX Board of Directors currently consists of 11 directors, including 7 shareholder directors, 3 independent directors and a CEO.

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