SBP committed to support capital market: Dr Baqir

The projects for the capital market have been implemented in the recent past by the SBP in collaboration with the capital market and commercial banks.

SBP Governor Dr Reza Baqir said that Roshan Equity and Raast have been initiated by the SBP and very well executed by commercial banks and CDC.

“This is an occasion of immense and significant achievement as we gather here to celebrate the successful roll-out of important projects of national interest,” he added.

“In all these projects, the Central Depository of Pakistan has been playing the important roles of facilitator, infrastructure architect and information sharing hub. This is only the beginning of what our vision is for the development of Pakistan’s capital market.”

He said that the SBP is committed to work with the Securities and Exchange Commission of Pakistan (SECP) to support capital market entities in this regard.

“Now, we have initiated a new project for the capital market pertaining to shared KYC (know-your-customer) through which investors can open a capital market account through their respective bank’s portal or app. This project will pave the way for wider outreach for our capital market,” Dr Baqir concluded.

CDC Chief Executive Officer Badiuddin Akber thanked the SBP and SECP for their continued support and patronage in achieving these milestones in its market transformation journey.

He said that CDC is already processing thousands of transactions related to Roshan Digital Accounts and Raast for the Stock Exchange, for which CDC acts as the information sharing hub between the banks and capital market entities.

CDC, for the “shared KYC project”, will act as the information sharing bridge for the digital opening of capital market accounts through banking portals for local resident investors with the objective of removing duplication of information capture and KYC processes, he added.

Earlier, CDC board of directors Chairman Moin Fudda, welcomed Dr Baqir and other guests to CDC and highlighted the achievements of the SBP under the leadership of Dr Baqir.

Pakistan Stock Exchange (PSX) Managing Director Furrukh Khan also addressed the ceremony and stressed on the important role of the SBP in the development of the PSX, while SECP Executive Director Musrat Jabeen highlighted the significance of collaboration between the SBP and SECP.

Prominent personalities from the banking sector and Pakistan capital market also attended the event.