Abu Dhabi, UAE – The Pakistan Business Professional Council (PBPC) Abu Dhabi and Embassy of Pakistan UAE organized a webinar in collaboration with Securities and Exchange Commission of Pakistan (SECP), Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan Ltd (NCCPL) and Central Depository Company (CDC) of Pakistan. The webinar took place on Wednesday, 3rd February 2021 highlighted on the SECP’s Digital Onboarding of Investors.
Dr. S. Qaiser Anis, PBPC Abu Dhabi President
Dr. S. Qaiser Anis, President of Pakistan Business Professional Council Abu Dhabi and moderator of the webinar, opened by welcoming and thanking the participants and speakers for attending.
The objective of the webinar was for the awareness of the SECP’s approved framework to enable all Pakistani resident and non-resident investors to open online accounts in the capital market.
The webinar started with the recitation of verses form the Holy Quran by Mr. Mohd. Iqbal Nasim.
The webinar was honored by the presence of the new Ambassador of Pakistan to the UAE, H.E. Afzaal Mahmood.
The Ambassador, H.E. Afzaal Mahmood expressed his appreciation to the Council for this initiative together with the premiere organizations of Pakistan, SECOP, PSX, NCCPL, and CDC, who participated in the webinar. His Excellency mentioned that trade and investment are important, and will be focusing on trade and investment, increasing export to UAE, attracting investment in Pakistan, and enhancing the remittances.
Mr. Aamir Khan, SECP Chairman addressed the webinar and appreciated the council for its valuable efforts in facilitating the business community and promoting the good image of Pakistan.
He mentioned that the vital role of the Non-Resident Pakistani is undeniable, as their remittances alone provide a vital source of foreign exchange is essential for the stability and growth of the economy.
The enablement of the digital onboarding of investors is indeed a landmark development. As it enables investors to commence trading swiftly and efficiently.
He also presented the Key Reform Areas of the SECP – Access to Finance, Ease of Doing Business, Transparency, and Market Development.
And, a presentation on the transformational measures for non-resident Pakistanis. A linkage through State Bank of Pakistan’s Roshan Digital Account, a digital account opening process for investment in the stock market. The Digital onboarding of Customers on the stock market, an online account opening with brokers with no physical interaction required. The Digital Onboarding of Investors of Mutual Funds, Digital Certificates on Incorporation, and the transformation of dividend disbursement, there is also the transformational measure for the non-resident Pakistanis.
The Chief Executive Officer and Managing Director of Pakistan Stock Exchange (PSX), Mr. Farrukh Khan gave a detailed presentation on how to invest in the Pakistan stock market to the participants.
He added that PSX plays a vital role in the Pakistan Economy – it channels domestic savings and foreign capital to Pakistan’s economy by providing capital to companies to finance their growth, invest in new projects, and increase the country’s exports.
And in the end, he mentioned that many folds have increased in the Capital market and there are 531 listed in the Capital Market.
The CEO of the NCCPL, Mr. Muhammad Lukman briefly explained their role as the Central Counter Party for the capital market. They have implemented several developments during the year which include the capital market marginalizing and revamping.
He added, the NCCPL is engaged in the business of clearing and settlement of securities through the National Clearing and Settlement System.
A detailed presentation by Mr. Lukman on how easy and convenient it on opening a digital account. For more information, you can visit www.nccpl.com.pk.
Mr. Shariq Nadeem, Head of the Product Development and Marketing of the Central Depository Company of Pakistan Limited, stated the remarkable steps taken by the State Bank of Pakistan to facilitate Overseas Pakistanis. Similarly, allowing NRPs to invest in Stock Market through Roshan Digital Account is further facilitation for NRPs which is the result of SECP’s vision to create ease of doing business for investors. He applauded the collaborative efforts of both SECP and SBP through which this important milestone was achieved.
In closing, Dr. A. Hadi Shahid, PBPC Abu Dhabi Founding Member thanks the Ambassador of Pakistan to the UAE, H.E. Afzaal Mahmood, and all the speakers for participating in this mission of the council to serve the community and Pakistan.
The webinar was attended by prominent Pakistani community members and representatives of leading community organizations and businesses hailing from Abu Dhabi, Dubai, as well as various parts of the emirates, and from other GCC countries, as well as, to Europe, UK, Canada, and USA.