KARACHI  - Pakistan’s leading stock broker and Chairman AKD Group, Aqeel Karim Dhedhi said on Monday that the merger of stock exchanges should not be politically motivated otherwise the entire exercise of creating one stock exchange under the title of PSE would become futile. AKD said that Pakistan’s stock market still remains fragile, he however assured that it will flourish if the regulators play positive role instead of harassing the investors and stock brokers. He dismayed that Securities and Exchange Commission of Pakistan (SECP) is initiating unnecessary and uncalled-for inquiries against the stakeholders. He pointed out that stock brokers are given respect elsewhere by the regulators. Regarding Members and Investors’ Protection Fund (M&IPF), he said that there are issues to be resolved in this connection but SECP has nothing to do with Rs4 billion M&IPF. “Member and Investors’ Fund is the members’ money and only the members can decide about its fate”, AKD said adding that regulators should stay away from this matter. He said that AKD Securities has the honour to introduce most number of companies in the capital market. The rule of check and balance has not been implemented yet that’s why IPP (Independent Power Plants) are not being monitored and no one knows about their yearly performance while on the other hand regulators are putting all the pressure on the members. He declared SECP’s job is not to harass the stakeholders but to stabilise the stock market.
He claimed that there is no shortage of power in the country at present and if he is given a chance he could eliminate the load-shedding across the country within 24 hours. He pointed out that government is not willing to tackle this issue seriously. He said that even the furnace oil prices in the international market are on the lowest ebb and running the power plants even have become viable on furnace oil.
He said that if all the power plants start working they can produce surplus electricity to the tune of 2,000 MW in addition to the country’s demand. He said that no government has begged as much foreign loans as done by the present government.
He said that economy is in real shambles as all economic indicators are showing negative trends. He pointed out that agriculture sector which is supposed to be the backbone of our economy is on a disastrous course. He said that the price of a fertilizer’s bag has gone to over Rs2,000 from Rs800 while cotton prices have gone up to Rs3,000 per maund from Rs2400. However Rice price has gone down to Rs40 per kg from Rs100 per kg. He said that it is height of anomaly that oil prices have dropped by 60 per cent while electricity prices have become expensive by 30 per cent.
He expressed his deep sorrow over the loss of precious lives in heavy earthquake and called for business community to come forward to the rescue of the affectees.