ISLAMABAD - Adviser to PM on Finance Miftah Ismail said that the reforms carried out in Pakistan's financial and capital markets during the last four years had paid huge dividends.

In a meeting with officials of Securities and Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange (PSX) here on Friday, the adviser said that the government is endeavouring to make Pakistan's financial and capital market, among the most competitive in the world.

Terming the demutualization, integration and prioritization of stock exchanges as a landmark achievement, the adviser said that foreign investment in PSX was welcome and efforts in this regard must continue.

He appreciated the role of Chinese consortium in smooth transition of PSX, enhancing confidence of foreign investors and paving way for attracting investment in Pakistan.

The adviser said that the matters relating to election of directors should be resolved by PSX in consultation with SECP as per regulatory requirements.

The SECP chairman briefed the adviser on the regulators efforts to facilitate the development of strong capital market and said that the commission maintains close contacts with all stakeholders to resolve various issues confronted by them. He said that due to the implementation of major reforms, a strong enforcement and compliance regime was in place to guard against market manipulation and other unfair practices.

The PSX chairman appreciated the role of SECP and continued support of government to the stock exchange.

He stressed that PSX is committed to play pivotal role in strengthening fair and transparent capital markets. Chinese investment is catalyst in introducing technological advancement, diversified financial products and global visibility.