Karachi (PR) PSX, Mutual Funds Association of Pakistan (MUFAP) , the capital market entities and participants are appreciative of the Ministry of Finance, the Director General (Debt), DPCO, Finance Division, Government of Pakistan and SECP for carrying out long overdue Capital Market reforms. Pakistan Stock Exchange and MUFAP feel greatly encouraged by the initiatives and reforms undertaken recently for Capital Market development. We believe that this demonstrates the commitment shown by the Government of Pakistan, Ministry of Finance and Securities and Exchange Commission and its Policy board towards development of Capital Markets. The recent initiatives and reforms include, but are not limited to,the discontinuation of institutional investment in National Savings Scheme in line with international best practices, regulatory amendments for launch of ETFs, revamping of the REIT Regulations, reduction in annual monitoring fees for mutual funds and pension funds, the removal of tax anomalies for the mutual funds industry, book building of the PHL Energy Sukuks through competitive book building at the PSX platform in line with international best practices and the expansion in allowable expenses on mutual funds.