ISLAMABAD - Securities and Exchange Commission of Pakistan (SECP) and leading fund managers, from commercial banks and mutual funds, have agreed on a number of reforms and measures to promote local capital markets.

A meeting was held here to bring together the SECP and leading market participants from banks and mutual funds, which was chaired by Imtiaz Haider, Commissioner SECP.

The Commissioner urged fund managers to take responsibility and to maintain the trust of their clients and the public by adhering to values and ethical standards. He discussed the various products introduced by the SECP to meet the different investment requirements of the investors, e.g., SIFC, cash-settled future contracts and improved debt instruments price and quantity information.

He observed, however, that there is no significant turnover in these products and emphasized the need to identify the areas and features of the products where changes can and should be made so that these products become attractive for the investors.

Many suggestions were given by the participants including the development of code of conduct for traders and investment advisors, etc. It was also suggested to revive the Institute of Capital Market in order to promote certification to help promote qualified professionals in the capital markets.

The participants deeply appreciated the efforts made by the SECP, particularly during the last one year, and extended full support to the apex regulator for the development and growth of the stock market.

All participants agreed that such interactions and meeting should be held regularly to discuss the problems being faced and to develop unanimous views for their resolution.