KARACHI, Jan 9: The newly-elected chairman of Karachi Stock Exchange, Arif Habib, outlining the agenda for the current year, has said that focus will be on attracting foreign investors , increasing investors' base and assisting the SECP in regulatory matters.

Addressing the board of directors here on Friday, which unanimously elected him chairman for the year 2004, Mr Arif said it was a heavy responsibility and with support and guidance of members, he would be able to achieve objectives of providing a fair, transparent and cost effective market.

"Our responsibility as a frontline regulator is to assist the Securities & Exchange Commission of Pakistan (SECP) in discharging its regulatory functions, which includes management issues and new listings of new companies," he said.

He said securities market in the country was at take-off stage. "While we have achieved macro-economic stability, the KSE also achieved distinction of being a best performing market of the world in year 2003. We hope this performance will continue during current year as well," he added.

The current year would be a year of investors' education. "In view of huge economic development and our market being now comparable with other developed markets of the world in context of complying with majority of principles laid down by IOSCO, we can develop retail investments. KSE management will have to initiate special efforts to educate market participants," Mr Arif said.

He also stressed the need for activating Over The Counter (OTC) market for which the regulatory framework was in place.-PPI

In a meeting with the SECP chairman, Dr Tariq Hassan, the new KSE Chairman, assured him of the KSE's full support for all reform measures introduced by the SECP, including demutualization of the stock exchanges, says a press release.

While welcoming the new Board Dr Hassan also thanked the outgoing KSE Chairman agreed to reinstate the Coordination Committee of the SECP and KSE.