ISLAMABAD, Feb 14: The Securities & Exchange Commission of Pakistan (SECP) on Thursday announced its initiative for setting up a capital markets institute — the Pakistan Institute of Capital Markets (PICM).

The institute will conduct various examinations leading to certification for different segments of the capital market. It will be a separate legal entity, and shall function as an association not for profit registered under Section 42 of Companies Ordinance, 1984. The board of directors of the institute shall comprise of the nominees from public and private organisations, which shall be the sponsors of the institute.

The chairman of the BoD will be ex-officio chairman of SECP.

The SECP invited various institutions here on Thursday to discuss the concept of PICM and requested them to participate in the establishment of this institute both in terms of efforts and monetary resources.

The Karachi and Lahore stock exchanges attended the meeting besides the National Commodity Exchange Ltd, Central Depositary Company of Pakistan Ltd, National Clearing Company of Pakistan Ltd, Pakistan Banking Association, Mutual Fund Association of Pakistan, CFA Association of Pakistan, Institute of Chartered Accountants of Pakistan, Institute of Cost and Management Accountants of Pakistan and Centre for International Private Enterprise, Pakistan.

The SECP announced to initially commit Rs10 million for establishing the institute, while the stakeholders agreed to an initial contribution of Rs1 million each.