ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to establish a capital market business hub in Abbottabad in a bid to expand the outreach of the capital markets.

Currently, Karachi is the main centre of activities in stock market while secondary centres are in Lahore and Islamabad. Now SECP has decided to establish several hubs, providing investment and saving opportunities to investors in cities which are not first tier but have small industries and are also attracting foreign remittances, such as Mirpur, Azad Kashmir, Abbottabad, Sialkot, Dhadial etc.

SECP Chairman Zafar Hijazi formed a committee to chalk out a plan for enhancing the outreach of mutual funds, stockbrokers, leasing companies, investment banks, modarabas and insurance sector in smaller cities to encourage investors to easily access capital markets and non-banking financial services.

The first such hub will be established in Abbottabad, Khyber Pakhtunkhwa, and a committee, headed by Central Depository Company CEO Hanif Jakhura, has been appointed. Eleven entities, including five asset management companies, two brokerage firms and a bank, along with CDC and stock exchanges, will open their branches in Abbottabad.

Published in Dawn, August 5th, 2015

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