Chairman SECP Policy Board Speaks at MUFAP Event

Karachi: Khalid Mirza, Chairman Securities & Exchange Commission (SECP) Policy Board spoke at a recent event organized by Mutual Funds Association of Pakistan (MUFAP) to launch its 2018 Yearbook.Khalid Mirza has served as the founding Chairman – Securities & Exchange Commission of Pakistan as well as the Competition Commission of Pakistan. Having implemented major capital market programs and corporate sector reforms, he transformed the Monopoly Control Authority into a modern competition agency and has served as the International Finance Corporation’s (IFC) Chief of Mission in Turkey and Chief of Regional Mission in Thailand.Speaking at the event, he outlined the growth of the mutual fund industry from Rs. 25 billion in 2002 to around Rs. 600 billion, i.e. over US $4 billion currently. He also mentioned the gaps that managed assets are only 2% of GDP while in India the mutual fund industry stands 20% of its GDP.Outlining institutional challenges, he stated that the mutual industry in Pakistan remains small by international standards with mainly institutional funding. He said that it is incumbent on policy makers and regulators to adopt a progressive and enlightened view and take measures as necessary to enhance the effectiveness of the industry as a pillar of the financial system.***

from The News International - National https://ift.tt/2u92l1i