Business

ADB delegation holds meeting with PSX Stockbrokers Association

ADB delegation holds meeting with PSX Stockbrokers Association

KARACHI (APP) – A delegation of Asian Development Bank (ADB) on Monday discussed matters pertaining to Trading Right Entitlement Certificate (TREC) Holders of Pakistan Stock Exchange with the representatives of Stockbrokers Association.

The delegation comprise of David White and Ms.Michelle Parnell of Asian Development Bank (ADB), accompanied with Akif Saeed who is currently serving as consultant to ADB, held meeting with PSX Stockbrokers Association (PSA) President Basharat Ullah Khan.

Members of Managing Committee and Ex-Office Bearers of PSA were also present in the meeting held here.

President PSA briefed the delegation about the issues being faced by the TREC Holders. He said Stock Market being fully documented but unfortunately the investors and the TREC Holders in the Capital Market are subject to unreasonable tax and compliance burden.

He further apprised that the TREC Holders are inundated with the never-ending Regulatory Compliances that they do not find time for marketing their business.

The guests shared their perspective regarding the Stock Market and assured that they will take measures for the development of the Capital Market and to promote investment in Stock market.

The meeting hoped that the concerns and issues will be resolved in due course. In addition to it, the recently floated concept note of New Broker Regime was also made part of the discussion, wherein, views were exchanged on different aspects.

It was further clarified by the ADB team that they never demanded for any change in existing Broker Regime.