The Board of Directors of the Pakistan Stock Exchange (PSX) has extended Farrukh H. Khan’s term as Chief Executive Officer (CEO) by three years, beginning on February 4, 2023.
According to a PSX notification, Farrukh H. Khan’s tenure as CEO of PSX, which began on February 24, 2020, concluded at the end of business on February 23, 2023.
The PSX notice stated, “The PSX Board of Directors has renewed Khan’s term as CEO for the next three years, beginning February 24, 2023, with the approval of the Securities and Exchange Commission of Pakistan (SECP) in accordance with the applicable requirements.”
Farrukh H. Khan joined PSX in February of 2020, during the Covid outbreak in Pakistan. But he managed and led the company through the pandemic with success. In that emergency situation, he took a hands-on approach to prepare all processes and backup activation and readiness.
He communicated with market players and made efforts to keep the market open during lockdowns. As a consequence of his leadership and that of the PSX Board, including the PSX team, PSX, other SROs, and market participants were able to operate without interruption during the pandemic.
After an 18-month pause, PSX reopened the IPO window under his supervision. During his tenure, the Growth Enterprise Market (GEM) Board was established, and three firms have since been listed on it. Signed up and activated debt market makers.
PHL Sukuk II in the amount of 200 billion rupees was issued through the exchange as a milestone achievement through the first ever book building programme of its sort, which resulted in a substantial savings for the government.
The MD PSX has taken steps to digitalize the Exchange. Introduced were the Online Account Opening, EIPO, and Sahulat Account features. The listing processes were digitised through the PRIDE (Public Offerings Revolutionized through an Integrated and Digitized Experience) internet portal and the Public PRIDE webpage.
The Roshan Equity Investment account facility, which was created in collaboration with the State Bank of Pakistan and prominent banks to enable non-resident Pakistanis to engage in the capital market of Pakistan, represents a significant milestone.
Regulatory framework improvements and enhancements were made to maintain its currency. Also, the Investor Protection measures were strengthened. During this period, the sharing of KYC information also began.