By Abdul Qadir Qureshi   (Pakistan News and Features Services) Way is paved for assembling and later gradual manufacturing of electric cars and bikes in Pakistan with the launching of electric cars by the Dewan Motors Limited (DML), a reputed name in the automobile sector, at a glorious launch ceremony at the Convention Centre of DHA Golf Club on June 4.  The Chairman of Senate, Syed Yusuf Raza Gilani, also a former Prime Minister, was the guest of honour as hundreds of participants from various walks of life celebrated another remarkable achievement by Pakistan.  Speaking on the occasion, he acknowledged and applauded the ground breaking initiative undertaken by the Yousuf Dewan Companies (YDC) in the automotive sector.  “The establishment of a state-of-the-art vehicle assembly plant equipped with cutting-edge robotics technology, signifies the strength and capabilities of the company,” he remarked.  He was confident that, based on its reputation and tra...

The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI).   The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings.   During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce com...

The Securities and Exchange Commission of Pakistan (SECP) has observed that some capital market individuals are using the print/electronic/social media for giving their views/ opinions to induce the general public to trade on the stock exchange. These persons are neither qualified nor possess the requisite expertise/skill to furnish such opinions. As these views are not supported by any research and data, it encourages rumors that affect the overall investment sentiments. Misleading views of few individuals tantamount to inducing public, based on deceptive information, for investing in securities. Any such said activity by any person is prohibited in terms of Securities Act, 2015, the framework governing stock market trading.    While SECP encourages conducive regulatory environment for sustainable growth of capital markets, it is also responsible to maintain integrity and efficiency of the stock market. SECP is closely monitoring the market activities on regular b...

The Securities and Exchange Commission of Pakistan (SECP) has been undertaking a reform agenda to revitalize the capital market and promote expansion of investor base. It is felt that small and medium sized brokerage houses, alongside large ones, have a critical role to play in this regard. Based on representations received from various stakeholders including small sized brokers and recommendations of the Stock Market Reforms Committee, the SECP has issued a concept paper to introduce categorization of brokers for addressing the issue of custody of client assets. This concept is in line with international best practices and tailored to local market requirements. In the proposed regime, in order to provide maximum facilitation to small sized brokers, which would be categorized as Trading Only brokers and shall not retain custody of client assets, the minimum capital requirements for a brokerage licence are being reduced to Rs.15 million. Further, such brokers shall have th...

By Abdul Qadir Qureshi  (Pakistan News and Features Services)  Former Railways bigwigs and stalwarts have taken exception to successive railway accidents claiming many precious human lives and described the same as utter professional mismanagement and overloading of railway system caused by launching of new trains with old rolling stock just for political reasons.  “The recent spate of accidents on PR’s network reflects the breakdown of an intricate system put in place to ensure safety of train operations. These horrific accidents are reflective of utter mismanaged and a quickly deteriorating and overheated system, adversely affecting the safety of train operations,” the former senior railway professionals observed while offering their comments on railway accidents one after the other.  The tragic accident occurred at Walhar station, near Sadiqabad, on July 11 in which about 24 precious lives were lost and more than 70 passengers injured, some of them...

By Abdul Qadir Qureshi  (Pakistan News & Features Services) The Divisional Superintendent, Pakistan Railways, Karachi Division, Syed Mazhar Ali Shah, got the much talked about the newly introduced Karachi-Rawalpindi Sir Syed Express inaugurated on July 4 through Muhammad Suleman, the first passenger to have booked the ticket from Karachi.  Talking to media on the occasion, he informed that the train having a total capacity of 646 seats, offers three classes of AC Sleeper, AC Business and Economy. It had 100% booking for the opening day. The train, branded as luxurious, had the facilities of dining car and wi-fi. The train will reach its destination in 21 hours via Faisalabad. Upon completion of ML-1, the travel time of the train will reduce to 10 hours.  Besides facilitating passengers it’s being expected to earn the much-needed revenue for the Pakistan Railways.  The train, named after the legendary scholar and thinker, Sir Syed Ahmad K...