Karachi: The Pakistan Stock Exchange (PSX) has announced the appointment of Mr. Farrukh H. Sabzwari as its new Chief Executive Officer (CEO). The official announcement came earlier today through a PSX Notice. Mr. Sabzwari will take charge on November 18, 2024, succeeding the outgoing CEO.
Over 25 Years in Investment Banking
Mr. Sabzwari brings more than 25 years of extensive experience in investment banking. He has held prominent leadership roles both locally and internationally. He served as CEO and Managing Director at KASB Securities, the local partner of Bank of America Merrill Lynch, and led BMA Capital. Additionally, he worked as the Country Head for CLSA Emerging Markets in Pakistan.
Sabzwari’s international experience includes roles at top firms in New York and Southeast Asia. He worked with CLSA Emerging Markets in New York as Vice President for sub-continent sales and spent seven years with Credit Suisse in Indonesia and Singapore, where he focused on APAC and Frontier Markets as Director of Equities Sales.
Experience with SECP and Recent Roles
Upon returning to Pakistan, Mr. Sabzwari took on significant regulatory responsibilities. He served as Chairman of the Securities and Exchange Commission of Pakistan (SECP) from December 2018 to August 2019 and as Commissioner from 2018 to 2021. These roles gave him insight into the country’s regulatory framework and capital market reforms.
Since March 2022, Mr. Sabzwari has been associated with Hugobank, a Getz Group entity and one of the five consortiums awarded digital banking licenses by the State Bank of Pakistan in January 2023. In addition, he is a co-opted member of the Capital Markets Advisory Council (CMAC), a body established in November 2023 to support market growth.
Strong Academic and Professional Credentials
Mr. Sabzwari has impressive academic and professional qualifications. He holds an MBA from the Institute of Business Administration (IBA) in Karachi, graduating in December 1992. He also holds capital market certifications from major financial centers, including Singapore, Indonesia, and New York.
A New Era for PSX
With Mr. Sabzwari at the helm, PSX is expected to gain from his extensive experience in global markets and regulatory oversight. His diverse background aligns well with the challenges and opportunities Pakistan’s capital markets currently face.
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