The Securities and Exchange Commission of Pakistan (SECP) has officially appointed Farrukh H. Sabzwari as the new Chief Executive Officer (CEO) of the Pakistan Stock Exchange Limited (PSX), effective November 18, 2024. Sabzwari, with over 25 years of distinguished experience in investment banking and capital markets, will hold the position for a three-year term, a decision reflecting the SECP’s confidence in his expertise and leadership capabilities to navigate the evolving capital markets landscape in Pakistan.
Farrukh Sabzwari’s career portfolio boasts extensive involvement in the finance and investment banking sectors across multiple international markets. He has served as CEO and Managing Director of KASB Securities, a prominent brokerage house in Pakistan, where he gained valuable insights into the local market. His tenure also includes a strategic role as Country Head for CLSA Emerging Markets in Pakistan, where he was instrumental in broadening CLSA’s footprint in the region. His work with CLSA extended to roles in New York and covered emerging markets extensively in the Asia-Pacific (APAC) region. Sabzwari also held significant positions with Credit Suisse, where he focused on markets in Indonesia and Singapore, offering him a well-rounded perspective on regional and frontier markets and their operational dynamics.
In addition to his extensive private sector experience, Sabzwari’s previous role as an SECP Commissioner from 2018 to 2021 further bolsters his credentials. During this period, he championed numerous reforms aimed at strengthening Pakistan’s capital markets. Notably, he played a pivotal role in aligning the SECP’s regulations with global standards, including those set by the Financial Action Task Force (FATF). This included enhancing Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, a critical move in fortifying investor confidence and aligning Pakistan’s financial systems with international compliance benchmarks.
Among Sabzwari’s accomplishments at SECP, his introduction of Exchange-Traded Funds (ETFs) brought a modern investment vehicle to Pakistan’s market, catering to diversified investment needs. His involvement in revising regulations for Real Estate Investment Trusts (REITs) has also had a significant impact, broadening access to property investment opportunities for local investors. Additionally, Sabzwari launched Emlaak, an online portal for mutual fund investments, enhancing retail investor access and fostering greater financial inclusion.
Sabzwari has actively contributed to various advisory roles throughout his career, including a position on the board of Hugobank and as a co-opted member of the Capital Markets Advisory Council. These roles highlight his commitment to strengthening Pakistan’s financial infrastructure and his belief in fostering a culture of robust governance and investor protection.
As the new CEO, Sabzwari will be at the helm of PSX’s operations during a pivotal period for Pakistan’s financial markets. His appointment arrives amid ongoing efforts to increase market participation, improve transparency, and attract more foreign investment to PSX. Sabzwari’s background in emerging markets and his hands-on experience with regulatory reforms are expected to drive strategic initiatives aimed at enhancing PSX’s efficiency and accessibility. His leadership is anticipated to steer PSX towards becoming a more competitive and attractive destination for both local and international investors.
Sabzwari has expressed a commitment to leveraging his experience to foster growth at PSX, including developing more products, improving market access, and enhancing investor services. His appointment reflects PSX’s mission to position itself as a leading stock exchange in the region, driving growth in Pakistan’s capital markets and contributing to the broader economic landscape.