NIBAF Pakistan organized a specialized learning session titled “Responsibilities of Board Members & Regulatory Environment of Exchange Business,” aimed at enhancing governance awareness and regulatory understanding within Pakistan’s financial sector. The session was part of NIBAF’s ongoing efforts to strengthen institutional capacity and promote sound governance practices across financial market participants.
The learning session was conducted on January 5, 2026, at Faysal House in Karachi and brought together professionals associated with exchange businesses and financial institutions. The focus of the program was to provide participants with a structured understanding of the strategic, fiduciary, and oversight responsibilities entrusted to board members, particularly within regulated financial environments.
The session was led by Mr. Syed Irfan Ali, a seasoned financial sector professional with extensive experience in regulatory leadership and institutional management. Mr. Ali has previously served as Executive Director at the State Bank of Pakistan and is currently the President and Chief Executive Officer of Industrial Development Bank Limited. His background in central banking and development finance enabled him to offer practical insights grounded in real-world regulatory and governance challenges.
During the session, participants were guided through the core responsibilities of board members, including strategic direction, fiduciary duties, ethical oversight, and accountability. Emphasis was placed on the role of boards in ensuring transparency, safeguarding stakeholder interests, and maintaining alignment with regulatory expectations. The discussion highlighted how effective board governance contributes to institutional stability and long-term sustainability in the financial sector.
A significant portion of the session was dedicated to the regulatory environment governing exchange businesses in Pakistan. The trainer provided an in-depth overview of applicable laws, regulatory frameworks, and supervisory expectations. Participants were briefed on the importance of compliance with regulatory requirements, the evolving nature of financial regulations, and the consequences of governance failures in regulated entities.
The session also addressed risk oversight as a critical function of boards, particularly in the context of exchange businesses that operate within dynamic and interconnected financial markets. Practical perspectives were shared on identifying, monitoring, and mitigating risks, including operational, regulatory, and reputational risks. The discussion underscored the importance of informed decision-making and robust internal controls at the board level.
By drawing on his experience at the State Bank of Pakistan, Mr. Ali shared case-based insights into regulatory engagement and supervisory expectations. These perspectives helped participants better understand the rationale behind regulatory requirements and the role of boards in fostering constructive relationships with regulators.
NIBAF Pakistan emphasized that such learning initiatives are essential for building governance capacity within the financial sector. As regulatory expectations continue to evolve, board members are required to stay informed and proactive in their oversight roles. Structured learning sessions provide a platform for knowledge sharing and alignment with best practices in governance and compliance.
The session concluded with an interactive exchange of views, allowing participants to reflect on governance challenges faced by exchange businesses and explore practical approaches to strengthening board effectiveness. The initiative reflects NIBAF Pakistan’s commitment to supporting the development of informed leadership and resilient governance frameworks within the country’s financial ecosystem.
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