Pakistan Stock Exchange Limited (PSX) has appointed Aadil Naeem Khan as an Independent Director to its Board of Directors, filling the casual vacancy created following the demise of Dr Shamshad Akhtar. The appointment was approved by the Securities and Exchange Commission of Pakistan (SECP) and became effective on August 24, 2026, according to a notice issued by the stock exchange on Tuesday.
Khan’s appointment comes as PSX moves to fill the vacant independent director position on its board and maintain its prescribed board structure in accordance with applicable regulatory requirements. The vacancy arose following the passing of Dr Shamshad Akhtar, who had served as an independent director of the stock exchange. With the appointment now approved, Khan will take up the remaining portion of the vacant seat rather than beginning a new full board tenure.
According to the stock exchange notice, Aadil Naeem Khan will serve for the remainder of the current term of the PSX Board of Directors. The existing board term commenced on April 19, 2024, meaning Khan’s appointment will remain aligned with the tenure of the current board. His appointment is therefore intended to complete the remaining period of the existing board rather than extend its overall term.
The appointment has received approval from SECP, the regulatory authority responsible for overseeing Pakistan’s capital markets and ensuring compliance with applicable laws and regulations. The regulatory approval was required for Khan to formally assume the independent director position at PSX. His appointment became effective on August 24, one day before the stock exchange disclosed the development publicly.
The addition of an independent director is significant for the governance structure of Pakistan’s primary stock exchange. PSX plays a central role in the country’s capital market by providing the platform through which listed companies and investors participate in equity trading. Its board is responsible for overseeing the exchange within the applicable regulatory and governance framework, making board composition an important aspect of the institution’s operations.
The vacant position was created after the demise of Dr Shamshad Akhtar. Her departure resulted in a casual vacancy that needed to be filled in accordance with the relevant requirements governing the composition of the PSX Board. Khan’s appointment addresses that vacancy while ensuring that the current board continues to operate with the required representation for the remainder of its existing term.
As an independent director, Khan will join the board in a role distinct from executive management. Independent directors are part of the governance structure intended to provide oversight and independent participation in board-level decision-making. At an institution such as PSX, board-level governance is particularly relevant given the exchange’s role within Pakistan’s regulated capital market infrastructure.
PSX has continued to operate within a regulatory framework overseen by SECP, with the stock exchange subject to requirements relating to governance, market operations and investor protection. The approval of Khan’s appointment by SECP ensures that the change in the board’s composition follows the applicable regulatory process.
The appointment also comes as Pakistan’s capital markets remain an important component of efforts to expand investment opportunities and strengthen market-based financing. PSX provides listed companies with access to equity capital while giving investors a regulated marketplace for buying and selling securities. Effective governance of the exchange is therefore important for maintaining the functioning and credibility of the broader capital market.
Khan’s appointment will not alter the current board’s overall tenure. Instead, he will serve the remaining period of the term that began on April 19, 2024. The current board’s tenure will continue according to its existing schedule, with Khan occupying the seat that became vacant following Dr Shamshad Akhtar’s demise.
The appointment demonstrates the process through which PSX addresses changes in its board composition while remaining within the regulatory framework established for the country’s capital market institutions. With SECP approval secured and the appointment effective from August 24, Aadil Naeem Khan will now serve as an Independent Director of PSX for the remainder of the current board term.
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