Capital markets institute launched

Tuesday, December 22, 2009
By our correspondent

KARACHI: Too late but not left undone, the Securities & Exchange Commission of Pakistan (SECP) has announced the launch of Pakistan’s first capital and securities markets institute i.e. Institute of Capital Markets (ICM) on Monday.

With this, the country has joined the rank of the developed and developing countries, which have set minimum standards and criteria for the professionals working in securities and capital markets of the world, articulated S Gulrez Yazdani, CEO-ICM, at a press conference held here.

Acquiring institute’s certificate would be compulsory for the professionals who directly deal with equity investors in the country. But the professionals in the fields of equity trading and client dealing, who at present are the age of 35 and above and having minimum five-year experience in the fields mentioned above, are exempted from acquiring this mandatory certifications. But exempted professionals are asked to register with the Institute as soon as possible.

From June 2011 and onward, this certification would be must qualification even if the new comer is a doctorate, said Nasim Beg Chairman-ICM and citied, this condition is also must for the professionals associated with New York Stock Exchange (NYSE).

The SECP established ICM in collaboration with nine stakeholders who are: three stocks exchanges of the country, National Commodity Exchange, Central Depository, National Clearing Company, Mutual Fund Association, Institute of Cost and Management Accounts and CFS Association of Pakistan.

Beg added that the Board of Directors of the Institute (representative from stakeholders) has developed a consensus according to which the Institute would also focus on educating the equity investors in the country through road shows and media campaign besides training the manpower in the sector.

The institute would provide the relevant material to the candidates, who will have to appear and pass the examination in relevant subject within 18 months from the date of registration. While professionals, after the joining any company in the securities and capital markets, have to acquire this certificate within one-year from the date of joining, they responded.

They clarified that the institute would not deliver lectures, as the traditional schools and colleges do, but it will provide reading material and candidate can appear in the examination at any one of three in Karachi, Lahore and Islamabad at outset.

In the first phase, the institute is offering only two certification programs, which are Stock Brokers Certification Examination, and Mutual Fund Sales Agents Certification Program. The institute will soon launch its Analyst Certification Program, they informed.