Farrukh Sabzwari Takes Charge as CEO of Pakistan Stock Exchange

The Pakistan Stock Exchange (PSX) has recently made a significant announcement regarding its leadership. Farrukh H. Sabzwari has been appointed as the new Chief Executive Officer (CEO) of the Pakistan Stock Exchange Company Limited for a term of three years. This decision was communicated through a notice issued by the PSX on Tuesday, marking a pivotal moment for the exchange.

The notice stated, “Following our previous announcement dated August 29, 2024, please be informed that upon recommendation of the Board of Directors of Pakistan Stock Exchange Limited (PSX), the Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of Farrukh H. Sabzwari as the Chief Executive Officer (CEO) of PSX for three years, in terms of the Securities Exchanges (Licensing and Operations) Regulations, 2016.” This indicates that the appointment has gone through the necessary regulatory channels, ensuring compliance with established guidelines.

Farrukh H. Sabzwari is not new to the financial sector. He has an impressive background, having served in various senior management roles in investment banking for over 25 years, both in Pakistan and internationally. His previous positions include CEO and Managing Director of KASB Securities, which is a local partner of Bank of America Merrill Lynch, as well as BMA Capital and Country Head for CLSA Emerging Markets in Pakistan. His extensive experience in the capital markets is expected to bring valuable insights to the PSX.

Sabzwari holds capital market certifications from several countries, including Singapore, Indonesia, and New York. He is also an alumnus of the Institute of Business Administration (IBA) in Karachi, where he earned his MBA in December 1992. This educational background, combined with his professional experience, positions him well to lead the PSX into its next chapter.

It is worth noting that Sabzwari's appointment comes after the resignation of his predecessor, Farrukh H. Khan, who left the position to “pursue other opportunities.” Khan's departure was announced in July, nearly a year and a half before the end of his tenure. Following his resignation, Nadeem Naqvi, a Shareholder Director, was appointed as the interim CEO of the PSX in August.

As Farrukh H. Sabzwari prepares to take office on November 18, 2024, there is a sense of anticipation regarding the direction he will take the Pakistan Stock Exchange. His extensive experience and proven track record in the financial sector could potentially lead to innovative strategies that enhance the exchange's operations and attract more investors. The PSX plays a crucial role in Pakistan's economy, and strong leadership is essential for its continued growth and stability.

The appointment of Farrukh H. Sabzwari as CEO of the Pakistan Stock Exchange is a significant development that could shape the future of the exchange. With his wealth of experience and expertise, there is hope that he will steer the PSX towards new heights, fostering a more robust and dynamic capital market in Pakistan. Stakeholders and investors alike will be watching closely to see how his leadership unfolds in the coming years.