KARACHI – The Securities and Exchange Commission of Pakistan (SECP) has approved the first-ever appointment of a foreign national as managing director of the Pakistan Stock Exchange (PSX).
Media reports suggest the SECP has decided to appoint a Canadian national, Richard Morin, while there is no official statement from the commission and PSX. The board has finalised his name in a meeting.
The reports add Morin, who has been nominated by China, will assume charge on December 1 amid fierce opposition from stockbrokers.
The brokers are of the view that appointment of a Canadian national would put extra burden on the PSX as he will receive huge salary and special incentives. As per reports, Morin has been appointed at a salary of Rs3 million per month.
They also feared that Morin will not be able to perform well as he was unaware of Pakistan’s stock market culture.
Overwhelming the brokers ‘opposition, the board of the PSX, which has major Chinese representation, and SECP members approved his appointment.
Earlier, Nadeem Naqvi remained the managing director of the PSX since April 2011. After completion of his tenure, Harron Askari was appointed as acting MD in June 2017.
The appointment is being made at a time when the stock market is struggling to recover from huge losses.