It has been announced that a Canadian national will be head of Pakistan Stock Exchange (PSX). Richard Morin will be the new CEO of PSX. It has been informed by the sources that Mr Morin will take charge from December 1.
Previously, Mr Morin has served at Canadian stock markets and the Stock Exchange of Mauritius. He has also worked at several brokerage houses and asset management companies.
However, no official comment has come from Security Exchange Commission of Pakistan (SECP) or PSX.
Currently, Haroon Askari is head of Pakistan Stock Exchange, whose tenure, as acting CEO, was extended till November 30, 2017.
It has come to light that the decision was made after a lot of opposition because of a non-Pakistani nationality.
However, PSX board managed to ward off the opposition and the name was approved. PSX board now also has Chinese representation. They are major shareholders and nominees of the SECP.
The SECP source said, “The Board of Directors of PSX unanimously recommended the appointment of Morin for the approval of SECP under the regulations which was approved by the SECP subject to completion of formalities.”
Furthermore, it was informed that the Chinese PSX’s Board members Que Bo, Zhiping Rong, Yu Huali and Li Peng were very keen in Morin’s appointment.