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Pakistan approves new book-building mechanism to boost capital market transparency

Pakistan approves new book-building mechanism to boost capital market transparency
Secu­ri­­ties and Exchange Com­mis­­sion of Pakistan. (Reuters/File)
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Updated 2 min 13 sec ago

Pakistan approves new book-building mechanism to boost capital market transparency

Pakistan approves new book-building mechanism to boost capital market transparency
  • New framework allows all brokers, banks, DFIs and mutual funds to participate directly in book-building process
  • Eligible participants will be able to place bids directly in the book-building system for themselves or their clients

KARACHI: Pakistan’s Securities and Exchange Commission (SECP) said on Tuesday it had approved a new book-building mechanism to modernize capital markets, promote fair pricing and improve transparency.

The new framework will allow all securities brokers, banks, development finance institutions and mutual funds to participate directly in the book-building process. It aims to strengthen investor confidence while supporting the SECP’s broader goal of deepening market participation and improving efficiency.

The move is part of the regulator’s ongoing efforts to reform capital markets in the South Asian country, which have long faced challenges of low investor participation and limited transparency in public offerings.

“Eligible participants can place bids directly into the book building system, either on their own behalf or for their clients,” the SECP said in a statement. “Investors are also given the flexibility to choose between disclosed or undisclosed bids, ensuring confidentiality in bid visibility where desired.”

The Pakistan Stock Exchange (PSX) and the National Clearing Company of Pakistan Limited (NCCPL) have jointly developed this book building system, aligned with the revised regulations.

“By enabling wider participation, the new mechanism is expected to expand outreach, enhance efficiency, and improve overall market competitiveness,” the SECP said.

The new system establishes an operational framework and procedures for book-building in initial public offerings (IPOs), according to the regulator. It leverages the capital market’s existing technological infrastructure, integrating the PSX book-building platform with NCCPL’s functions for collection, settlement and margin refunds.

“The system provides securities brokers with an intuitive interface to onboard clients efficiently,” the SECP said. “Similarly, banks and DFIs acting as a Consultant to the Issue in an IPO can also register their clients for participation.”


Pakistan minister voices optimism ahead of Istanbul talks with Kabul over militancy

Pakistan minister voices optimism ahead of Istanbul talks with Kabul over militancy
Updated 04 November 2025

Pakistan minister voices optimism ahead of Istanbul talks with Kabul over militancy

Pakistan minister voices optimism ahead of Istanbul talks with Kabul over militancy
  • Tensions between Pakistan and Afghanistan have been high in recent months following an uptick in attacks in Pakistan’s western provinces
  • The two countries engaged in fierce fighting last month and are due to meet in Istanbul on Nov. 6 to firm up a ceasefire reached in Doha

ISLAMABAD: Pakistan’s foreign minister on Tuesday expressed optimism ahead of talks with Afghanistan in Istanbul that the two neighbors could work together to address cross-border militancy and strengthen bilateral cooperation.

Tensions between Pakistan and Afghanistan have been high in recent months following an uptick in attacks in Pakistan’s western provinces that border Afghanistan. Islamabad has repeatedly accused the Afghan Taliban of allowing the use of their soil for these attacks, an allegation Kabul denies.

The two countries engaged in fierce fighting last month after Pakistan hit what it called TTP-affiliated targets in Afghanistan. Both sides reached a ceasefire in Doha on Oct. 19 and are due to meet in Istanbul on Nov. 6 to finalize a mechanism to keep militancy along their 2,600-kilometer border in check.

Addressing the upper house of parliament, FM Ishaq Dar said he “received six calls” from his Afghan counterpart Amir Khan Muttaqi on Monday and told him that he supported Afghanistan as a neighboring Muslim country, but the rise in cross-border militancy had left him in a difficult position.

“I am among those who want to move forward positively with Afghanistan, Iran and all our neighboring countries. This is my responsibility on behalf of Pakistan,” Dar said, briefing Senate members about Pakistan’s talks with Afghanistan.

“My wish and prayer is that these matters be resolved and that we help one another.”

The TTP is responsible for some of the bloodiest attacks in Pakistan, including on churches, schools and the shooting of Malala Yousafzai, who survived the 2012 attack after she was targeted for her campaign against the Taliban’s efforts to deny women education. The group has stepped up its attacks against Pakistani security forces and law enforcement agencies in recent years.

Pakistani forces were able to effectively dismantle the TTP and kill most of its top leaders in a string of military operations from 2014 onwards in the country’s northwestern tribal areas, driving most of the fighters into neighboring Afghanistan.

Without naming anyone, Dar blamed the former government of Prime Minister Imran Khan for holding talks with the TTP and providing space to its fighters to regroup in the region.

“That was the biggest mistake. I am not against any person or any government, but this is a fact,” he said. “We must pull ourselves together so that such mistakes are not repeated, whether it’s our government or any other.”