SECP charts new direction for regional capital market cooperation

The successful conclusion of the two-day International Capital Market Conference (ICMC) & Expo 2025 in Karachi marks a defining milestone in Pakistan’s financial evolution. Organized by the Securities and Exchange Commission of Pakistan (SECP) in association with the Pakistan Stock Exchange (PSX), Central Depository Company (CDC), National Clearing Company (NCCPL), and Pakistan Mercantile Exchange (PMEX), the event became a powerful platform for deep dialogue, cross-border cooperation, and fresh thinking on how Pakistan and the region must prepare for the future of capital markets.
The invitations, programme details, and conference brochure reflect the extraordinary scale of participation: regulators, policymakers, CEOs, scholars, asset managers, and capital market experts from Azerbaijan, Bangladesh, China, Iran, Hong Kong, Maldives, Sri Lanka, and the United States joined domestic institutions to discuss regional integration, innovation, and financial resilience. Rarely has Karachi – and indeed Pakistan – hosted an event of this magnitude, bringing together such influential voices under one roof.
At the heart of the conference’s success was the dedicated support and personal presence of SECP Chairman Akif Saeed, who travelled from the Commission’s headquarters in Islamabad to Karachi to supervise, guide, and participate in the proceedings over both days. His active involvement signaled the seriousness with which Pakistan views capital market reform and regulatory modernization. In a sector where investor confidence, technological advancement, and policy stability are paramount, his visible leadership served as a reassuring message to domestic and international stakeholders alike.
The timing of the conference could not have been more critical. Pakistan’s financial ecosystem faces structural challenges: low investor penetration, shallow debt markets, fragmented regulations, limited pension participation, and underdeveloped commodity and derivatives markets. At the same time, global capital markets are transforming with unprecedented speed – fintech disruption, digital assets, real-time settlement systems, sustainable finance, and Islamic capital markets are reshaping investment behavior worldwide. The ICMC demonstrated that the SECP understands that Pakistan cannot lag behind; the country must lead, innovate, and integrate.
A central theme of the conference was regional capital market integration. The participation of delegations from Central Asia, South Asia, East Asia, and the Middle East provided a unique opportunity for Pakistan to rethink its approach to financial diplomacy. Nations like Azerbaijan, Bangladesh, China, and Iran – all present in Karachi – are rapidly developing their market infrastructure. Cross-border linkages in mutual funds, sukuk, commodities, digital trading platforms, and regulatory alignment could unlock billions in regional investment flows. Such cooperation is not optional – it is the future.
One of the most memorable moments was the Gong Ceremony at the Pakistan Stock Exchange (PSX), symbolizing unity, connectivity, and the promise of deeper financial cooperation. The ceremony also underscored a powerful truth: capital markets thrive when regulators and market institutions work as partners, not in silos. The presence of PSX’s leadership, the CEOs of CDC, NCCPL, PMEX, fund managers, and brokers highlighted a genuine spirit of collaboration.
A standout intellectual highlight was the high-level panel on Islamic Finance, reflecting Pakistan’s natural advantage in Shariah-compliant financial products. With international demand for Islamic instruments increasing, Pakistan is uniquely positioned to emerge as a regional leader. The keynote address by Ayatollah Dr. Gholamreza Mesbahi Moghaddam, Chair of Iran’s Shariah Committee, added rare depth and clarity, emphasizing the need for harmonized Shariah screening frameworks, cross-border sukuk, and investor awareness initiatives. The SECP’s Islamic Finance Division, supported by policy reforms over the last two years, has laid the groundwork for an expanded Islamic capital market.
Similarly, sessions on Real Estate Investment Trusts (REITs) showcased how Pakistan can mobilize large-scale investment through regulated, transparent, and professionally managed structures. REITs worldwide are engines of urban development and wealth creation; Pakistan’s accelerating REIT pipeline – helped by SECP’s regulatory updates – can attract overseas Pakistanis, Gulf investors, and pension funds, bridging the gap between infrastructure needs and capital availability.
Amid the enthusiasm, the conference also acknowledged the sector’s long-standing challenges. A vibrant capital market requires trust – trust in regulation, governance, transparency, tax consistency, and enforcement. Under the stewardship of Chairman Akif Saeed, the SECP has made significant progress in digital onboarding, investor protection, anti-manipulation frameworks, and promoting financial literacy. Yet, Pakistan must expand its investor base, modernize pension systems, rationalize capital gains tax, and enhance women’s participation in financial markets.
The closing session reinforced a message of hope and purpose. As the CEO of PSX noted, the shared commitment of regulators, regional partners, and financial institutions can reshape Pakistan’s economic future – but only if the momentum continues. Conferences create vision; reforms create results.
The SECP now has an opportunity – and a responsibility – to institutionalize what the ICMC has begun. Pakistan must strengthen regulatory coordination, deepen collaboration with regional regulators, accelerate the adoption of technology, and support markets in real-time decision-making. Most importantly, Pakistan must recognize that without robust capital markets, economic growth will always remain constrained.
The International Capital Market Conference (ICMC) has set a new benchmark. It has shown the world that Pakistan is ready – ready to lead conversations, ready to innovate, and ready to integrate with global financial systems. The challenge now is to convert these conversations into concrete action.
Pakistan’s capital market reform is not just desirable – it is essential for the country’s economic sovereignty.