Islamabad: Leading stockbroker of the country Arif Habib on Tuesday said economy is improving but we are faced with a bigger problem of perception which needs to be changed for the sake of national development.
Speaking at a reception held in his honour by Ruhi Farzana Shafi, he said that our capital markets are one of the best in the world providing 31 per cent average return in the last ten years but it is also facing issue of image.
Arif Habib, Chairman and CEO of the Arif Habib Group said that interference in the capital markets haven’t helped bring improvement.
He said that there is no Capital Gains Tax in most of the countries and system is not frequently altered in developed countries.
Calling for unity among stockbrokers, he said that we will not be able to get due rights as long as we are divided.
Arif Habib asked founder president of SAARC Chamber of Commerce and Islamic Chamber of Commerce Tariq Sayeed to lead the stockbrokers so that they can get their voice heard and their concerns addressed.
The former chairman KSE said that experience, national and international exposure, lifetime services and ability to convince authorities make an asset of Sayeed for the community which is facing multiple issues.
He asked to agents to elect Tariq Sayeed, Ayla Majeed and Muhammad Sahwani as directors of ISE for the upcoming elections scheduled on Dec 31st.
Speaking at the occasion, Tariq Sayeed, VP CACCI said that when CEO of a group who is managing assets in excess of Rs 40 billion says something about economy, it means a lot.
Insisting on universal best practices, he said that he is against proxy system in the capital markets which is not practiced anywhere in the world.
The veteran business leader said that he supports tax on stockbrokers but would not endorse extortion or unnecessary intervention.
Tariq Sayeed further said that he will do everything to get stockbrokers their due rights including empowered boards and simple tax regime which will ensure flow of local and foreign investment.
Better regulation and supervision will reduce volatility, enhance capital mobilising ability, fair trading, better information disclosure and fuel rapid rise which was witnesses in 2002-06, he said.
He called upon the brokers to forge unity which will pave the way for integration of all the stock markets which to benefit all the stakeholders.
He lauded the services of outgoing President FPCCI Ghulam Ali hoping that he will continue to serve the business community.
Others present on the occasion included President FPCCI Ghulam Ali, Chairman FPCCI Capital Office Hameed Akhtar Chadda, Chairman Media FPCCI Malik Sohail, former Chairman ISE Abdul Waheed Jan, Mian Mahmood, Abdul Aleem Piracha and MM Hassan.
For more information, contact:
Muhammad Raza Khan,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
FPCCI, Capital Office, Islamabad,
Former President, Haripur Chamber of Commerce,
Founder President, Islamabad Chamber of Commerce.
Tel: FPCCI +92-51-2251891-3. Fax +92-51-251894
Tel: Business +92-51-4434200-5. Fax +92-514434203