PSX Appoints Former SECP Chairman Farrukh Sabzwari as CEO to Strengthen Market Position

The Pakistan Stock Exchange (PSX) has confirmed Farrukh H. Sabzwari as its new CEO for a three-year term, beginning November 18, 2024. This decision, approved by the Securities and Exchange Commission of Pakistan (SECP), was made public via an official statement Tuesday, marking a new chapter in PSX’s leadership.

Sabzwari, with over two decades of financial expertise, has been appointed to lead PSX into its next phase, bringing with him substantial experience in both the local and international markets. The PSX Board of Directors initially recommended him for the position in August, recognizing his extensive background in investment management and regulatory practices.

Farrukh Sabzwari’s Financial Career and Visionary Leadership

Before his appointment at PSX, Sabzwari served as SECP chairman and held leadership roles across top-tier financial institutions. As CEO of KASB Securities, he worked closely with Bank of America Merrill Lynch as a local partner. Sabzwari’s additional roles included Country Head for CLSA Emerging Markets in Pakistan and senior positions at BMA Capital. His impressive track record in corporate finance and securities has equipped him with the skills necessary to propel PSX toward operational excellence and market transparency.

His appointment follows Farrukh H. Khan’s resignation in July, a move that led to Nadeem Naqvi’s temporary leadership as interim CEO in August. Naqvi’s interim stewardship helped ensure continuity during the transition, allowing for a thorough selection process for the next CEO.

Sabzwari’s insights into market operations and commitment to innovation align with PSX’s goals of attracting new investors, expanding digital access, and aligning with international standards. His appointment is expected to drive reforms aimed at improving investor confidence, encouraging foreign investment, and strengthening Pakistan’s economic footprint on the global stage.