Farrukh H Sabzwari, a seasoned investment banker, has been appointed as the new Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX) for a three-year term, following approval from the Securities and Exchange Commission of Pakistan (SECP). The announcement was made through a PSX filing on Tuesday.
According to the notice posted on the PSX website, “As per our previous announcement dated August 29, 2024, we inform you that, based on the recommendation of the PSX Board of Directors, the SECP has approved Farrukh H Sabzwari’s appointment as CEO for three years, in compliance with the Securities Exchanges (Licensing and Operations) Regulations, 2016.”
Sabzwari will officially take office as CEO of PSX on November 18, 2024.
A former SECP chairman, Sabzwari brings over 25 years of senior management experience in investment banking, both domestically and internationally. He has previously held the role of CEO and Managing Director at KASB Securities, the local affiliate of Bank of America Merrill Lynch, as well as at BMA Capital. He was also the Country Head for CLSA Emerging Markets in Pakistan.
Sabzwari holds capital market certifications from various global jurisdictions, including Singapore, Indonesia, and New York, USA. He is an alumnus of Karachi’s IBA, where he earned an MBA in December 1992.
He succeeds Farrukh H Khan, who resigned from the PSX CEO position in July to “pursue other opportunities” with more than a year and a half remaining in his term. During Khan’s tenure, PSX launched the IPO window after an 18-month hiatus, introduced the Growth Enterprise Market (GEM) Board, and activated debt market makers.
After Khan’s resignation, the PSX Board appointed Nadeem Naqvi, a Shareholder Director, as interim CEO in August.
