Capital market business hub to be set up in Abbottabad

ISLAMABAD: A capital market business hub will be established in Abbottabad, as to expand the outreach, a statement said on Tuesday.
The decision was taken on the recommendation of the Securities and Exchange Commission of Pakistan (SECP), it said.
SECP Chairman Zafar Hijazi has formed a committee to chalk out a plan for enhancing the outreach of mutual funds, stockbrokers, leasing companies, investment banks, Modarabas and insurance sector to the smaller cities to encourage investors to easily access capital markets and non-bank financial services, it said.
Hanif Jakhura, CEO of the Central Depository Company (CDC), had been appointed the committee’s convener. The committee worked out various initiatives, out of which one was the establishment of capital market business hubs (CMBHs). These hubs will be set up in the cities, which are not first tier but have small industries and also attracting foreign remittances, such as Mirpur, Abbottabad, Sialkot, Dhadial etc.
The first such hub will be established in Abbottabad. The city is well known throughout Pakistan for its beauty and located in the Hazara region of the Khyber Pakhtunkhwa (KPK) on Mansehra Road.