Farrukh H. Sabzwari has spent more than 25 years in the Investment banking business in senior management positions both locally and abroad. He has previously served as CEO and MD of KASB Securities (local partner of BoA Merrill Lynch); BMA Capital and Country Head for CLSA Emerging Markets in Pakistan. His time abroad includes stints at CLSA Emerging Markets in NY USA, where he was VP sub-continent sales and at Credit Suisse in Indonesia and Singapore – where he spent seven years looking at both APAC and Frontier Markets as Director Equities sales. He has also served as Chairman (Dec 18 – Aug 19) and Commissioner of SECP (Securities and Exchange Commission of Pakistan) from 2018 to 2021, a job he took up on his return to Pakistan.

Some key initiatives during his three year term at SECP included the introduction of a comprehensive KYC/AML reporting mechanism for regulated entities in line with FATF recommendations, the launch of ETFs in Pakistan, the revamp of REITs regulations that has helped unleash a renewed wave of interest in the sector, the setting up of Emlaak – a one-stop shop for Mutual Fund Investments in the country and the introduction of Stewardship guidelines for institutional investors to encourage improved capital allocation through effective implementation of the corporate governance framework.

Mr. Sabzwari was a proposed Director on the board of Hugobank – a Getz Group entity that he had been associated with from 2022 to 2024– one of the five Digital Banking consortiums that were awarded banking licences by the SBP in Jan 2023. He is currently serving as the Chairman of the Institute of Financial Markets of Pakistan since October 2024 and a co-opted member of the Capital Markets Advisory Council (CMAC) set up in November 2023. He has capital market certifications from various jurisdictions including Singapore, Indonesia and NY and is an alumni of the IBA in Karachi, where he graduated with an MBA in Dec 1992. To enhance his knowledge and understanding of the Fintech space, he undertook a three month Fintech course in Innovation and Transformation in Financial Services from the NUS in Singapore in June 2022.

Dr Fakhara Rizwan is an accomplished professional, uniquely bridging the worlds of law, corporate governance and financial crime compliance. She is a scholar, author, corporate lawyer and certified director. Commanding a rare expertise as the only academician with a PhD in corporate laws governing takeovers and merger activity in Pakistan, she offers invaluable insights into her field. Her seminal work, ‘Corporate Takeovers and Mergers –A Study on the Bank Role as Adviser’, serves as a founding work on the subject, having been published in two editions so far.

Her ongoing projects, including notable books on ‘Financial Crimes’ and ‘Effectiveness of Board of Directors,’ underscore her prolific contributions to contemporary legal scholarship. Beyond her books, she regularly writes articles for law journals and newspapers, covering topics ranging from corporate laws and governance to social issues, with a keen focus on gender diversity.

As a Certified Financial Crime Specialist, she aligns with the global community as a part of the esteemed Association of Certified Financial Crime Specialists. Additionally, her Diversity, Equity & Inclusion Professional Certification reflects her dedication to fostering diversity and inclusion. This commitment also extends to ESG practices. After extensive training at the Singapore International Mediation Centre and comprehensive assessment, she became the SIMC Qualified International Mediator. She actively advocates mediation for corporate disputes.

As a director of the Pakistan Institute of Corporate Governance, Dr Fakhara actively contributes to developing and promoting good governance practices in Pakistan. Her expertise spans across corporate governance, shariah governance and ESG. With a strong foundation in these three key pillars, she brings a holistic and comprehensive understanding of effective governance practices. She is recognised by the Higher Education Commission of Pakistan as an approved supervisor, enabling her to supervise PhD candidates on their research journey. Through her teaching roles, she educates aspiring professionals and contributes to the development of future leaders.

Dr. Fakhara’s international exposure includes her practice in Malaysia, marking her as the first Pakistani member of the Malaysian Corporate Counsels Association. Her advisory roles, including contributions to the Pakistani High Commission and pro bono practice for the welfare of destitute Pakistanis, further showcase her global perspective and diverse experience.

In 2014, she returned to Pakistan from Malaysia and joined AlBaraka Bank, where she served as the Company Secretary and head of the Legal Department. In 2017, she joined ORIX Leasing Pakistan Limited in the same role. Additionally, she was Vice-Chairperson of the Non-Banking Financial Institutions & Modaraba Association and served as a representative for the Leasing Industry in FPCCI.

Since January 2020, as the Company Secretary and Chief Legal & Corporate Affairs Officer (General Manager) for the Pakistan Stock Exchange Limited (PSX), she has played a transformative role in reforming PSX’s governance structure. Her commitment extends through her involvement with various committees and panels, reflecting a broad influence across the regulatory and arbitration realms.

She assumed additional responsibilities as the acting Chief Human Resource Officer in January 2024. Her dedication to cultural evolution within the PSX is epitomised by her initiatives to encourage collective decision-making and align policies with contemporary governance principles.

Beyond her professional achievements, her pursuits as a black-belted martial artist and a poet, along with her book Adhuri Takmeel, which has three editions, highlight a holistic persona dedicated to both intellectual and personal excellence. Her diverse accomplishments make her an invaluable asset and an inspiring figure in the fields of law, corporate governance and financial crime compliance.

Mr. Ahmed Ali Mitha brings with him a rich and diverse background from the financial sector and is the key strategic resource skilled in leadership and finance. He holds the position of Secretary PSX Centralized Customers Protection Compensation Fund (PSX CCPCF) and PSX Clearing House Protection Fund (PSX CHPF), Trustee PSX Employees Gratuity Fund and also a member of various other senior management committees at PSX. He is also member of the Consultative Committee on Capital Markets Tax Reforms as appointed by Federal Board of Revenue, Government of Pakistan in January 2021. His areas of responsibility, besides managing the Finance department as Chief Financial Officer, also include strategic & corporate planning and medium-term financial projection for the development of the Exchange, preparation of PSX tax proposals for annual Federal Budget, budgeting and revenue remodeling and treasury and funds management. As the top financial officer of PSX, he is responsible for forecasting the organisation’s financial standing and advising the CEO and the Board on strategic direction. Mr. Mitha’s role as CFO underscores the strategic importance of his contribution for Pakistan Stock Exchange.

Mr. Mitha started his career in the year 1994 from PWC and joined PSX in 2006 as Chief Financial Officer. He brings with him over 28 years of rich & diverse leadership experience in the field of Audit and Finance, in both public and private sectors, including insurance, cement and textile industries. He has previously held the position of Executive Director Finance and Company Secretary of National Insurance Company Limited (NICL).

Mr. Mitha is a Fellow member of the Institute of Chartered Accountants of Pakistan (ICAP) and completed his Articleship from one of the Big four firms, AF Fergusons, a member firm of Price Water House Coopers (PWC) International. He is also an Associate member of Institute of Cost and Management Accountants of Pakistan (ICMAP).

Mr. Ajeet Kumar is a thorough capital market professional with 14 years of experience and has been a core member of Regulatory Affairs Division (RAD) since demutualization of the stock exchange. Mr. Ajeet is the head of RAD and also acts as Secretary to the Regulatory Affairs Committee of the Board of Directors, Chairman of Oversight Committee constituted by SECP under the Joint Inspection Regulations, 2015 and member of Risk Committee of NCCPL. Prior to joining PSX, he was associated with SECP for over 4 years in Securities Market Division.

He is well versed with the local capital market dynamics and global practices governing securities market and is considered as dedicated professional who is analytical, detail and target oriented with strong abilities to manage large teams to fulfil diverse responsibilities in a fair and transparent manner. He has expertise in advisory, policy making, research, compliance and enforcement and has been instrumental in formulating effective regulations and strategies for the development of capital market of Pakistan. During his tenure as CRO, Mr. Kumar has transformed to risk based supervision and enforcement regime with emphasis to enhance compliance culture for ensuring investor confidence and trust.

He has played key role in various PSX projects where major ones on his credit include deployment of a robust surveillance system as part of new trading system, digital onboarding of customers, migration to e-filings of reports by regulated entities, integration and self-listing of PSX; framing of regulations for Market Makers, Index Options, ETF, SLB, GEM Listing, Index/ Market Halts, Privately Placed Debt Instruments, risk management regime etc. Mr. Ajeet was actively involved in establishment of first-ever on-site joint inspection regime for brokers, introduction of first-ever Rulebook of PSX and its re-introduction pursuant to promulgation of Securities Act, 2015 and Futures Market Act, 2016 and implementation of clients’ assets segregation reporting framework as a landmark breakthrough.

Mr. Kumar is an MBA in Finance from IBA Karachi and has cleared Level II of CFA program. Besides, he has also been awarded relevant certifications from the Institute of Financial Markets of Pakistan.

Mr. Syed Adeel Javaid has over 24 years of corporate experience and is well versed with the local and international technology and capital market dynamics. He has extensive experience of managing business critical systems & services involving multifunctional teams and large-scale project portfolios through strategic technology planning and change management with special focus on digital transformation. He contributed and was key member of the teams at PSX and Bahrain Bourse who successfully upgraded and migrated Exchanges’ Trading Engines.

His last appointment was with Kounteq Limited (UK & PK) for 3 years as Chief Technology Officer. Prior to that he has served Bahrain Stock Exchange (Bahrain Bourse) for 15 years where he was serving as IT Director. Earlier, he remained associated with Wavetec Pakistan and APS Control Systems (The Netherlands) for 5 years in middle management roles.

Mr. Javaid is also serving as nominee director of PSX on the Board of EClear Services Limited. He holds a Bachelor’s degree in Electrical Engineering from NED University, Karachi and had also attained PRINCE2 Practitioner accreditation

Mr. Farhan Ansari is a Fellow member of the Institute of Chartered Accountants of Pakistan. He is also a Certified Internal Auditor from the Institute of Internal Auditors-USA. He has with him around 25 years of experience in the field of Audit and Accounts.

Mr. Farhan completed his CA training from EY Ford Rhodes Chartered Accountants and has been associated with the Exchange since 2006. Currently, he heads the Internal Audit function of the Exchange. Prior to joining the Exchange, Mr. Farhan was associated with Dadex Eternit Limited.

Mr. Hashmi has over 26 years of experience in the field of Capital Markets and Banking Services with a strong understanding of financial markets’ business, support functions and risk management advisory. Before joining PSX in 2018, Mr. Hashmi remained associated with Emirates NBD Group, UAE for more than 12 years where he has held senior positions including Head of Operations & Business Support for Emirates NBD, General Clearing Member and Chief Operating Officer for Emirates NBD Securities; the brokerage arm of the Group providing trading and investment services in stock exchanges of Dubai, Abu Dhabi, Saudi Arabia and Dubai Gold & Commodities Exchange. Moreover, he was part of Group Operational Risk Control unit of the Bank providing risk advisory to various business units of the Bank including Treasury and Capital Markets, Brokerage, Asset Management, Group functions and the international locations; London, Singapore and KSA. Mr. Hashmi has also served as Head of Brokerage Operations of Emirates Islamic Bank (Emirates NBD Group Co.).

Prior to Emirates NBD Group, he has worked for IGI Investment Bank in the capacity of Head of Brokerage Operations and Lahore Stock Exchange as Manager, Clearing House & Members’ Affairs.

Jawad is an MBA Finance and an Associate of Chartered Institute of Securities and Investment (CISI), UK.

Mr. Hashmi is also serving as nominee director of PSX on the Board of Institute of Financial Markets of Pakistan.

​Mr. Abbas has an overall experience of more than 20 years in the financial sector out of which he has been associated with Pakistan Stock Exchange Limited (PSX) for the last 15 years and during his tenure he has served PSX in various capacities, managing teams involved on the Operational as well as Regulatory fronts.

During his time with PSX he has supervised market operations, listed companies compliance, securities broker compliance, and complaint & default handling. Mr. Abbas has extensively been involved in many critical projects/assignments on the operational and regulatory sides that have helped in evolution of capital market of Pakistan. These projects include launch of Pakistan Unified Corporate Actions Reporting System which is a fully online announcement system for material and corporate disclosures by the listed companies, Bonds Automated Trading System platform and automated compliance monitoring system for listed companies. ​

​Prior to taking on the role of the Chief Listing Officer, Mr. Abbas was serving as the Head of Audit, Inspection, Default and Arbitration Section of Regulatory Affairs, where he was involved in inspections, compliance monitoring and adjudication for securities brokers. In addition, he was also supervising matters pertaining to complaints and default handling including Mediations and Arbitrations. During his tenure with the Department, he was involved in various regulatory reforms and automation projects aimed at ease of reporting, ease of doing business, introduction of RegTech and automation of complaint handling for securities brokers.

Mr. Abbas started his career with PricewaterhouseCoopers Consulting (PwC) currently Abacus Consulting, wherein, he was involved with the Corporate Finance Transactions Department, which was responsible for the privatization projects of state owned entities like K-Electric, SSGC and Jamshoro Power Company. Furthermore, he has also worked in Pak Kuwait Investment Company, a leading Development Financial Institution of the country in the Risk Management Department, wherein, he was involved with development of various financial risk models for the company.​

Mr. Abbas is MBA in Finance from Institute of Business Management (IoBM).

Mr. Nisar Ahmed Qazi, the indomitable Head of the Admin Department at the Pakistan Stock Exchange, stands as a pillar of strength, resilience, and wisdom. His extraordinary ability to manage complex scenarios and his oversight of the Exchange’s physical security underscores the invaluable contribution he makes to ensuring the safe, efficient operation of PSX, the critical financial institution.

With a career marked by numerous challenging episodes, Mr. Qazi has consistently demonstrated an exceptional aptitude for navigating difficulties with composure and pragmatism. Whether coordinating emergency responses, mitigating potential threats, or resolving administrative crises, his strategic oversight and quick thinking have been instrumental in maintaining the integrity and continuity of PSX and the capital market’s operations.

Mr. Qazi’s experience managing the physical security of the PSX premises is unparalleled. He has implemented rigorous security protocols and surveillance systems, safeguarding every aspect of the Exchange against potential risks. His proactive approach to security encompasses regular drills, stringent access controls, and continuous training for security personnel, providing peace of mind to brokers, employees, and other stakeholders.

As an advocate for welfare of all stakeholders of the capital market, Mr. Qazi extends unwavering support to the brokerage community, facilitating their operations and addressing their concerns with diligence and empathy. His commitment to creating a secure and conducive environment allows brokers and other stakeholders to operate efficiently, fostering a culture of trust and mutual respect within the Exchange.

As a key member of the Procurement Committee, Mr. Qazi has distinguished himself through his cost-efficient approach and superior negotiation skills. His deep understanding of the procurement landscape enables him to secure high-quality goods and services at competitive prices, optimising the Exchange’s operational budget without compromising quality. This competence not only conserves resources but also enriches the overall operational framework of the PSX.

One of Mr. Qazi’s most remarkable attributes is his profound understanding of the organization, coupled with knowledge of its history because of his more than 3 decades of association with PSX. His tenure at PSX has imbued him with a historical memory that serves as a vital asset in strategic decision-making and institutional continuity. This historical perspective allows Mr. Qazi to foresee potential challenges and leverage past experiences to craft contemporary solutions.

Under his stewardship, the Admin Department not only meets but often exceeds expectations, setting a benchmark for administrative efficacy and institutional integrity.