PSX appoints Farrukh Sabzwari as new CEO after SECP approval

Veteran investment banker Farrukh H Sabzwari has been named as the Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX) for a three-year term, the apex bourse announced in a notice on Tuesday, following approval from the Securities and Exchange Commission of Pakistan (SECP).

"Following our previous announcement dated August 29, 2024, please be informed that upon the recommendation of the Board of Directors of PSX, the SECP has approved the appointment of Farrukh H Sabzwari as the CEO of PSX for a period of three years, in terms of the Securities Exchanges (Licensing and Operations) Regulations, 2016," read the notice issued by the PSX.

Sabzwari will assume his office as CEO of PSX on November 18, 2024.

A former SECP chairman, Sabzwari, has over 25 years of experience in senior management within the investment banking industry, both in Pakistan and internationally. 

He previously served as CEO and MD of KASB Securities, the local partner of BoA Merrill Lynch, as well as BMA Capital, and was the Country Head for CLSA Emerging Markets in Pakistan. 

Sabzwari has capital market certifications from various jurisdictions, including Singapore, Indonesia, and New York, USA, and he is an alumnus of the IBA in Karachi, where he graduated with an MBA in December 1992. 

Sabzwari takes over from his predecessor, Farrukh H Khan, who resigned from the position of CEO of the PSX in July to "pursue other opportunities" about a year and a half before the end of his term. 

It must be noted that the PSX launched the IPO window after a gap of 18 months, introduced the Growth Enterprise Market (GEM) Board, and signed and activated debt market makers during Khan's tenure.

Following Khan's resignation, the PSX Board of Directors appointed Nadeem Naqvi, a Shareholder Director, as interim CEO in August.