Karachi, November 5, 2024 – The Pakistan Stock Exchange (PSX) has announced the appointment of Farrukh H. Sabzwari as its new Chief Executive Officer (CEO). Sabzwari, a veteran in investment banking and capital markets, will assume his new role on November 18, 2024, bringing over 25 years of industry experience to the exchange.
In a press release, the PSX detailed Sabzwari’s extensive background in both domestic and international finance. He has held senior management roles at several notable firms, including as CEO and Managing Director of KASB Securities, the local partner of Bank of America Merrill Lynch, and as CEO of BMA Capital. Additionally, he served as the Country Head for CLSA Emerging Markets in Pakistan, contributing to the growth of international investment flows into the local market.
Sabzwari’s international experience includes a tenure at CLSA Emerging Markets in New York, where he served as Vice President of Sub-Continent Sales. His career also took him to Indonesia and Singapore, where he worked as Director of Equities Sales at Credit Suisse, focusing on APAC and Frontier Markets for over seven years. This global exposure has equipped him with insights into emerging markets and the complexities of capital market dynamics, a perspective that analysts believe will be invaluable in his role at PSX.
Sabzwari’s domestic regulatory experience is equally extensive. He previously served as Chairman of the Securities and Exchange Commission of Pakistan (SECP) from December 2018 to August 2019 and continued as a Commissioner at SECP until 2021. During his tenure, he worked on reforms aimed at enhancing transparency and stability within Pakistan’s financial markets.
Further highlighting his engagement in the financial sector, Sabzwari has been a proposed Director on the board of Hugobank, part of the Getz Group. He has been associated with Hugobank since March 2022, as one of five digital banking consortiums granted licenses by the State Bank of Pakistan in January 2023. In addition, he serves as a co-opted member of the Capital Markets Advisory Council (CMAC), an advisory body established in November 2023.
Sabzwari holds numerous capital market certifications from regulatory authorities in Singapore, Indonesia, and New York. An alumnus of Karachi’s Institute of Business Administration (IBA), he completed his MBA in December 1992, and has since built a strong track record in investment banking and capital markets, both in Pakistan and abroad.
The PSX anticipates that Sabzwari’s blend of global expertise and regulatory knowledge will position him well to steer Pakistan’s stock exchange through its next phase of growth and modernization. Market participants view his appointment as a positive step for PSX, expecting that his leadership could help attract more foreign investment and advance Pakistan’s capital markets.
