Farrukh H Khan has resigned as Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX), effective immediately, nearly a year and a half before his term was set to expire. The PSX announced this in a notice on Friday, stating that Khan stepped down to “pursue other opportunities.” An emergency board meeting was scheduled for the same day to formally consider his resignation.
Khan’s tenure at the PSX began in February 2020, coinciding with the onset of the COVID-19 pandemic. Despite the challenges posed by the global health crisis, he implemented several key initiatives. These included the reactivation of the IPO window after an 18-month hiatus and the introduction of the Growth Enterprise Market (GEM) Board.
Additionally, Khan was instrumental in the signing and activation of debt market makers. He also spearheaded the digitization of the exchange, launching online account opening, EIPO, and Sahulat Account facilities. The listing process was further streamlined through the PRIDE (Public Offerings Revolutionized through an Integrated & Digitized Experience) online portal and the Public PRIDE webpage.
One of Khan’s most notable achievements was the launch of the Roshan Equity Investment account facility. This initiative, developed in collaboration with the State Bank of Pakistan and leading banks, aimed to facilitate investment in Pakistan’s capital market by non-resident Pakistanis.
With Khan’s departure, the PSX Board will now begin the process of selecting a new CEO.
