The Pakistan Stock Exchange (PSX) has appointed Farrukh H Sabzwari as its new chief executive officer (CEO) for a period of three years, reported 24NewsHD TV channel.

Sharing the development in a notice to the stock exchange on Tuesday, the PSX said “Following our previous announcement dated August 29, 2024, please be informed that upon recommendation of the Board of Directors of Pakistan Stock Exchange Limited (PSX), the Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of Farrukh H. Sabzwari as the Chief Executive Officer (CEO) of PSX for a period of three years, in terms of the Securities Exchanges (Licensing and Operations) Regulations, 2016.”

It added that Farrukh Sabzwari will assume his office as PSX CEO on November 18, 2024.

Farrukh Sabzwari, a former chairman of the SECP, has spent over 25 years in the investment banking business in senior management positions both within Pakistan 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.

In July, it was announced that Farrukh H Khan resigned from the CEO position to “pursue other opportunities”, nearly a year and a half before his tenure was set to end.

Following Farrukh’s resignation, the PSX BoD appointed Nadeem Naqvi, a shareholder director, as the interim CEO of the company in August.

Reporter Ashraf Khan