The capital market entities, banks and State Bank of Pakistan (SBP) marked the launch of the Roshan Equity Investment (REI), a product offered to non-resident Pakistanis under the umbrella of Roshan Digital Account introduced by State Bank of Pakistan in 2020, by holding a gong ceremony. Roshan Equity Investment is an innovative product whereby non-resident Pakistanis can invest in Pakistan’s stock market conveniently, swiftly and digitally. The REI account allows investors the benefit of investing in the local stock market just as they are able to avail the facilities of car financing, house financing and purchase of government bonds through their RDAs. The marketing campaign for Roshan Equity Investment is a first of its kind where banks and the capital market SROs have come together and contributed to reach out to potential Pakistani investors residing abroad.
The gong ceremony was held at the Trading Hall of the Exchange whereby the gong was struck by the Chief Guest, SBP Governor, Mr. Jameel Ahmad. The Chairperson PSX, Dr. Shamshad Akhtar; CEO CDC, Mr. Badiuddin Akber; CEO NCCPL, Mr. Muhammad Lukman; CEOs of RDA offering banks and major securities brokers along with the Board of Directors and senior management of the participating organisations, including COO PSX Mr. Nadir Rahman, were the key participants at the occasion.
Speaking at the occasion, the Chief Guest, Governor SBP, Mr. Jameel Ahmad, said that the launch of Roshan Equity Investment under the banner of the State Bank’s Roshan Digital Account is an important milestone in the development of the country’s capital market. He stated that RDA has provided an opportunity to non-resident Pakistanis to connect with domestic banking system and proved instrumental in attracting foreign exchange inflows of over $5.2 billion due to its ease of operability, fund repatriation and return offered on investment. He said that Roshan Equity Investment is another opportunity for non-resident Pakistanis where they can invest in financial instruments, equity & debt on Pakistan Stock Exchange. Governor SBP also highlighted the importance of enhanced collaboration among all stakeholders to plan and work towards development of deeper, efficient, and more inclusive capital markets in Pakistan.
Speaking at the occasion, Chairperson PSX, Dr. Shamshad Akhtar, stated, “The Roshan Equity Investment facility is a revolutionary step forward enabling overseas Pakistanis to build their wealth and contribute to Pakistan’s economy. It was a demand of overseas Pakistanis that they conveniently invest in their home-country’s stock market. The Roshan Equity Investment facility for Roshan Digital Account holders is an excellent opportunity to benefit not only the Non-Resident Pakistanis themselves but also the economy of Pakistan by way of routing the much-needed foreign exchange into the country. I congratulate the teams of participating banks, SBP and PSX for collaborating to introduce this facility for overseas Pakistani investors. Today, we are officially rolling out the marketing campaign for REI which includes the specially designed advertisement for overseas Pakistani investors as well as other REI-focused marketing features.”
The SECP Chairman, Mr. Aamir Khan, through a video message, said that the enabling environment created through digital account opening in stock market and mutual funds, e-IPO process and linkage with Roshan Digital Account led to a 11% and 6% growth in investor base during the FY 2021 and FY 2022 respectively.
The CEO, Central Depository Company (CDC) of Pakistan Limited, Mr. Badiuddin Akber, added, “CDC is proud to be the main operational hub for all the investment made by RDA holders in PSX. We are currently providing world class complete digital settlement services to more than 10,000 RDA holders around the globe, and with this collaborative campaign we expect that Overseas Pakistani diaspora will come to know more about this lucrative avenue of investment and will provide us a chance to serve them with the best of our capabilities. We are thankful to SBP, SECP and all the banks for this initiative and look forward to RDA holders to invest in PSX.”
The event concluded with presentation of mementos to Governor SBP, CEOs of securities brokers, CDC, NCCPL, as well as to PSX Marketing Team and SBP officials.
