Farrukh Sabzwari Appointed as CEO of PSX, Set to Serve for Three Years

Farrukh H. Sabzwari has been appointed Chief Executive Officer (CEO) of Pakistan Stock Exchange Company Limited (PSX) for a term of three years, effective November 18, 2024. The announcement was made in a notice issued by PSX on Tuesday, 5th November 2024.

“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 three years, in terms of the Securities Exchanges (Licensing and Operations) Regulations, 2016,” read the notice.

Sabzwari, who previously served as the chairman of the SECP, has over 25 years of experience in investment banking, with senior managerial positions in both Pakistan and abroad.

His previous duties include Country Head for CLSA Emerging Markets in Pakistan, as well as CEO and Managing Director of KASB Securities (the local partner of Bank of America Merrill Lynch).

Farrukh H Khan resigned from his position as CEO of PSX in July, nearly a year and a half before his tenure was scheduled to conclude, to “pursue other opportunities.”

Khan will assume the role of Chief Financial Officer at Jazz, a telecommunications company, according to recent reports. In August, Nadeem Naqvi, a Shareholder Director, was appointed as the interim CEO of PSX following his departure.