KARACHI: Farrukh Hussain Khan has assumed the charge of Chief Executive Officer (CEO) of Pakistan Stock Exchange (PSX) on Monday, February 24, 2020, a statement said.
Farrukh Hussain was appointed by the Board of Directors of PSX with the approval of the Securities and Exchange Commission of Pakistan (SECP) as CEO of PSX in place of Muhammad Rafique Umer, who was officiating as Acting CEO till the date of assumption of charge by the new CEO.
At the time of approving Farrukh Hussain as CEO in December 24, 2019, the PSX was without CEO since May 2019 when foreigner Richard Morin resigned from the position.
Morin was the first ever non-Pakistani to lead the bourse after having been appointed chief executive in January 2018, soon after a consortium led by three Chinese exchanges bought a controlling 40 percent stake in the exchange.
Morin was disqualified on fit and proper criteria of the Securities Exchange (Licencing and Operations) Regulations due to his allegedly false reporting to the Canadian Securities Authority, PSX board and the SECP that he owned a Canadian company – Archer Wealth Management.
However, the allegation was denied by Morin. “My ownership of Archer was fully disclosed to PSX and the Securities and Exchange Commission of Pakistan, both before and after I joined PSX,” he said in a statement in June.