On November 26, 2021, at CDC House in Karachi, the first Professional Clearing Member (PCM) was publicly inaugurated by the Adviser to the Prime Minister on Finance and Revenue, Mr. Shaukat Tarin, as a watershed moment in Pakistan’s capital market environment.
At inauguration ceremony, Mr. Shaukat Tarin said,
“It is the top priority of our Government to facilitate businesses and improve ease of doing business environment. This initiative of Professional Clearing Member (PCM) is a very significant and timely initiative by SECP and very well executed by CDC. It is very important for our Capital market that we introduce such novel concepts which will bring more transparency and efficiency in our market. CDC has won the trust and confidence of the investors, Regulator and all stakeholders in the market with its efforts of market development and investor facilitation.”
The new PCM regime was successfully implemented after SECP and capital market infrastructure entities introduced the relevant regulatory framework, resulting in the formation of EClear Services Limited (ESL) by CDC, PSX, NCCPL, and Pakistan Kuwait Investment Company, with CDC serving as the project manager.
