A robust mechanism for continued consultation needs to be agreed on and put in place to address the fundamental issues in capital market development in Pakistan. Broadly, the program envisaged two key reforms: (i) strengthening the regulatory framework, and (ii) development and Implementation of a comprehensive capital market master plan. During program Implementation, ADB held two consultation workshops with all government and private sector stakeholders, including development partners. After the workshops, no evidence existed of any large-scale stakeholders’ consultations to evaluate the impact of the partial Implementation of the Capital Market Master Plan which also delayed the parliamentary approval of key legislations including the ones that sought to empower the capital market regulator and Audit Oversight Board.
Third Capital Market Development Program (Subprograms 1 and 2)