Pakistan beats India to win ACG Chairmanship again for 2017-19
KARACHI: Muhammad Hanif Jakhura (CEO – Central Depository Company of Pakistan Limited) has been re-elected as the Chairman of Executive Committee of Asia Pacific Central Securities Depository Group (ACG) after defeating Nageswara Rao (MD – National Securities Depository Limited, India). This honor came once again to Pakistan during the 20th Annual General Meeting of Asia Pacific Central Securities Depository Group (ACG) held in Tehran, Iran. The Executive committee of ACG comprises of 8 elite depositories of the region representing countries like China, Japan. Korea, India and Pakistan. Asia Pacific Central Securities Depository Group (ACG) is an informal body of the depositories and clearing houses of the Asia-pacific region. The group consist of 34 CSDs representing 23 countries. ACG is also one of the five members of the World Forum of CSDs (WFC), which is the global body of Depositories, representing all five continents. Mr. Muhammad Hanif served as the Chairman ACG for 2014-16 and by virtue of this, CDC Pakistan was acting as the ACG Secretariat. This term concluded in November 2016 however majority of Executive Members of ACG were of the view that he should continue to lead ACG, as under his leadership it has transformed into a vibrant body and has become the true voice of Asian Depositories on the global front. Majority of the members of the General Body of ACG were also of the view that CDC Pakistan served remarkably as Secretariat and their contribution should continue for the next tenure.