Farrukh H Khan has stepped down as Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX), effective immediately. Khan’s resignation comes nearly a year and a half before his current term was set to expire.

The PSX announced the news in a notice on Friday, stating that Khan had resigned to “pursue other opportunities.” An emergency board meeting was scheduled for the same day to formally consider his resignation.

Khan’s tenure at the PSX began in February 2020, coinciding with the onset of the COVID-19 pandemic. Despite the challenges posed by the global health crisis, Khan oversaw several key initiatives during his time at the helm.

These included the re-activation of the IPO window after an 18-month hiatus, the introduction of the Growth Enterprise Market (GEM) Board, and the signing and activation of debt market makers. Khan also spearheaded the digitization of the exchange, introducing online account opening, EIPO, and Sahulat Account facilities. The listing process was further streamlined through the PRIDE (Public Offerings Revolutionized through an Integrated & Digitized Experience) online portal and Public PRIDE webpage.

One of Khan’s most notable achievements was the launch of the Roshan Equity Investment account facility, developed in collaboration with the State Bank of Pakistan and leading banks.

This initiative aimed to facilitate investment in Pakistan’s capital market by non-resident Pakistanis.

The PSX Board will now begin the process of selecting a new CEO.