Dr. Umar Saif, Chairman of the Punjab Information Technology Board (PITB), and Nadeem Naqvi, Managing Director at Pakistan Stock Exchange (PSX) in Karachi, have signed an MOU to facilitate entrepreneurs in raising investment for their startups.
The foundation to this partnership was laid during the 4th Round Table Conference that was held on the 6th of April, 2017 by PITB.
The MoU signing ceremony was attended by Farrukh Ansari, CEO at Ijara Capital Partners, Muhammad Sajid, CEO at Core Advisors, Naeem Zamindar, Country Manager at Acumen Pakistan, Imran Moinuddin, CEO at Nexdegree, Zahoor Motiwala, Business Consultant and ‘C-Suite Assistant’, Saad Aman Ullah, Ahmer Majeed, Additional Director at the Securities and Exchange Commission of Pakistan (SECP) and Aamir Qureshi, Deputy Director at SECP among many others.
Under this collaboration, PITB will share their database of registered startups with PSX. Startups will be encouraged to sign up on the online PSX Private Market that is aimed at bringing together startups and investors subject to the PSX Board and SECP’s approval. PITB’s technology incubators, accelerators and coworking spaces will collaborate with PSX to promote the growth of startups.
PSX and PITB will jointly create awareness amongst stakeholders regarding the three capital raising platforms offered by PSX, i.e. Main Board (first tier), SME Board (second tier) and Private Market (third tier). They will jointly approach relevant regulatory bodies to advocate the case of startups and will propose framework to assist startups in Initial Public Offering (IPO) by introducing favorable listing terms particularly in terms of paid-up capital. The parties will also be organizing joint events such as conferences and workshops in order to promote entrepreneurship.
The MOU signing ceremony was followed by a focus group discussion on PITB’s Punjab Technology Fund framework to further support the growth of startups. This fund will enable startups to raise investment without equity in the form of a grant.