Firms To Watch: Capital markets

Salman Butt leads the practice at Cornelius, Lane & Mufti that advises numerous local and foreign clients on the full spectrum of capital markets work and on regulatory compliance.
The skilled team at Kabraji & Talibuddin receives instructions on various capital market transactions, bond issuances and Sukuk transactions as well as on complex derivatives and swap deals. It is engaged by foreign banks, often on deals relating to the energy sectors.

Capital markets in Pakistan

Akhund Forbes

The capital markets practice at Akhund Forbes is known for its work on various high-value and complex transactions. It is adept at advising on a myriad of issues such as share dealings, stock exchange regulations and securities regulatory matters. Other strengths lie in advising on public debt issues including bonds and sukuks as well as on REITS, as well as equity work including IPOs and rights issues. Rabel Akhund is a seasoned practitioner in this area. Sahar Iqbal specialises in capital markets work and mutual funds work and has a following among Pakistan's asset managers.

Practice head(s):

Rabel Akhund; Sahar Iqbal


‘Professional team with timely assistance / legal guidance’.

‘A competent team that has an understanding of the issues and is proficient with the business knowledge and its teamwork. Moreover, the effortless working environment and the way that it maintains its  business relationships with clients make them competitively stronger‘.


Key clients

Arif Habib Dolmen REIT Management

MCB Arif Habib Investments and Savings Limited

UBL Fund Managers Limited

NBP Fund Management Limited

Habib ADM Limited

Privatisation Commission, Government of Pakistan

National Investment Trust Limited

King & Wood Mallesons

Curtis, Mallet-Prevost, Colt & Mosle LLP

Credit Suisse

Elixir Securities (Private) Limited

Datang Pakistan Karachi Power Generation (Pvt.) Limited

K-Electric YesAbraaj Pakistan Private Limited

Arif Habib Limited

Work highlights

  • Continuing to provide regular and comprehensive advice to UBL Fund Management Limited, NBP Fund Management Limited and MCB Arif Habib Savings and Investment Limited on various matters in relation to their business.
  • Advising National Investment Trust Limited on launching its first ever Exchange Traded Fund in Pakistan.
  • Successfully advised Arif Habib Dolmen REIT Management on amending its constitutional documents and liaising with the Securities and Exchange Commission of Pakistan to bring them into line with the revised REIT Regulations.

Mohsin Tayebaly & Co

Mohsin Tayebaly & Co advises both issuers and trustees on various corporate debt instruments, including sukuk. Head of department Irfan Tayebaly  is highly regarded. Other key members of the team are Vaseeq Khalid  and Mehreen Manto  both of whom have an excellent reputation for their work on international and local debt and equity financings.

Practice head(s):

Irfan Tayebaly

Other key lawyers:

Vaseeq Khalid ; Mehreen Manto

Key clients

MCB Bank Limited

Meezan Bank Limited

Habib Bank Limited

National Bank of Pakistan

Dubai Islamic Bank Limited

BankIslami Pakistan Limited

United Bank Limited

Standard Chartered Bank (Pakistan) Limited

Askari Bank Limited

Bank Al Habib Limited

Bank Alfalah Limited

Habib Metropolitan Bank Limited

Faysal Bank Limited

K-Electric Limited

NRSP Microfinance Bank Limited

Power Holding (Power) Limited

The Hub Power Company (Private) Limited

Arif Habib Limited

TPL Trakker Limited

Sadaqat Limited

TPL Corp Private Limited

Ijaz Ahmed & Associates

Ijaz Ahmed & Associates has played a key role in drafting and advising on a sizeable amount of the subordinated legislation, regulation and market practice for the country’s stock exchange and commodity exchange as well as the clearing and depository systems in Pakistan. In addition it has advised on some of the most significant capital markets litigation in recent times. Ijaz Ahmed has substantial experience in all aspects of capital markets work and has acted for many of the leading brokerage houses in Pakistan. Altaf Qureshi  is another prominent member of the department that receives a regular stream of instructions from some foreign law firms.

Practice head(s):

Ijaz Ahmed; Altaf Qureshi

Key clients

Allied Bank Limited

Bank Alfalah Limited

Barclays Bank plc

National Bank of Pakistan

Standard Chartered Bank (Pakistan) Limited

Pakistan Kuwait Investment Company (Pvt.) Limited

Securities and Exchange Commission of Pakistan

Pakistan Stock Exchange

Pakistan Mercantile Exchange

State Bank of Pakistan

National Clearing Company of Pakistan

Central Depository Company of Pakistan

Orr, Dignam & Co.

Orr, Dignam & Co. is adept at advising on potential capital market acquisitions as well as on the legal issues that arise on the issue of capital. The group is experienced in advising on IPOs, restructurings and due diligence reports. It frequently works with international companies to advise on the legal and regulatory framework for investing in Pakistan. Aliya Yusuf and Zahir Riaz are among the main contacts.

Key clients

Packages Limited

Pakistan Cables Limited

National Bank Pakistan Limited

Exide Pakistan Limited

Work highlights

  • Advising Packages Limited on its proposed acquisition of further shares in Tripack involving a public tender offer and related issues under take-over laws.
  • Advising National Bank of Pakistan on issues connected with related party transactions, insider trading policies and various related compliances applicable to listed companies.
  • Advising Pakistan Cables Limited on various compliance requirements applicable to listed companies.

Ahmed & Qazi

Ahmed & Qazi fields a versatile team that handles the complete spectrum of capital market deals from the issuance of all types of shares (including ordinary and preference shares) to equity warrant options as well as advising on domestic and foreign sovereign bonds and sukuks. With Nazif Ahmed at the helm, the group also advises on listing and delisting requirements. It has advised on many IPOs from smaller deals to larger sovereign debt security transactions.

Practice head(s):

Nazif Ahmed

Key clients

Ministry of Finance, Government of Pakistan

The Water and Power Development Authority

Arif Habib Dolmen REIT Management Limited

Al Baraka Bank (Pakistan) Limited

Faysal Bank Limited

Meezan Bank Limited

Summit Bank Limited

Pak Brunei Investment Company Limited

Landmark Spinning Industries Limited

Capital Assets Leasing Corporation Limited

Work highlights

  • Represented the Ministry of Finance, Government of Pakistan in its $2.5bn sovereign bond offering.
  • Represented The Water and Power Development Authority in its $500m Senior Reg-S Green Bond issuance on LSE.
  • Representing Ministry of Finance, Government of Pakistan in its $1bn “Project Naya Pakistan” Sukuk Programme.

Liaquat Merchant Associates

Faresa Jafarey Ahsan leads an experienced team at Liaquat Merchant Associates, which advises on a wide range of capital market issues. The team is well equipped to handle a broad range of derivative transactions in Pakistan such as foreign exchange options, repo transactions and regularly advises on a diverse range of ISDA documentation.

Practice head(s):

Faresa Jafarey Ahsan

Key clients

Syngenta Pakistan Limited

Pi Pakistan (Private) Limited

ANZ Banking Group, Hong Kong

International Finance Corporation

Pakistan Stock Exchange Limited

Work highlights

  • Reviewing, drafting and advising on various commercial agreements pertaining to Syngenta’s business as a leading manufacturer and distributer of agricultural products including distribution agreements, novation agreements, manufacturing agreements, advertisement agreements, agricultural trial agreements and warehousing and lease agreements with various service providers and counter parties.
  • Advising and assisting in the initial funding rounds of a media startup (funding raised in the amount of $6m), and assisted in its successful bidding for broadcasting rights in respect of the Pakistan Super League.
  • Advised Pakistan Stock Exchange in respect of complex issues such as listing applications for a company whose shareholder was also a shareholder in another listed company that has been placed into the Defaulters Segment.