Capital markets in Pakistan

Akhund Forbes

Akhund Forbes is skilled at handling high-value and complex transactions. It advises on a broad spectrum of capital markets matters including advising central depository companies, stock exchanges and real estate investment funds on various matters. The agile team frequently advises on IPOs, rights and bonus issues in addition to the issue of bonds, sukuks and other capital market products. Head of department Rabel Akhund is well-respected for his advice to local companies on various capital market regulations and continues to advise on some of the largest and most novel transactions that come to the market. Sahar Iqbal is another recognised name for her work in this area and advises many important asset management companies.

Practice head(s):

Mr Rabel Akhund

Other key lawyers:

Sahar Iqbal

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

Work highlights

  • Advised the client on launching the first ever Exchange Traded Fund in Pakistan.
  • Advising the client on launching its first ever Exchange Traded Fund in Pakistan.
  • Successfully advised the client on amending its constitutional documents and liaising with the Securities and Exchange Commission of Pakistan to bring them in line with the revised REIT Regulations.

Haidermota & Co Advocates

Haidermota & Co Advocates remains a first choice for major clients in the capital markets sector and routinely advises on the most complex debt-equity and securities offerings both domestically and where there is a cross-border dimension to the deal. It has significant expertise in listings, real estate investment trusts, and other matters such as insider trading and regulatory matters. In addition, the agile team has substantial knowledge of other areas such as convertible debt offerings, bonds, and private placements. Clients include corporate entities, banks, and other financial institutions as well as foreign equity firms. Ali Vasi and Mohammad Anwer are the key names to note in the team that is led by Khozem Haidermota.

Practice head(s):

Khozem Haidermota

Other key lawyers:

Ali Vasi; Mohammad Anwer

Key clients

Habib Bank Limited

Karandaaz Pakistan

Pakistan Mortgage Refinance Company

Standard Chartered Bank (Pakistan) Limited

JS Bank Limited

Citibank N.A.

Engro Polymer & Chemicals Limited

Cinepax Limited

Work highlights

  • Advised on the establishment of Pakistan’s first corporate restructuring company (namely, Pakistan Corporate Restructuring Company Limited) which is designed to deal with distressed loans.
  • Acting as lenders’ legal counsel in the transaction whereby K Electric Limited (Pakistan’s largest vertically integrated electricity company) issued a Shariah compliant Shirkat-ul-Milk Sukuk.
  • Representing Karandaaz in relation to bill discounting services facilities.

Mohsin Tayebaly & Co

Mohsin Tayebaly & Co frequently acts as legal counsel for both issuers and trustees on the issue of corporate debt instruments by way of redeemable capital and term finance certificates. Head of department Irfan Tayebaly is well regarded.  Vaseeq Khalid and Mehreen Manto  are the other main contacts - all of whom frequently advise on the structuring of international and local debt and equity financing matters. The team is adept at advising on a myriad of issues from Sukuk to commercial papers and restructurings as well as syndicated based financing.

Practice head(s):

Irfan Tayebaly

Other key lawyers:

Vaseeq Khalid; Mehreen Manto

Ijaz Ahmed & Associates

The capital markets department at Ijaz Ahmed & Associates has been involved in and has drafted a substantial amount of the subordinated legislation, regulation and market practice for the country’s stock and commodity exchange as well as the clearing and depository systems in Pakistan. Equally the firm has been active in a considerable amount of capital markets litigation. Ijaz Ahmed and Altaf Qureshi are known names in this sector and receive a steady flow of instructions from some international 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

Pakistan Mercantile Exchange

Asian Development Bank

Pakistan Stock Exchange

PwC A.F. Ferguson & Company

State Bank of Pakistan

Securities and Exchange Commission of Pakistan

National Clearing Company of Pakistan

Central Depository Company of Pakistan

Orr, Dignam & Co.

Orr, Dignam & Co. has substantial experience in IPOs, company restructurings, and due diligence reports as well as on all aspects of insider trading. It continues to advise various entities on potential capital market acquisitions in addition to advising companies on the legal issues that arise on the issue of capital. The department regularly advises foreign companies on the legal and regulatory framework for investment in Pakistan. Aliya Yusuf and Zahir Riaz are among the primary contacts.

Key clients

Pak Suzuki Company Limited

Pakistan Cables Limited

National Bank Pakistan Limited

Exide Pakistan Limited

Work highlights

  • Advising National Bank of Pakistan on various issues such as related party transactions, insider trading policies and various related compliances that are applicable to listed companies.
  • Advising Pakistan Cables Limited on various compliance requirements that apply to listed companies.
  • Advising Pak Suzuki Motor Company Limited on a potential further issue of capital.

Liaquat Merchant Associates

Mustafa Mumtaz is a key contact for capital markets work at Liaquat Merchant Associates.

Other key lawyers:

Mustafa Mumtaz