Pakistan Mercantile Exchange




3B, 3rd Floor, Bahria Complex IV Ch. Khalique-uz-Zaman Road, Gizri, Karachi – 75600, Pakistan











April 2002 and Business commenced in May 2007


Electronic Trading




Pakistan Mercantile Exchange Limited (PMEX) is Pakistan’s first and only multi-commodity futures exchange, which is licensed and regulated by the Securities and Exchange Commission of Pakistan (SECP). It is the largest exchange of the country in terms of members and the second largest in terms of value traded after Pakistan Stock Exchange (PSX). Its shareholders include National Bank of Pakistan, Pakistan Stock Exchange (PSX), LSE Financial Services Limited, ISE Towers REIT Management Company Limited, Pak Kuwait Investment Co, and Zarai Taraqiati Bank. The Exchange offers a diverse range of domestic and international commodities and financial futures. With a sophisticated infrastructure and state-of-the-art technology, PMEX provides a complete suite of services i.e. trading, clearing & settlement, custody as well as back office, all under one roof. The Exchange has a member base of 329 and the average daily trading volume is normally in the range of PKR 3 to 5 billion. PMEX’s international affiliations include Association of Futures Markets (AFM) and Futures Industry Association (FIA).


Types of Membership

Universal Member: this membership entitles the Company or Individual to be able to offer trading facility in all available commodity contracts. It is worth Rs 2.5 Mn.

Commodity Specific Member: A Commodity Specific Membership is based upon a chosen commodity within which the member will be able to trade and offer trading services for his clients.








Cash Settled


Mini Gold Contract

Tola Gold Contract

Milli Tola Gold Contract


Gold 100 gram Contract

Gold Kilo Contract

Gold 50 & 100 Tola

Gold 1 oz, 10 oz & 100 oz US $ denominated

Silver 500 oz,100 oz &10 oz  Us $ denominated




WTI Crude Oil (10 & 100 barrel) US $ denominated

Brent Crude Oil (10 & 100 barrel) US $ denominated


IRRI-6 Rice Futures Contract

Weekly IRRI-6 Futures Contract

Palm Olein Futures Contract



Red Chilli Weekly Futures Contracts

Fennel Seeds Futures Contracts

I-Cotton US $ Denominated




KIBOR Futures Contract



Management Profile


Ejaz Ali Shah - Managing Director

Ejaz Ali Shah is the Managing Director of Pakistan Mercantile Exchange Limited. He has over two decades of diversified experience in domestic and international markets. Previously, he served for 16 years as General Manager - Head of Marketing & Customer Support Services at Central Depository Company of Pakistan Limited (CDCPL) where he played a vital role in developing, positioning and nurturing CDC as a diversified service provider. As a part of CDC’s founding team, he also played an instrumental role in developing CDC’s brand value and recognition as one of Pakistan’s most established financial institutions.

Prior to joining CDC, Mr. Shah has served as a Systems / Programmer Analyst in Cordoba Corporation, Los Angeles from November 1989 to January 1992. Later he worked with the Management Automation Group as a Project Manager from January 1992 to February 1994 and in Fidelity Investment Bank Limited as Manager, Money & Capital Markets, from February 1994 to March 1997.

Mr. Shah obtained Bachelor of Business Administration (MIS) from the University of Oklahoma, USA in 1989. He also served as the National Chair for International Public Relations Association (IPRA) in Pakistan for the years 2010-11.

Amjad Khan - Chief Operating Officer

Amjad Khan is the Chief Operating Officer He joined PMEX in Jan 2004. Mr. Amjad has about 15 years’ experience in the capital markets of Pakistan. He has extensive background in trading systems for futures and spot contracts in stock and derivatives exchanges. He has worked closely with business development, trading, risk management, back office and clearing systems. He has also contributed actively at SECP for development of surveillance systems for market surveillance of stock exchanges. Prior to joining PMEX, he was the CTO for Lahore Stock Exchange where he headed development of risk management, clearing and trading systems.

He has a BSc in Computer Science and Statistics from the University of Southern Mississippi, USA.

Nauman Lakhani - Head of Marketing, Business Development & Customer Support Services

Nauman Lakhani is the Head of Marketing, Business Development and Customer Support Services of Pakistan Mercantile Exchange Limited. Prior to joining PMEX, Nauman worked at Deutsche Bank AG, Karachi Branch where he was spearheading the client services desk for the Banks Custody Business facilitating Foreign Portfolio & Direct Investors, Large Local Corporates and Investment Advisors.

In his vast career, he has also been part of prominent institutions such as; Central Depository Company of Pakistan, Islamic Capital Partners (a subsidiary of FAMCO Associates), Standard Chartered Bank Pakistan, PointBlank Pakistan and KASB Technologies.

Mr. Lakhani holds two Master Degrees (Masters in Business Administration – majors in Marketing from IoBM and Masters in Computer Sciences – majors in Software Engineering from SZABIST) and a Bachelor’s Degree in Computer Science from SZABIST.

Hasan Mahmood - Head of Research & Product Development

Hasan Mahmood joined PMEX in February 2004. He is the Head of Research & Product Development and has been involved in designing of various futures contracts listed at PMEX and business development activities. He has over 13 years of experience in capital markets of Pakistan. He started his professional career in 1996 from National Investment Trust (NIT), the largest open-ended mutual fund of Pakistan and gained extensive experience of funds management, equity trading desk, equity analysis & valuation and preparing company and sectorial research reports. He also represented NIT as its nominee director on the Boards of a number of listed companies.

He is an MBA from Quaid-i-Azam University, Islamabad. He also holds a Master Degree in Mathematics.

Farhan Tahir - Chief Financial Officer & Company Secretary

Farhan Tahir is Chief Financial Officer & Company Secretary at PMEX. He joined PMEX in November 2007 as Manager Compliance. Prior to joining PMEX, he was working in KPMG Taseer Hadi & Co. Chartered Accountants as Manager Audit.

He is an associate member of Institute of Chartered Accountants of Pakistan.

Shehzad Hussain - Head of Risk & Market Monitoring

Shehzad Hussain has joined PMEX in May 2004. He has been involved in the development of standard operating procedures and guidelines for Market Operations, Clearing and Settlements, Membership and Compliance and Market Surveillance. He is also supervising business requirements testing of the Exchange and Trading Applications and provides technical expertise to internal departments to ensure complete system integrity from a business point of view.

Earlier Shehzad has completed four years mandatory training under Chartered Accountants Bye-Laws from M/S KPMG Taseer Hadi & Co., Chartered Accountants in April 2004 and had extensive experience in financial and IS audits of various companies, local and multinational entities including financial institutions.

Shehzad is an associate member of Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) and also Certified Information System Auditor (CISA) of Information System Audit Control Association (ISACA).

Syed Jawaid Raza - Chief Technology Officer

Syed Jawaid Raza has over ten years of technical and professional experience in Information Technology and possesses a strong understanding of the functions and rules and regulations governing the Pakistani capital markets. Prior to joining PMEX, Mr. Raza was heading the IT and Operations department of Lakson Investments Limited. He has also experience of managing IT at ABL Asset Management Company Limited, IGI Financial Services and NAMCO. He has significant experience of implementation of ERP in Asset Management Companies. Mr. Raza was one of the initial team members of the asset management industry’s first mutual fund specific software, developed by Sidat Hyder Morshed Associates (Pvt.) Limited, where he was responsible for providing technical and functional support to several DFI’s, insurance and asset management companies.

Mr. Raza holds an MCS from Hamdard University, Karachi and BCOM from the University of Karachi.

Muhammad Rizwan Siddiqui - Chief Internal Auditor

Muhammad Rizwan Siddiqui is the Chief Internal Auditor of Pakistan Mercantile Exchange Limited. He has more than 08 years of experience in both internal and external audits with Audit Firms, Commercial Bank, and Multi National Organizations. He holds a Bachelor Degree in Commerce from University of Karachi and is also an Associate member (ACA) of the Institute of Chartered Accountants of Pakistan (ICAP).

He reports functionally to the Board Audit Committee and administratively to the Managing Director. Apart from managing the Internal Audit Function, he is also the Secretary to the Audit Committee.

Brig (R) Sabur Ahmed Khan - Head of Human Resources and Administration

Brig (R) Sabur Ahmed Khan is the Head of Human Resource and Administration at PMEX since January 2016. He has served in the Army for thirty three years in diverse roles both within the country and abroad. Service in the Army, in addition to many valuable experiences, also provided him the opportunity of a leadership role in the raising of a new unit.

During 2000-01 he was associated with the civil administration, civic bodies and police department of Karachi Division for monitoring and coordinating the overall governance in Karachi which also entailed participation in planning of development projects as a member of the Economic Development Council (EDC) headed by the Governor of Sindh. He was also a member of the team which implemented the Local Government Ordinance. As Director NAB Sindh (2001-04) he made significant contributions to the accountability process.

Having retired from the Army in 2005, he chose to work in the corporate sector starting as Head of Human Resource and Administration in Coca Cola Bottlers Karachi, moved on to PTCL Southern Region as Head of Administration and Security and subsequently Headed Operations at The Citizens Foundation.

Sabur Khan has an Executive MBA degree in Human Resource and is a certified Interpreter of German Language.

Syed Mumtaz Ali - Chief Compliance Officer

Syed Mumtaz Ali is working as Chief Compliance Officer since August 2015 at PMEX. He joined PMEX in October 2013 as Manager Internal Audit. He has over 18 years of professional experience. Prior to joining PMEX, he worked for the Central Depository Company of Pakistan (CDC) for 11 years. He played a vital role in devising scope of compliance audit of Stock Brokers besides being part other key projects including Business Continuity certification (BS25999).

He has conducted various training programs for the education of brokers. He has also undertaken various courses on internal audit, leadership, time management and business communication. Before CDC, he was associated with E&Y Ford Rhodes Sidat Hyder, Chartered Accountants.

Mr. Ali is a diversified professional and has been contributing towards the development of PMEX.