KARACHI - The Security and Exchange Commission of Pakistan (SECP) has launched analyst certification programme (ACP) to train investment advisors, research firms and employees of brokerage houses managing portfolios in the stock market. The programme has been launched in collaboration with the CFA Institute and CFA Pakistan, said Chairman SECP Razi-ur-Rehman Khan while addressing a press conference along with deputy head of Asia Pacific Operations for CFA Institute, USA, Dr. Ashvin Vibhakar here Friday. He said the present environment in Pakistani stock market does not provide or mandate minimum level of required knowledge for capital market participation or intermediation. They required adequate training in capital and money market operations and need to be certified to improve overall profile and functioning of capital market in the country, he added. Khan said SECP would offer 150 scholarships for the two components of ACP alongwith 50 scholarships for the component of CFA Level 1 and another 100 scholarship for the local module. These scholarships will be awarded on need-cum-merit basis through a transparent mechanism, determined by the Board of Institute of Capital Markets. Dr. Vibhakar said CFA Institute and CFA Pakistan was proud to collaborate with SECP in this programme which will improve the skills and excellence of investment professionals in Pakistan. He also announced 100 scholarships for CFA candidates on behalf of his institute in Pakistan. The ACP will be a two components programme. The first component is Level 1 of CFA examination while second component comprises local module, developed by CFA Pakistan. Later, talking to media, SECP Chairman said the off- loading of portfolio by the foreign investors was creating intense selling pressure in the market. He said Pakistan was not the only market, which is facing a selling pressure, the Indian stocks have also fallen by 40 percent during the same period. Responding to a question, Razi-ur-Rehman pointed out that stock market recorded an inflow of about $ 8 million yesterday (Thursday). Talking of equity market opportunity fund, he said such facilities protect the interest of small investors as they can easily exit the market. He did not agree to the point of view that lock limits could stop collapse in the market.