Capital Market Development Fund established to strengthen Pakistan’s capital markets ISLAMABAD: Key capital market institutions of Pakistan on Wednesday established the Capital Market Development Fund (CMDF), aimed at promoting financial literacy, expanding financial inclusion and increasing retail investor participation in the capital markets across the country. The main participants of the CMDF included the Pakistan Stock Exchange (PSX), Central Depository Company (CDC), National Clearing Company of Pakistan Limited (NCCPL), Pakistan Mercantile Exchange (PMX) and the Institute of Financial Markets of Pakistan (IFMP). The CMDF was established under the auspices of the Securities and Exchange Commission of Pakistan (SECP) to ensure coordination in the industry and strengthen the institutional capacity in Pakistan’s capital markets.