[11] The advent of foreign investors in the early 1990s catalyzed a push for modernization, supported by a $125 million loan from the Asian Development Bank for capital market reforms.

[13] Upon taking office, Mirza found the Karachi Stock Exchange characterized by extensive market manipulation and unethical practices.

[13] His efforts to reform the capital markets faced significant resistance, including public protests from stock exchange brokers who labeled him an "American agent.

[13] Manipulation continued, and brokers maintained substantial influence over the exchange, controlling 60 percent of its board of directors even after new SECP regulations aimed to limit their management role.

[13] Mirza and his team faced entrenched vested interests resistant to reform, and challenges in enforcing transparency and accountability in Pakistan's financial markets continued.

The integration is expected to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological expertise and assistance.