Stocks Observer. com

The Securities and Exchange Commission of Pakistan (SECP) has noted with concern recent news in the print and electronic media regarding campaign by members of the Karachi Stock Exchange (KSE) against a non-member director as chairman of the KSE Board. The SECP explicitly dispels the likelihood of any restructuring in the board of directors of the stock exchanges for reversing the mandatory requirement of the chairman of the board being elected from amongst the non-member directors. The SECP while continuing with its well-thought out broad based capital market reform agenda aimed at promoting good governance, transparency and efficiency in the capital markets, had earlier in August 2002, successfully reconstituted composition of the board of directors of the stock exchanges, which now consists of five member directors elected by the members, four non-member directors to be appointed by the SECP and the Managing Director of the stock exchange. In December 2005 for ensuring that confl...