Resolving difficulties of investors: IMPORTANT DECISIONS TAKEN BY KSE BOARD OF DIRECTORS

The Board of Directors of Karachi Stock Exchange, in its meeting held on May 31, 2011, focused extensively on resolving difficulties for investors on the one hand and strengthening the Exchange’s risk management aspects to provide confidence to market participants. Besides this, in order to enhance product attractiveness, several initiatives under development were discussed, including Option trading. The Board also emphasized on informational security and level playing field for all investors.

In addition, following market related decisions were taken:

1. Approval was accorded to TOR of following Committees:

i. Development & Trading Affairs Committee

ii. Voluntary Delisting Committee

2. Approval of following regulatory amendments, subject to approval of SECP:

i. Regulations Governing Risk Management to allow placing of circuit breakers on 1st Trading Day of unpaid Right Allotment Letter and newly listed securities on Ready Market.

ii. Regulations for Short Selling to allow short selling without uptick rule subject to average turnover limits.

iii. Listing Regulations to allow forfeiture of application money paid by sponsors, in case of withdrawal of voluntary delisting application.

iv. General Regulations with respect to Standardized Account Opening Form and consequential actions upon suspension, expulsion or default of a member in terms of joint standard follow-up procedure as agreed with CDC and NCCPL.

v. Members’ Default Management Regulations and General Regulations to seek authority for utilization of all assets, including securities held in House/Main Accounts of expelled/defaulter members.

vi. Regulations with respect to Options trading.

3. Approval of addition of mandatory settlement field in Off-Market Reporting Interface on NCHS.

4. Issuance of ten (10) trading hall passes to each member for their clients and/or employees.

5. Grant of extension of thirty days’ period to dispose-off of appeal filed before Board Committee by a member against an order of Management Committee imposing penalty.

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